Bank of America Schemes to Evade Settlement Rules and Pocket Cash

Alexander Reed Kelly / Truthdig Jun 30, 2013 Documents leaked by a bank insider show the company sold servicing rights to more than half a million mortgages to loan servicing companies in order to make a quick profit and avoid settlement requirements, leaving homeowners in the lurch and with fewer protections to avoid foreclosure, Salon reporter David Dayen writes. Dig deeper ( 2 Min. Read )

Wells Fargo Foreclosing on Florida Man Who Made Mortgage Payments Early

Tracy Bloom / Truthdig May 26, 2013 Did you know you could make your mortgage payments early and still be foreclosed on? That's exactly what happened to a Florida man who says he not only made his loan payments ahead of time, but even paid more than was required each month, and is still being foreclosed on by Wells Fargo. Dig deeper ( 2 Min. Read )

Obama Housing Plans vs. Reality

By Cora Currier, ProPublica Feb 15, 2012 The Obama administration recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet. Here are the latest of them, whether they are anything new and whether they stand a chance of going anywhere. Dig deeper ( 4 Min. Read )

Govt’s Loan Mod Program Crippled by Lax Oversight and Deference to Banks

Staff / Truthdig Jan 28, 2011 With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation—rather than enforcement—with the nation’s biggest banks. Dig deeper ( 7 Min. Read )

Homeowners Say Banks Not Following Rules for Loan Modifications

Staff / Truthdig Jan 15, 2010 The administration set a goal of helping up to 4 million homeowners through the $75 billion mortgage modification program, but banks appear to have created unnecessary hurdles that, in some instances, violate the loan program’s rules.The $75 billion mortgage modification program is supposed to be a win-win, but some banks appear to be skirting the rules. Dig deeper ( 8 Min. Read )

Not Really a Lifeline for Homeowners?

Staff / Truthdig Sep 2, 2009 John Dunbar of the Center for Public Integrity has analyzed the Obama administration's home loan modification program, which aims to keep troubled borrowers in their homes, and finds it "highly problematic."Analyst John Dunbar finds the administration's home loan modification program "highly problematic." Dig deeper ( 1 Min. Read )