Black homeowners are roughly 50 percent less likely than whites to receive help under the largest of the administration’s anti-foreclosure programs, according to a new survey of qualified families.
“NPV Test: Failed.” That was the red-lettered verdict on the computer screen of a CitiMortgage negotiator in June. The result: An 83-year-old widow in Illinois was denied a loan modification through the Obama administration’s Making Home Affordable program, even though the employee admitted in an e-mail, “I am unable to come up with a reason for the denial.”
The day before the federal government took over mortgage giants Freddie Mac and Fannie Mae, Alaska Gov. Sarah Palin railed against the mortgage giants’ drain on taxpayer money at a rally in Colorado Springs on Saturday. Only problem: the private corporations haven’t been costing taxpayers a dime and only might under a bailout program supported by Palin’s running mate, Sen. John McCain.
Despite all the gloomy foreclosure news, it’s an excellent time to buy a house for some, while an impossible time for others – which may also be a sign of improvement.
Gov. Bill Ritter today announced a $1.5 million grant to provide free foreclosure prevention counseling services to at-risk homeowners. At the same time, Washington Independent’s Mary Kane reports on a new mortgage catastrophe on the horizon — “liar” loans.
The chart on the state website detailing supervised loans in Colorado tells a graphically ugly tale. Too many state residents live on money borrowed at 12 percent or higher interest rates. That high-interest, high-risk borrowing means people are living on…
Why does Colorado have the highest foreclosure rates in the nation?
One of the important reasons is that it tolerates dishonest mortgage lending scum like American Benefit Mortgage, Inc., whose President is Timothy David Bullard of California. The…
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