The Obama Administration’s Home Affordable Modification Program, or HAMP, marks its fourth year this month, with 856,154 households under “permanent” mortgage-reduction plans to help avoid possible foreclosures. But is has been a tough four years and the program continues to lag behind the initial goal of helping up to 4 million homeowners.
Big banks wrongfully foreclosed on more than 700 military members and seized homes from about two dozen other borrowers who were current on their mortgage payments in actions taken during the peak of the housing crisis.
Fortune magazine has released its list of the most admired companies and its tough to find the ones that provide financial services, mostly because there is only 4 in the top 50.
The nation’s biggest banks are too big to fail, a precept that paves the way for these institutions to borrow at lower rates than any other entities, amounting to an annual $83 billion in government subsidies to the likes of JPMorgan Chase, Bank of America, Wells Fargo and the other giants.
Checks to borrowers who submitted claim forms as part of the National Mortgage Settlement will likely be mailed out by “mid-year 2013,” according to a brief update on the settlement’s website.
The deal has essentially failed to keep families in their homes, and the settlement’s shortcomings has allowed the big banks to play a “shell game” with second mortgages.
You can still file a claim even though the deadline has passed in the $25 billion settlement to remedy the “robo-signing” and other foreclosure abuses by the top lenders.
Five of the nation’s largest lenders that are part of the $25 billion deal reached last year to settle foreclosure abuses are at it again in Massachusetts, according to an investigation of local foreclosure affidavits by GoLocalProv.com
Despite the overall growth in loans reported by Wells Fargo for the fourth quarter this past week, everyone’s talking about the top U.S. lender’s decline in mortgage originations and net interest margin.
Wells Fargo, the nation’s biggest mortgage lender, reported a fourth-quarter profit jump of 24 percent, bolstered by a 3.8 percent growth in loan demand.