Since the Treasury Dept. began releasing quarterly report cards on big banks’ efforts to improve their mortgage modification processes, Bank of America and JPMorgan Chase have consistently received subpar marks, leading the feds to withhold a total of $171 million in incentives. That money is now set to be released to BofA and Chase — but not necessarily because they suck any less at mortgage mods. [More]
Just when you thought people had run out of reasons to hate Bank of America, the U.S. Department of Housing and Urban Development pops in to give you a new one. Earlier today, HUD charged BofA of discriminating against homebuyers with disabilities. [More]
Four months ago, a 101-year-old Detroit woman was evicted from her home because her son could no longer afford payments. The U.S. Department of Housing and Urban Development stepped in and said she go back home, but has now reversed course, deeming the residence unfit to live in. [More]
A Wisconsin landlord has been sued by the US Department of Housing and Urban Development after refusing to rent a property to a single mother. The landlord, who is a woman, said it was because the renter didn’t have a man “to shovel the snow.” [More]
If you’re unemployed and worried about losing your home, here’s some news that might make your day a little brighter. The White House announced earlier today that all FHA-approved mortgage servicers must extend the forbearance period for unemployed homeowners, currently four months, to one year. [More]
Tennesseans homeowners have enough to worry about with the flooding, but the U.S. Department of Housing and Urban Development has stopped worries that victims would drown in the resulting debt. HUD Secretary Shaun Donovan directed lenders to put a 90-day moratorium on foreclosures in flood-ravaged areas. [More]
So, Congress finally passed the bailout bill. You know about the Treasury’s newfound $700 billion, and you’ve heard about the snipped golden parachutes, but what does the 451-page week-old shotgun savior of a bill actually mean for you?
Reader Brian says he saw the above pictured infomercial on CNBC this Sunday, and is wondering how they get away with such a “blatant attempt to take advantage of those same mortgage consumers who where hoodwinked in the first place.”