Tuesday, April 5, 2011

It shows the tip of the iceberg in the foreclosure fraud problem. I have included the links to both the 60 minutes piece and the information on their site. Like I said this is just the tip of the iceberg but at
least the tip is now showing.


The CBS Overtime piece is nice too:


Wells Fargo has The Answers- Who Knew.


3171 Surveyed Adults- 22% have problems making mortgage payments

Twenty-two percent of people with mortgages are having trouble making their payments, a new Harris Interactive poll finds. That number includes 7% who are having "a great deal of difficulty." Twenty-one percent those with mortgages believe they are in a negative-equity position.

These numbers are lower than they were a year ago, Harris Interactive explains. Those having difficulty paying off their mortgages have declined from 29% to 22%. At this time last year, 24% of those with mortgages thought they were underwater.

The modest improvements may be deceptive, Harris Interactive adds. One reason why slightly fewer people are having difficulty paying their mortgages this year is that some people who were in difficulty last year have lost their homes and no longer have mortgages.

The online poll surveyed 3,171 adults during the first full week of March. Two-thirds (66%) of all adults have mortgages on their homes - slightly lower than last year's 69%.


GSE to End


Freddie Mac Servicing Bulletin-Modifications


Fannie Mae Modification Requirements


HUD Deploys Nearly $200M in Emergency Funds for the Unemployed

The U.S. House of Representatives voted to pull the plug on HUD's Emergency Homeowner Loan Program last month, but that hasn't stopped HUD from moving ahead to put the money into the hands of distressed homeowners. The fund was established to provide zero-interest bridge loans of up to $50,000 for unemployed homeowners to continue making their mortgage payments while they look for a new job. HUD just deployed nearly $200 million of the $1 billion allotted to state agencies

Federal Reserve Must Face Bank Suit over Credit Card Fee Rules

Federal Reserve Chairman Ben S. Bernanke lost a bid to end a bank lawsuit challenging the legality of forthcoming rules limiting the amount of money the largest U.S. banks can collect for debit card transactions, Bloomberg New reported today. U.S. District Judge Lawrence L. Piersol in Sioux Falls, South Dakota, yesterday denied the U.S. government's request to throw out the case filed last year by TCF National Bank. He also rejected the bank's request to block the regulations and allowed the case to move forward while Congress debates the issue. TCF bank, a unit of Wayzata, Minnesota-based TCF Financial Corp., sued Bernanke and the Fed's Board of Governors in October challenging the legislation appended to last year's Dodd-Frank financial regulation overhaul bill. The provision, sponsored by Democratic U.S. Senator Richard Durbin of Illinois and known as the Durbin Amendment bars banks with more than $10 billion in assets from collecting from retailers more money per debit-card transaction than the actual cost of providing that service.


First Quarter Consumer Bankruptcy Filings Fall 6 Percent from 2010

Consumer bankruptcies for the first quarter of 2011 decreased 6 percent nationwide from the same time period in 2010, according to ABI, relying on data from the National Bankruptcy Research Center NBKRC. The data showed that the overall consumer filing total for the first three months of 2011 (Jan. 1-March 31) reached 340,012, down from the 363,215 consumer filings recorded for the first quarter of 2010. A month-by-month look at the data showed that the overall consumer filing total for March reached 144,657, up from the 102,686 consumer filings recorded in February 2011. Though an increase from the previous month, the March 2011 consumer bankruptcy total represents a 3 percent decrease from the 149,268 filings recorded in March 2010. Chapter 13 filings constituted 26 percent of all consumer cases in March, a slight decrease from February.