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Only 1 in 4 Got Mortgage Relief
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About 680,000 homeowners applied for the Home Affordability Modification Program, or HAMP, and had their loans modified so that their mortgage payments are reduced. This is only one in four of the 2.7 millon homeowners who tried to to join the program. This according to a Wall Street Journal analysis of data released by the Treasury Department. In 2009 the Obama administration launched the program to reverse the rising home foreclosures in the U.S., by reducing the monthly mortgage payments through lower interest rates and extending the term of loans. About $75 billion was estimated as the cost of the program at the time. Only $1 billion of this has been spent by the Obama administration. The program offered payments to 100 mortgage servicers as inducement to complete loan modifications. About half the applicants or 1.3 million were declared ineligible from the beginning, and the program used stricter qualification criteria than loan modification programs offered by individual banks. Applicants were rejected because the necessary paperwork was not submitted or it was lost by the mortgage company- 266,000 falling in this category. An additional 770,000 homeowners who started the program were later disqualified mostly for the paperwork and eligibility problems, with only a small number rejected for failing to make trial payments. Mortgages less than 31% of pretax income were considered affordable and considered ineligible-255,000 were in this category. Over 80% of homeowners in the southern states of Arkansas, Louisiana, Oklahoma, Texas, Alabama, Kentucky, Mississippi, and Tennessee, received no loan modification.
The U.S. federal mortgage loan modification program in 2010.
06/12/2009
The dim prospects for mortgage loan modification programs of the Obama administration. Two out of three loan modifications under the federal Home Affordable Modification Program (HAMP) program expected to fail, and the failure under HAMP to move quickly by dealing directly with homeowners.
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Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
New York Times 08/21/2010
Obama Successes Outweighed by Job Losses
New York Times 10/26/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
Failure of Obama's plan for helping homeowners facing foreclosure in 2009-2010
06/12/2009
Failure of the Making homes Affordable plan announced by the Obama administration in early 2009. Only 2000 of 500,000 loan modification applications in progress in October under this program have become permanent according to a Congressional oversight panel.
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New York Times 07/17/2011
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 05/19/2014
Wall Street Journal 07/29/2015
A new U.S. housing foreclosure crisis looming for 2010-2011.
10/01/2009
By conservative estimates according to NYT, 2.4 million homes will be lost to foreclosure in 2010. The faulty documentation poses a serious problem for banks, as they may be forced to buyback the mortgage securities sold improperly.
Grouped Articles
Wall Street Journal 12/31/2013
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Economist 10/01/2009
Economist 10/01/2009
U.S. Mortgage Delinquencies Reach a Record High
New York Times 11/20/2009
Foreclosures in the U.S., the homeless and poverty.
01/05/2009
About 10% nationwide and 15% in the midwest of people who are at homeless shelters are there because of foreclosures according to social service agencies.
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A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 10/11/2013
Wall Street Journal 12/31/2013
Upward Mobility Has Not Declined, Study Says
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New Data Muddle Debate on Economic Mobility
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The Case Against the Bernanke-Obama Financial Rescue
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Nouriel Roubini on large housing losses for the U.S. economy in 2011-2012
12/07/2010
Estimates of $1 trillion in housing losses spread over banks, Fannie and Freddie, as a new wave of foreclosures hits the U.S. economy.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Dr Doom Predicts Another $1 Trillion in Housing Losses in 2011
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Wall Street Journal 12/29/2010
Housing Market Is Still Facing a Blizzard
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Rise in Rates Is Headwind for Housing
Wall Street Journal 02/10/2011
Number of the Week: Government’s Overwhelming Role in Mortgages
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The foreclosure case of Lilla Roberts of Queens, New York
01/21/2011
Grouped Articles
Bank of America Is Shamed Into Modifying a Mortgage
New York Times 01/21/2011
Only 1 in 4 Got Mortgage Relief
Wall Street Journal 02/28/2011
Homeownership Rate Declines to 15-Year Low
Wall Street Journal 05/01/2012
Negative Equity in homes as a huge drag on the economy.
01/24/2010
2.4 million foreclosures estimated for 2009 by Moody's Economy.com on top of 2 millon in 2008.
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Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
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The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Underwater, but Will They Leave the Pool?
New York Times 01/24/2010
Anger Over Foreclosures Exposes Political Divisions
New York Times 10/11/2010
Wall Street Journal 10/26/2010
U.S. Banks handling of foreclosures and mortgage securities.
10/16/2010
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
For foreclosure processors hired by mortgage lenders, speed equaled money
Washington Post 10/16/2010
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Failure to stem foreclosures under the Obama administration continues inaction under Bush administration.
08/24/2007
The failure of the Obama administration to break the cycle of foreclosures begetting falling house prices begetting more foreclosures, further weakening the banks and the economy, with strong action. It continues the missteps of the Bush period and may undo much of the good work in other areas such as stimulus, restructuring the auto industry and new priorities. Inaction here is coupled with inaction in relation to insolvent banks and is likely to prove costly.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
Foreclosure halt by judges, attorneys general and sheriffs across the U.S.
10/19/2010
In the absence of proper documentation public officials are questioning the foreclosure processes as currently carried out.
Grouped Articles
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 05/19/2014
Foreclosure mess prompts growing number of public officials to slow down process
Washington Post 11/11/2010
States, mortgage lenders in talks over fund for borrowers in foreclosure mess
Washington Post 11/17/2010
Flawed Mortgage Papers May Pose Economic Risk, Panel Says
New York Times 11/20/2010
Only 1 in 4 Got Mortgage Relief
Wall Street Journal 02/28/2011
State foreclosure mediation programs in the U.S. for mortgage workouts in 2010-2011
06/16/2010
Loan modification is being achieved in states that mandate foreclosure mediation with a 3rd party mediator. States doing this successfully include New York and Connecticut. Spain has mitigated the impact of its housing crisis through extensive system of mortgage workouts that are benefiting both the banks, the homeowners, and the economy. In the US the banking industry has failed to take the lead in this area and the US government has failed to take effective action. Roubini predicts large housing losses in the US in 2011.
Grouped Articles
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
High Default Rate Seen for Modified Mortgages
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States Try to Force Mortgage Workouts
Wall Street Journal 12/31/2010
Only 1 in 4 Got Mortgage Relief
Wall Street Journal 02/28/2011
Mortgage Modification Overhaul Sought by State Attorneys General
New York Times 03/04/2011
Attorneys General May Be Rushing Proposal for Loan Servicers
New York Times 03/12/2011
The state attorneys general in the U.S. and the subprime lending and foreclosure crises and mortgage settlements.
12/08/2009
Federal regulators and the Bush and Obama administrations failed miserably to help homeowners achieve loan modifications. This with the false belief that putting homeowners out of their homes would actually speed up a recovery, considering the huge scale of foreclosures in the USA , the high unemployment and other problems hitting the economy. Feldstein's consistent arguments for homeowner relief throughout 2008 and 2009- considering the large number of homeowners under water- as the mortgage crisis unfolded, were ignored by the Bush and Obama administrations. See the comparisons to Japan's lost decade, as the lack of recovery in housing adds to problems with job losses. The lawsuits, legal action and mortgage settlements facing banks as they make their way through the mortgage mess.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
BP’s Cuts May Wound Portfolio Recovery
Wall Street Journal 02/04/2015
Faces in the US housing and foreclosure crisis- 2010-2012
01/12/2009
Foreclosures have affected the lives of people in all segments of US society.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
Faces of the Home-Foreclosure Crisis
Wall Street Journal 12/29/2010
Negative equity and near zero down payments as the major causes of U.S. foreclosures and the housing crisis, more than subprime loans.
01/05/2009
Research showing that negative equity and zero down payments are the biggest cause for surge in U.S. foreclosures.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
New York Times 01/05/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
J.P. Morgan Loosens Terms for Jumbo Mortgages
Wall Street Journal 08/05/2015
New Evidence on the Foreclosure Crisis
Wall Street Journal 07/03/2009
One in Four Borrowers Is Under Water
Wall Street Journal 11/24/2009
Rising U.S. Foreclosures take on crisis proportions deepening the economic downturn.
08/24/2007
Foreclosures in 2008 hit 16% up from 6% in 2007, and in an accelerating trend if unemployment hits new highs.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
The Federal Reserve and policies favoring banks over homeowners in U.S. foreclosures
04/01/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Homeowners facing foreclosure and lack of any meaningful help.
09/29/2008
Lack of any meaningful help to homeowners facing foreclosure upto the Lehman Fannie crisis, and the failure to provide any significant help to homeowners in the $700 billion Sept 2008 bailout plan targeted mostly at freeing up the credit markets.
Grouped Articles
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 10/02/2008
Rescue Includes Steps to Help Borrowers Keep Homes
Wall Street Journal 09/29/2008
Card Firms' Loss Tally: Billions of Dollars in Fees
Wall Street Journal 05/22/2009
Consumers Need a Credit Watchdog
BusinessWeek 07/15/2009
The faulty foreclosure paperwork crisis that is hitting U.S. banks.
10/14/2010
Grouped Articles
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Foreclosure Crisis Slams Into Banks
Wall Street Journal 10/15/2010
Out of Maine, a National Foreclosure Freeze
New York Times 10/14/2010
Florida Foreclosure Lawyers Are Scrutinized Over Procedures
New York Times 10/15/2010
New York Times 10/14/2010
New York Times 10/14/2010
The homeowner lending boom pushed by unscruplous elements turns out to be a scourge for minorities.
10/11/2007
HUD Sec. Shaun Donovan calls the subprime lending a scourge for minorities, as foreclosures are hitting the minority neighborhoods the hardest. It may even widen the disparity in incomes between minorities and whites as the middle class black homeowners in places like New York State are losing ground.
Grouped Articles
Racial Wealth Gap Widened During Recession
New York Times 04/28/2013
What would MLK say to President Obama? - The Washington Post
Washington Post 08/28/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Economic Recovery Yields Few Benefits for the Voters Democrats Rely On
New York Times 05/19/2014
New York Times 05/19/2014
Home Affordable Modification program (HAMP) of the Obama Administration
06/12/2009
The large failure of a program launched by the Obama administration to reduce home foreclosures in the U.S. Only $1 billion of the $75 billion estimated for the program when it was launched in 2009 has been spent. Only 680,000 of the 2.7 million homeowners seeking to participate received loan modifications with lower monthly payments.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Questions of fairness- could the U.S. government have done more to help homeowners in foreclosure? (3)
02/28/2011
Linked Articles
Fannie, Freddie Payments Nearly Match Aid
Wall Street Journal 11/08/2013
Only 1 in 4 Got Mortgage Relief
Wall Street Journal 02/28/2011
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