Most of the stories are similar … your average American family with two working parents and two to three children, living in a modest home are beginning to feel the crush of economic hardship firsthand through the threat of losing their home. The ripple effect of high unemployment rates in struggling to survive as a homeowner in the 21st century has wreaked havoc on the nation, thrusting foreclosure and bankruptcy rates into record high territories.Read more

U.S. Department of the Treasury Secretary Timothy F. Geithner has delivered testimony before the Senate Committee on Appropriations Subcommittee on Financial Services and General Government. In his testimony, Secretary Geithner touches upon a number of topics, from the Home Affordable Modification Program (HAMP), to Wall Street bailouts, to his accusations that the big banks and servicers are not doing enough to assist homeowners in the current housing crisis. The following is Secretary Geithner's prepared testimony before the Senate Committee:Read more

We Save Homes Inc., a provider of a full-range of products and services for the mortgage default services industry has announced that it has launched a significant infomercial marketing campaign, reaching out to millions of homeowners who are now behind on their mortgage payments. The campaign, which is focused on the short sale marketplace, will be live by mid-May, starting with a 60-sec. commercial, followed by the launch of a 30-min. infomercial. Read more

The administration of Michigan Gov. Jennifer Granholm has unveiled the state's proposed plan to distribute $154.5 million in federal funds beginning this summer that should help more than 17,000 Michigan households avoid foreclosure, including 11,000 homeowners who are currently drawing unemployment benefits and are struggling to make monthly mortgage payments.Read more

A new California state law allows taxpayers to immediately exclude from their income the amount of mortgage debt on their home loan that has been forgiven by their lender. The law largely brings California statutes into conformity with current federal law. Previously, California conformed to federal debt relief only for 2007 and 2008, according to the Franchise Tax Board (FTB).Read more

California homeowners have filed a class action lawsuit against Bank of America claiming the lending giant is intentionally withholding government funds intended to save homeowners from foreclosure, announced the firm of Hagens Berman Sobol Shapiro. The case, filed in United States District Court in Northern California, claims that Bank of America systematically slows or thwarts California homeowners' access to Troubled Asset Relief Program (TARP) funds by ignoring homeowners' requests to make reasonable mortgage adjustments or other alternative solutions that would prevent homes from Read more

First American CoreLogic, a member of The First American Corporation family of companies, has announced that Wells Fargo, one of the industry’s top mortgage originators, is implementing First American CoreLogic’s LoanSafe Fraud Manager. LoanSafe Fraud Manager is the mortgage industry’s most advanced fraud prevention technology solution designed to address the needs of lenders seeking to minimize loss from fraud and increase operational efficiency.Read more

iServe Servicing Inc., one of the nation’s leading residential mortgage special servicers of performing, sub-performing, non-performing and bank-owned assets, has announced it has received certification for immediately participation in the U.S.Read more

Springboard Nonprofit Consumer Credit Management, a U.S. Department of Housing & Urban Development (HUD)-approved housing counseling agency, has announced the offering of an online resource center where real estate agents can find the latest information on the Home Affordable Foreclosure Alternatives (HAFA) Program, and request HAFA application assistance for their clients through the agency's R.A.P.I.D. (Realtor Appointment Processing In Demand) Center.Read more

The National Community Reinvestment Coalition (NCRC) has testified before the House Oversight and Government Reform Committee, which has opened an investigation into Making Home Affordable, the federal foreclosure prevention program. As part of the Committee’s investigation, NCRC released a survey of homeowner experiences in the loan modification process, conducted by over 29 housing counseling organizations affiliated with the organization.Read more