“Mel Watt’s confirmation as director of the Federal Housing Finance Agency is heartening news for American families and communities… Under his leadership, the FHFA can be a help rather than a hindrance in efforts to deal with the foreclosure crisis, assist homeowners, and ensure broad access to sustainable and affordable credit.”
More than 100 organizations joined AFR in signing a letter in support of the Mortgage Forgiveness Tax Relief Act. This crucial piece of legislation would protect homeowners who receive principal reduction modifications from devastating tax consequences is set to expire on December 31, 2013, just as the government’s recent settlement with JP Morgan Chase promises additional principal write downs. Congress must act swiftly to extend this legislation.
On Oct. 31, the Senate voted to filibuster the nomination of Representative Mel Watt as Director of the Federal Housing Finance Agency. This was an appalling vote on several levels. In the first place, the 46 Senators who said No to cloture were using
Affidavits from six former Bank of America employees say that the Bank required or incentivized employees to lie, falsify records, and more in order to deny borrowers loan modifications they were entitled to under the Home Affordable Mortgage Program (HAMP), pushing them into foreclosure or
Without a neighborhood-by-neighborhood breakdown, “it is impossible to measure the impact of the national mortgage settlement in any meaningful way.”
March 27, 2013 Joseph A. Smith Office of Mortgage Settlement Oversight 301 Fayetteville St., Suite 1801 Raleigh, NC 27601 Members of the Monitoring Committee Via electronic mail Dear Mr. Smith and Members of the Monitoring Committee: We write to follow up on your interim report
March 27, 2013 Joseph A. Smith Office of Mortgage Settlement Oversight 301 Fayetteville St., Suite 1801 Raleigh, NC 27601 Members of the Monitoring Committee Via electronic mail Dear Mr. Smith and Members of the Monitoring Committee: We write to follow up on your interim report
Americans for Financial Reform applauds today’s letter from 45 House members calling on the White House to nominate a permanent director of the Federal Housing Finance Agency.
“Mortgage servicers will face greater limits on their ability to foreclose on a borrower while simultaneously negotiating a loan modification under new rules issued by the U.S. Consumer Financial Protection Bureau,” Bloomberg’s Carter Dougherty reports. The new rules “go further” than the bureau’s first proposal
“[W]hile the final rule is an improvement over the proposed rule, it does not go far enough to ensure fair treatment of borrowers. We urge the CFPB to immediately consider improvements, both on its own and through the interagency guidance process.”