Focus: Foreclosure Aspect

Focus: foreclosure aspect

Thesis: The previous situation of the mortgage and foreclosure property. The current news about how the government deals with the foreclosure settlement. Also, on the citizen aspect, how would they think of the new settlement plan? Their action and thought they have of the settlement program. Besides that, I would analysis how the plan is going to work out and affect the market base on the foreclosure point.

Source:

1) Summary: state and federal authorities announced the details of their $26 billion mortgage settlement with big banks on Thursday, millions of American homeowners were hoping that this time they would finally get relief. However, critics also pointed to the fact that millions of mortgages owned by the government's housing finance agencies, Fannie Mae and Freddie Mac, would not be covered under the deal, excluding about half the nation's mortgages.

Contributor: Nelson D. Schwartz and Julie Creswell

Last Edited: February 9, 2012

Source from: http://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html?ref=realestate

2) Summary: The government's new consumer watchdog on Monday outlined the first steps of its plans to regulate mortgage servicers, which have come under fire for fraudulent foreclosure practices. The Consumer Financial Protection Bureau will revamp the billing statements sent to homeowners and the disclosures required for some complicated mortgages. It also is drafting new rules to prevent servicers from improperly charging consumers for homeowner's insurance.

Contributor: Ylan Q. Mui

Last Edited: Feb.13, 2012

Source from: http://www.washingtonpost.com/business/economy/cfpb-outlines-plans-for-mortgage-servicers/2012/02/13/gIQAGF41BR_story.html

3) Summary: State and federal officials on Thursday will announce a landmark settlement with five of the nation's banks over their flawed and fraudulent foreclosure practices. The $26 billion deal, which officially will be unveiled. Department of Justice news conference, aims to help troubled borrowers by reducing the amount they owe on their mortgages, lowering their interest rates and paying restitution to homeowners who suffered mortgage-related abuses.

Contributor: Brady Dennis and Sari Horwitz

Last Edited: February 9, 2012

Source from: http://www.washingtonpost.com/business/economy/bank-foreclosure-fraud-settlement-said-near/2012/02/08/gIQAXHAA0Q_story.html?hpid=z1