Problems with determining who has the right to foreclose

Here's a good summary of what's happening with current foreclosures...

http://money.cnn.com/2010/10/22/real_estate/foreclosure_paperwork_problems/index.htm?hpt=T2

FINALLY - BANK OF AMERICA HALTS FORECLOSURES PENDING REVIEW

It appears that FINALLY Bank of America is doing the right thing by halting foreclosures to review their foreclosure process.


http://www.10news.com/money/25327133/detail.html?treets=sand&tml=sand_natlbreak&ts=T&tmi=sand_natlbreak_1_10240110082010

This was desparately needed because I've had numerous clients come in who thought they had loan modifications done, but Bank of America foreclosed anyway.

Government loan programs not working

http://www.aolnews.com/money/article/nearly-50-percent-leave-obama-mortgage-aid-program/19602772

Mortgage brokers and loan officers face more scrutiny

Mortgage brokers and loan officers are going to be required to be in a national database, after being fingerprinted and tested; their activities can be traced in a more focused effort to protect homeowners. This effort will weed out the bad loan officers.

http://news.yahoo.com/s/nm/20100728/us_nm/us_usa_fed_mortgages

Modifications still not being done under Obama program

http://money.cnn.com/2010/07/20/news/economy/foreclosure_prevention/index.htm?hpt=T2

Attorneys face discipline for failed loan modifications

Attorneys who protray to their clients that they're working on loan modifications but who really are only lending their name to loan modification companies are being disciplined, as they well should be.

http://www.calbarjournal.com/July2010/TopHeadlines/TH3.aspx

Loan Modifications still not being done

It's been more than one year since President Obama announced the establishment of the Making Home Affordable initiative that included the Home Affordable Modification Program. He said the plan "will help between 7 and 9 million families restructure or refinance their mortgages so they can . . . avoid foreclosure." He also said "as many as 3 to 4 million homeowners [will be able] to modify the terms of their mortgages to avoid foreclosure." So far the actual number of homeowners who have received final, 5-year loan modifications through the program administered by the U.S. Treasury Department stands at 168,708. "Treasury's response continues to lag well behind the pace of the crisis," the Congressional Oversight Panel stated in its April report, "Evaluating Progress of TARP Foreclosure Mitigation Programs