Gov. Arnold Schwarzenegger has signed into law a 90-day moratorium on California home foreclosures as a trailer to the recently approved state budget, but a loophole that’s built into the legislation would, in effect, negate the moratorium’s purpose — to slow home foreclosures in the state, according to the San Francisco Chronicle (more…)

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One part of President Obama’s $75 billion housing bailout plan that deals with “judicial modifications” has received the support of some lawyers and consumer advocates who feel it may be just the push lenders need to ramp up home loan modification efforts, reports the Dallas Morning News (“Threat of Judges Changing Mortgage Terms May Motivate Lenders,” Feb. 23, 2009). (more…)

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Unemployed Americans just can’t seem to catch a break. Not only are the unemployed losing money for every day they remain out of work, now they’re also losing money on the very benefits meant to help keep them financially afloat. (more…)

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While its competitors are raising interest rates and slashing credit lines, American Express is offering certain cardholders $300 to pay up and take their business elsewhere. (more…)

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At a time when millions of homeowners are teetering on the edge of foreclosure and struggling to keep current on their mortgages, a handful of Indiana lenders are doing all they can to help borrowers with mortgage modifications, reports the Post-Tribune of Northwest Indiana (‘We Don’t Want the Properties,’ Lenders Insist, Feb. 19, 2009). (more…)

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Consumers are hurting. Already battered by tightened access to credit, rising unemployment, and unaffordable mortgage payments, consumers are also contending with soaring credit card interest rates and fees. (more…)

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A mortgage loan modification company in Orlando, Fla., is being sued by Attorney General Bill McCollum for allegedly violating the state’s new foreclosure rescue law, The Associated Press reports (“Fla. AG Accuses Home Loan Rescue Company of Fraud,” Feb. 15, 2009). (more…)

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President Obama announced today a $75 billion foreclosure prevention plan that offers subsidy incentives to lenders who modify mortgage loans for troubled homeowners facing foreclosure and offers payment incentives to homeowners who make an effort to stay current on their modified mortgages, CNNMoney reports (more…)

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Four of the nation’s biggest banks have announced a moratorium on foreclosures for the next few weeks while they await the details of President Obama’s $50 billion financial stability plan to stem foreclosures for homeowners, the Associated Press reports (more…)

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The Office of Thrift Supervision — the government agency responsible for regulating more than 800 savings and loans that hold a large portion of the nation’s mortgage loans — has asked its lenders to put a temporary moratorium on foreclosures, The Washington Post reports (“Regulator Calls for Lenders to Stop Foreclosures For Now,” Feb. 11, 2009). (more…)

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