Controversial legislation that would give bankruptcy judges the power to modify mortgage loans is facing a major battle in Congress, according to the Associated Press (“Fight Is On Over Judges Altering Mortgages,” Jan. 26, 2009). (more…)

Popularity: 5% [?]

Two California men have been convicted of filing fraudulent bankruptcy petitions on behalf of Kansas homeowners who were behind on their mortgages and in danger of losing their homes to foreclosure, according to a U.S. Department of Justice press release (“Los Angeles Men Convicted On Charges Of Filing False Claims In Kansas Bankruptcy Courts,” Jan. 20, 2009). (more…)

Popularity: 3% [?]

A California woman behind a real estate ponzi scheme that deceived both investors and homeowners has been sentenced to 12 years in prison and ordered to pay an $8.5 million fine, according to a U.S. Department of Justice press release (“Woman Who Promised to Help Homeowners Avoid Foreclosure Sentenced to Over 12 Years in Prison for Taking Millions From Investors in Fraudulent Scheme,” Jan. 20, 2009). (more…)

Popularity: 3% [?]

In an effort to speed up the short sale process and help homeowners avoid foreclosure, mortgage giant Fannie Mae has begun a three-month trial program that allows the company to pre-approve the “short sales” of homes, reports The Wall Street Journal (“Fannie Mae Tests ‘Short Sales’ as Alternative to Foreclosures,” Jan. 9, 2009). (more…)

Popularity: 6% [?]

Half of all troubled homeowners face foreclosure only six months after lenders reduce their monthly mortgage payments, said a top banking regulator when commenting on the state of the housing crisis (“Homeowners Re-defaulting After Getting Aid,” Reuters, Dec. 8, 2008). (more…)

Popularity: 4% [?]