Countrywide Financial Corp. — one of the nation’s largest mortgage lenders — has agreed to reform its lending practices and pay approximately $3 million to Nevada borrowers victimized by its lending practices as part of a settlement agreement with the state’s attorney general. (more…)

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Homeowners in the country’s hardest-hit housing markets may get far less help than anticipated from President Obama’s $75 billion housing stability plan, according to an analysis by real estate Web site Zillow.com. (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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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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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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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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Texas mortgage holders who had loans with Countrywide and lost their homes to foreclosure could benefit from a $7.46 million restitution program recently announced by Texas Attorney General Greg Abbott, reports The Houston Business Journal (“Countrywide to Make $7.5M Available for Texas Foreclosures,” Feb. 11, 2009). (more…)

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Florida state officials received welcome news last week when Gov. Charlie Crist announced that the U.S. Department of Housing and Urban Development had approved the release of $91 million in federal aid for Florida’s cities and counties hit hardest by the foreclosure crisis, reports the Orlando Business Journal (“HUD Releases $91 M in Foreclosure Aid,” Feb. 5, 2009). (more…)

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If you’re one of the 5 million to 6 million homeowners who is behind on your mortgage and facing foreclosure, or you’re headed that way with little idea of what to do next, there are several things you can still do to try to avoid losing your home: (more…)

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