The first quarter of 2012 has been flush with new or expanded efforts to assist homeowners facing foreclosure and compensate those who have been victims of unfair or deceptive lender practices.
A landmark $25 billion settlement between federal-state officials and the top five lenders is the largest effort to ease the U.S. foreclosure crisis. The settlement could affect as many as 2 million home loan borrowers.
Meanwhile, a separate review by regulators of foreclosures filed in 2009 and 2010 could touch the lives of 4 million borrowers. A deadline for those who can seek a review of their foreclosure has been extended to July.
Both efforts seek to right the wrongs borne of the housing bubble.
However, there are ongoing federal programs designed to reduce mortgage payments or refinance the loans of “underwater” homeowners. They either have been expanded or are about to be enhanced to assist a greater pool of Americans who could face foreclosure.
Here’s a rundown of the efforts by regulators and the Obama Administration to stem the tide of foreclosures:
Read the rest of the article at eCredit Daily
No comments:
Post a Comment