The proposal would differ from the current practice, which strongly encourages lenders to evaluate defaulting borrowers for a modification but does not make it mandatory.
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Appaloosa Management is challenging the company overseeing the complexes on behalf of lenders, saying the company’s actions could cost debt holders hundreds of millions of dollars.
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Mortgage Bankers called the fourth quarter a crucial turning point for housing. Still, the percentage of loans in foreclosure rose.
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Mortgage Bankers called the fourth quarter a crucial turning point for housing. Still, the percentage of loans in foreclosure rose.
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Low-income black women in Milwaukee are more vulnerable than men to being evicted, research shows.
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Falling prices for market-rate units has left city-subsidized ones looking like less of a deal.
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An Indiana city symbolizes failed efforts to turn around the housing slump at the heart of the credit crisis.
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To stem foreclosures, banks must be compelled to get on board with a Treasury plan to get second-mortgage owners to write down their debt once the first mortgage is modified.
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Some of the 25,000 residents have raised concerns that the turmoil over the process could cause services and maintenance to deteriorate.
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