Mortgage // Current

Real Recovery: Is college worth the high cost?

This week on The Real Recovery we're looking at how the recession is affecting college... more

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9 hours ago
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Who's unemployed in America? - The Real Recovery

Who is faring the worst in this recession? Everyone is doing poorly - but some groups... more

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1 day ago
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A few of your Real Recovery college stories

This week, the Real Recovery is focusing on college graduates - recent, upcoming and... more

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2 days ago
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Recession and the college graduate

It's been tumultuous for the economy in the half-week since we launched The Real... more

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5 days ago
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20 more weeks of unemployment

The Senate passed a bill yesterday to extend unemployment benefits for the jobless to... more

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6 days ago
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The Real Recovery - A Collaborative Investigation

We’re launching a big project today on Current News. And we’re going to need your... more

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7 days ago
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Google competes for the future; Microsoft, the past

Google was born on the Web and is increasingly giving Microsoft fits by forcing the... more

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19 days ago
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Plenty more foreclosures on the way

FROM THE NEWS BLOG: With the Dow back up over 10,000 and Goldman Sachs raking in... more

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20 days ago
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Watchdog: Obama's mortgage relief efforts aren't good enough

The Obama administration's efforts to force the modifications of distressed mortgages,... more

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1 month ago
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WHACKO-TV RATTE VILLAGE

WHACKO-TV welcomes our newest sponsor Ratte Village where everyone gets in for $100.... more

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1 month ago
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Research is Key to Smart Investing

Understanding the market potential and knowing what the entrepreneur and his team may... more

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2 months ago
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U.S. House Prices Keep Climbing with a 1.2% Rise in June

Integrated Asset Services (www.iasreo.com) today released its IAS360™ House Price... more

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3 months ago
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YouTube's Biggest Showoffs

Brett explores the ridiculous trend of shopping "Haul" videos on YouTube. Viral... more

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3 months ago
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infoMania: best media clips from the week of Aug. 6

This week on infoMania Spike TV tells you how stupid people die, reality tv stars have... more

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3 months ago
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Morals Vs Mortgages - A Timeline of The Past Century [infographic]

Travel the evolving road and ask yourself; What really caused the recent mortgage... more

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4 months ago
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Obama's Promised Help Is Elusive for Some Homeowners

She had seen the advertisements for the new government program offering relief. She had heard President Obama promise that help was on the way for homeowners like her, people who had lost jobs and could no longer make their mortgage payments.

But when Eileen Ulery called her mortgage company — Countrywide, now part of Bank of America — the bank did not offer to alter her mortgage. Rather, the bank tried to sell her a new loan with a slightly lower monthly payment while asking her to pay $13,000 toward the principal and a fresh $5,000 in fees.

Her problem was that she did not yet present a big enough problem to merit aid.

Yes, she was teetering toward delinquency. She was among millions of homeowners rapidly sliding toward danger for whom the Obama administration had devised an aid program — some already in foreclosure proceedings, others headed that way as they ran out of means to make their payments. But unlike those in imminent peril of losing their homes, Ms. Ulery had never missed a payment.

“I don’t know who this bailout is helping,” she said. “We’ve given these banks all this money and they’re not doing what they say they’re doing. Something’s not working right. They keep saying they’re doing all this, but we don’t see it down here at this level.”

More than three months after the Obama administration outlined a new program aimed at rescuing millions of distressed homeowners by compensating banks that modify mortgages, Ms. Ulery’s experience illustrates the mixture of confusion, frustration and limited assistance that now reigns.

Through many months of wrangling over the fate of the financial system, with hundreds of billions of taxpayer dollars dispensed on bailouts, distressed homeowners have waited for their own rescue amid talk that it was finally on the way. Modifications of so-called subprime and Alt-A mortgages — those made to people with tarnished credit — actually fell by 11 percent in May from April, according to research by Alan M. White at Valparaiso University School of Law.

A Treasury spokeswoman, Jenni Engebretsen, confirmed that homeowners like Ms. Ulery — current on their mortgages yet grappling with a hardship like unemployment — were eligible for loan modifications under the program. She said mortgage servicers had offered to modify more than 100,000 loans since the department announced the program.She had seen the advertisements for the new government program offering relief. She... more