House Democrats Ask Fannie Mae to Suspend Lawsuits Against Underwater Borrowers
In a letter addressed to Treasury Secretary Timothy Geithner, several house Democrats requested that Fannie Mae suspend its new policy to bring deficiency judgment lawsuits against underwater homeowners who “strategically default” on their mortgages. The House Democrats state they are concerned about Fannie Mae’s new policy because it is “unclear why Fannie Mae is proposing […]
June HAMP Numbers Look Gloomy
The Treasury Department recently released figures that indicate approximately 91,000 borrowers dropped out of the Home Affordable Modification Program (HAMP) in June, putting the total number of dropped-out borrowers to 530,000. Meanwhile approximately 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000. Therefore, more than forty […]