A Southern California community is looking to a rarely invoked government power to save underwater homeowners from foreclosure. Eminent domain is a government privilege usually invoked to acquire private land for public works like new roads and power lines, but San Francisco-based venture fund Mortgage Resolution Fund is calling for government officials in San Bernardino [...]
Revolutionary: Southern California County Facing Down Big Banks, Defending Homeowners
September 2, 2012 | Posted by
Mortgage Relief Program Benefits Banks More Than Homeowners
June 19, 2012 | Posted by
A new revision of a government program designed to aid struggling homeowners will also provide revenue for big banks. The program will help homeowners refinance when they owe more on their homes than their properties are actually worth. But the program could earn lenders up to $12 billion for their involvement. The new version of [...]
Bank of America Offering Relief to 200,000 Homeowners
May 13, 2012 | Posted by
After increasing pressure from Congress, the White House, regulators and the public, Bank of America will begin the process this week of renegotiating up to 200,000 mortgages for customers who have fallen behind and whose homes have severely dropped in value. Some customers could see as much as $150,000 chopped off their mortgage. The bank [...]
