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There is a plethora of help programmes including legal and counseling assistance for house owners threatened with foreclosures. But these programmes are now themselves threatened with funds crunch because of budget woes of New York State. Governor Andrew M. Cuomo’s state budget is not kind on them.

The recent budget does away with financing for Foreclosure Prevention Services Program that had made its debut in 2008 when the house owners began to default on their house mortgage loans in staggering numbers. Previously $25 million was sanctioned per year.

Housing advocates are nursing hopes that the state legislature will bring back the funds. Senior staff attorney of Empire Justice Center based in Albany said, “If we don’t get this funding restored in the budget, services will go away for homeowners”. The centre offers legal assistance across New York State for those who are poor.

The programme is now gasping with only $1 million to cover the time when the new budget will come into force from 1st April.

Carol Yopp of Long Island Housing Partnership (foreclosure prevention manager) said that her group has been limping along and not yet allowed anyone to relinquish post. The agency staff comprises of Yopp, a counselor and an assistant overseeing administration. She reported that clients were continuing to knock on their doors.

Pundits are predicting another foreclosure surge in 2012 as the lenders complete their reviewing and resume usual operations. Cuomo planning a new move is set to introduce a Foreclosure Relief Unit under the Department of Financial Services. Its task will be to provide counseling. The office of the attorney general of the state announced that $1 million will be disbursed to non-profit agencies providing legal help to troubled homeowners.

Morris Peters, the spokesperson of the budget office of the state referring to the latest units said, “We believe the same level of services can be provided by this new entity”. But housing advocates complain that these two programmes would be insufficient to replace those that will be eliminated.

Attorney Mike Wigutow of Nassau / Suffolk Law Services in Hempstead said his agency has been receiving money even after the programmes have been trimmed but he is optimistic about getting new funds.

Temporarily he had to give up the help of two paralegals and two lawyers. He is now left with one full and one part time staff working on foreclosures. The agency is hesitating to take on new cases afraid of funds running out next March before the litigation came to a conclusion. He bemoaned, “We’re operating at less than normal”.

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The credit success of RMBS (Residential Mortgage Backed Securities) in America is facing multiple challenges in the current year. The biggest danger is from strategic defaults as per the findings of Moody’s Investors Service.

The general view is that in 2012 the waters will not be turbulent but calm. Moody’s study shows that stability signs are showing in the performances of outstanding loan pools of the residential housing sector. This means that the loss calculations from RMBS will remain unchanged.

Debash Chatterjee the managing director of an associate of Moody’s said, “Although Delays in loan liquidation timelines and an increase in distressed sales will continue to dampen housing prices and limit recovering on delinquent loans, they will not have a material impact on RMBS pools”.

Due to modification of loans, the delinquency among the loan pools has not only remained flat but in some instances these are also dropping. The rates of re-default on loans that have been modified have also dropped thanks to reduction of payments in the modifications being made bigger.

But strategic defaults where the borrower intentionally walks away from the house and foreclosure are posing risk causing the possibility of property prices to tumble again in 2012.

The agency predicts that the risk is coming from the big sector of mortgages where over half the house owners have gone underwater – the value of the house being less than the loan due amount. Till now they have been regular in making payments on their housing mortgages but since the latter part of 2010 the negative equity among the big borrowers have “risen significantly”.

The sub-prime sector however is facing the least risk of deterioration in this current year because the weaker borrowers have already been weeded out. The risk clouds hover over Alt-A and option-ARM loans but not as much as in the jumbo segment; of the two option-ARM is posing greater risk.

William Fricke of Moody’s (vice president cum senior credit officer)  explained that modifications and forgiveness of principal are the two key factors that can stop strategic defaults. But he apprehends that servicers will be reluctant to take recourse to this because GSE does not allow and that many RMBS too carry clauses putting brakes on this practice.

The methods of servicers are changing – they are becoming more easily accessible to the borrowers through single point of contact. The issuance of RMBS will be small because of GSE dominance and uncertainty about what moves the regulators will take.

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Out of one hundred defaulting house owners, eighty are not qualified for programmes pertaining to loan modification. Thus only 20% are eligible for the government programmes as per a report released by Treasury while foreclosures are threatening 80%.

A whopping 4.6 million house owners are lagging behind two months on their mortgage dues. This makes them eligible technically for the flagship programme of the government – Making Home Affordable. But 80% of them cannot avail of it. As per the report of the Treasury merely 900,000 actually are eligible for the programme.

Dean Baker of Center of Economic and Policy Research (co-director) said that this exposes the weakness of the programme – too few people have been targeted. He said, “If 900,000 are eligible, and this is your main programme for helping underwater borrowers, we know that not all 900,000 can be helped, this doesn’t look very ambitious”.

The numbers prove again the glaring shortfall in the programme that the President had started off with much hype in the early part of 2009. It has not come anywhere near its goals. This makes the voice of the critics louder regarding its ineffectiveness. Baker added, “This programme, in its design, is set up to help a very small portion of people”.

Under this programme –  Making Home Affordable – those house owners who are current on their mortgage dues but facing risk of default in near future may also be eligible. The data given by the Treasury did not include this group.

The borrowers are kept out of this government programme for multiple reasons – type of loan and the property. Rental units, ‘manufactured’ houses with FHA loans and also houses bought with loans taken from Department of Veteran Affairs are not included in the programme.

Those whose incomes are calculated to be affordable are not deemed to be eligible. No serious note is taken about whether for that particular borrower it is really so.

The motivation behind this programme is to see that the borrower can afford the monthly housing payments. The definition is that the payment on dues has to be less than 31% of the income of the house owner. Taken into consideration are various other debts apart from housing, that might be on the cards – car loans, education loans, dues on credit cards etc.

Borrowers who have walked away from their properties are also considered ineligible. It is assumed that they do not need the house.

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African Americans have been the worst affected by the foreclosure and unemployment crisis because they are the largest recipients of sub-prime loans in the country. They are disproportionately represented in the government work force and receive various benefits from the government from everything from tax to education loans. As such, austerity measures will definitely have a harsh affect on the African-American middle class. This, in turn, will cause them to turn away from Obama.

While there are talks in the Obama administration about closing down Fannie Mae and Freddie Mac, their total losses have amounted to $150 billion, which are being supported by taxpayers. However, there have been worries that winding them down would put the careers of minorities at grave risk. Among all the employees of Fannie and Freddie, 44% and 50% were black, respectively.

In Washington D.C., the number of government cuts black leaders have approved of has been devastating. When Mayor Adrian Fenty gave his support to chancellor of schools Michell Rhee, who fired teachers numbering in the hundreds, mostly from the black community, the wards lying to the east of Anacostia cut him off. In 2010, many black voters threw out Fenty who had previously voted for him.

African Americans are over-represented among the government work force. These jobs comprise the backbone of all Afro-American middle class employees. The pay scale of the federal governments and the benefits awarded has, in recent years, far outpaced that of the private-sector.

From the first year of this decade, the number of federal employees with incomes over $150,000 went up ten times. The figure doubled during the initial two years of the Obama government. In 2009, the average salary of federal servants, after factoring in benefits, was $123,000 – double salaries found in the private-sector ($61,000).

Thanks to these salaries and benefits, Washington ranks first in all the metro regions in regards to per-capita income. The three congressional districts situated north and west of Washington in Maryland and Virginia ranks among the highest in the country in regards to average income.

This so-called “great society” began in the middle of the 1960’s. The following half a century has turned into the salad days of government employees. However, no other segment of the population has benefited as much as American blacks.

But the deficit is causing this picture to change fast. Obama is cutting off big chunks from welfare spending, which blacks have benefited from the most. Black voices are being raised against Obama already.

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Everything that a client could want to know about Freddie Mac foreclosures can be found on their website. They have a section called The Learning Centre and it covers the following topics. Underwriting, selling and delivery, servicing, mortgage products, training events and community outreach. Clients will have a Loan Prospector® User ID and Password when they start.

For underwriting, there are courses on Freddie Mac refinancing programs. Topics covered are underwriting income and employment as well as improving loan quality through quality control and training events. There are also links to many other topics that will help with the day to day work of those in the mortgage industry. Selling and delivery covers new customer training, the selling system and post settlement.

It seems that there is a section to cover eveything that clients could possibly want to know. They even cover a section for housing counselors and give advice as to how they can be more effective when they are in the community. There is also a glossary that covers every single term that a client can imagine. Once the website has been browsed sufficiently, they will be so well informed that they will undoubtedly be an asset to their employers.
Apart from the information that can be learned at the center, the rest of the site still aims to help the clients. Whether it is helping them to sign up to be a Freddie Mac servicer/seller or encouraging prospective, yet undecided buyers, to find out enough to help them make that final decision.

While there is the obvious advantage for the clients to have all of this free information at their fingertips, where is the advantage for Freddie Mac? The simple answer to this is the time it saves them when dealing with clients. The clients who have been in the industry a long time will already have the knowledge, but newer clients will need help. If everything they need to know is in one place, Freddie Mac employees will spend much less time helping new clients along. It should also go a long way to help them redeem a reputation that took a dive over the last few years.

If their own website is not enough of a testament to the fact that Freddie Mac is a company that is professional and easy to work with, then read up on many of the online testimonials from clients.

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ted States biggest mortgage companies. Freddie Mac is actually means Federal Home Loan Mortgage Corporation and along with Fannie Mae it holds 5 trillion dollars of debt.When Fannie Mae was transferred from the Government to private investors in 1968, there were concerns about it being run as a monopoly. To solve this problem Freddie Mac was established in 1970.

The main reason for Freddie Mac foreclosures being set up was to create a conventional home mortgage, stop the problem that they had at the time whereby different areas had different interest rates, and also address the lack of availability of different types of mortgages.Freddie Mac had to raise a great deal of money before they could go into business and to do this, they sold $100 million worth of stock. This was bought by 12 Federal Home Loan Banks.In 1971, Freddie Mac was ready to trade in earnest, and this was at a time when mortgage rates were starting to fall. This year, the said corporation sold its first mortgage-related security.

Freddie Mac is well-regulated, and the Government often intervenes in how they operate. An example of this was in 1977 when Jimmy Carter brought about the Community Reinvestment Act. This meant that Freddie Mac now had to make sure to allow loans to be made to people who would have been classed too poor to qualify in the past.Since 1989, Freddie Mac has been regulated by the Department of Housing and Urban DevelopmentIn 1999, Bill Clinton, gave the corporation strict numerical quotas for forcing sub-prime loans further allowing poorer people to get loan, but also increasing the risk of default.In 2001, it was found that the size of the two companies was a problem.In 2004, the company was hit by an accounting scandal whereby there was found to be $4.5 billion of accounting errors, leading to the removal of three executives. They were forced to raise their level of core capital by 30%, limiting their ability to buy mortgages.As more people were defaulting, they had their capital requirements reduced as they were allowed to add $200 billion into the market, and the number of Freddie Mac foreclosures was rising.By July 2008, it was realized that it was the worst year since Freddie Mac’s inception, and they are expecting to have to be bailed out by the Government.

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Businesses always face issues that impede its growth regularly and GSEs are not an exemption. In fact, Fannie Mae and Freddie Mac are always being watched out by the critics, primarily because it is backed by the government and its failure means that the taxpayers’ money has also failed. Huge controversies hounded the Fannie Mae and Freddie Mac after the new millennium and there are a lot of problems faced by the institution in the last years that impedes the recovery of the already slow growth of the housing sector.

The subprime mortgage crisis of 2003 left the housing sector in a huge deficit in Fannie Mae until the end of 2010. In the effort of Fannie Mae, Freddie Mac and Federal Home Loan Banks to provide affordable housing and reach out to low-income Americans, it provides affordable methods such as low down payment and fixed-mortgage rates. Financial institutions wanted to earn more, so they slowly shifted to private level securitization operated by investment banks. Private level securitization (PLS) means that it provides nontraditional, adjustable mortgage rates which are riskier for borrowers. Fannie Mae lowered its standards to compete with PLS and please its shareholders. The unregulated standards led to a lot of borrowers in debt due to poor credit with adjustable mortgage rates which resulted in home foreclosures. The effects of this crisis are still being felt by consumers to date and lately, the bailout of Fannie Mae and Freddie Mac would likely cost the government around $300 million.

In 2004, high ranking Fannie Mae officials were held under the scrutiny of the Congress because it has been reported that these officials are manipulating accounting reports for their personal gain. Civil charges were filed to get back $115 million in bonuses from 1998-2004.

The robo-signing case took the housing sector into more debt than it already has. In 2008, employees of financial institutions such as Bank of America and JP Morgan Chase were found to approve foreclosures without sufficient facts and documents. This forced the banks to suspend foreclosure and investigate the matter first which forced the GSEs to implement strict guidelines regarding Fannie Mae foreclosures.

In order to regulate the standards, Fannie Mae released Loan Quality Initiative (LQI) to detect issues with compliance on Fannie Mae standards before foreclosure. This would force the banks to adhere to the underwriting standards and double check all requirements prior to delinquency.

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The US economy is on a tailspin what with unemployment at an all-time high. As people lose jobs they falter on mortgage payments. Hence, foreclosures have become common. Now the Federal government has come up with a program to help troubled homeowners. As part of this program, loans of homeowners are being modified, first on a temporary basis, and then after a period of three months, permanently.

However, the program has got off to a slow start. So far, lenders have only revised 31,382 loans permanently. This was revealed by the Treasury department. The report suggests that so far 759,058 loans have been modified on a trial basis. Also, modification offers have been given to sundry 1.03 million borrowers.

The director of the National Association of Consumer Bankruptcy Attorneys says that the program has failed in many respects. The country is staring at the prospect of many foreclosures and only a fraction of the people has got their loans modified.
However, the chief of Treasury Homeownership Preservation Office, Caldwell said that troubled borrowers are getting “immediate relief” because of the program. The loans of the people have been reduced on a permanent basis as part of the Home Affordable Modification Program (HAMP).

Caldwell is of the opinion that the loans of many people should be revised permanently. But what is irksome is that many lenders have failed to convert the experimental loans. Experts say that foreclosures would increase to 13 million from the present figure of eight million today. JPMorgan Chase & Co has done trial modifications of 143,027 people. Of these, 4,302 loans have been revised permanently. In comparison, Wells Fargo has placed 104,808 loans on an experimental basis while 3,537 loans have been modified permanently. Bank of America, on the other hand, has modified 158,462 loans on a trial basis. It has revised only 98 loans permanently. Citigroup has modified 103,478 on an experimental basis. Only 271 such loans have been modified permanently.

PNC Financial Services has modified 18 loans. About 10,591 loans have been placed on trial. The company also has 45,240 delinquent loans. PNC spokesperson Fred Solomon said that the company is devoted to helping the troubled homeowners through its various loan modification programs. Lenders receive $1,000 for each successful loan modification. Lenders who fail to do so will not be paid the incentive. However, it remains to be seen how fast the lenders are able to modify loans.

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News radio 106 in Philly fives us the story via the Internet of how the Sheriffs departments there are trying to help during this trying time for homeowners. They have teamed up with Chase bank to help slow the rate of foreclosures and to try and keep people in the homes that they already own and are nearing foreclosure. The deputies deal with the issues that can be caused to a family due to the stress of foreclosure and they are now handing out a brochure with the foreclosure paperwork and it gives them the information needed to help them to sit down and go face to face with the lender to try and iron out a solution to the problem and stay the foreclosure.

The Examiner this week posted an article geared towards helping people understand loan modifications and what they can do for them and how to go about getting one. As I read it the article struck me as a must read. It explains the intricacies of loan modification in plain English and in terms that people can understand. It shows you that there truly are two sides to the story and if you really want a load modification you should know and understand both how you feel and where you are coming from and you should be able to see the bank or lenders side as well. If you can do that it is much more likely that you will be able to come to an agreement that will work for both parties. And if both parties are happy then it will be a smooth and successful modification.

The New Hampshire Sentinel Source has a story that really makes you look at the crisis from another point of view. We all think about how it affects the family that is losing a house, we read how the pets are affected and even how heartless the lenders can be. We see the stories about different agencies coming in and trying to help people stay in their houses and how the homeless shelters are over flowing with people that couldn’t make it. This story hits a new angle. How would you like to be the person on the phone listening to as many as a hundred people a day tell you their story and asking for help? Hearing them cry and knowing that in the end the only thing they can do is move on. The story puts perspective and compassion into a side of the news that is often overlooked and I think needs to be read by everyone.

One of the nations largest paper the Baltimore Sun, ran a story this week that shows how a local real estate agent has changed her focus from trying to educate people on how to go about buying and owning their own home to teaching them the things that they need to know to be able to keep the home. It is basically a nice human-interest story with a little new information that people might not know that is sort of hidden in the text. For example most folks know that it takes a little while to get the lender to actually respond to you about a refinance or a loan modification. This story actually lets you know the amount of time can vary from between 60 and 90 days. That means that if you are even possibly going to default, you have to start the process at least three months before you anticipate the event.

This story from the Grand Rapids Press in Grand Rapids, Michigan is based around how a new program uses federal money to try and spruce up neighborhoods that have been on the high end of the foreclosure numbers. The hope here is that the clean up the neighborhoods by painting the foreclosed homes and mowing lawns may have the effect of driving home prices up enough that it could stimulate sales of the foreclosed properties which would be a winning situation for everyone. The foreclosed numbers would drop and more people would be in the homes and as a result property values should start to rise. The story is something that is worth taking a few moments to go over and if it actually works, might be something to implement elsewhere.

The state of Massachusetts has taken aim at businesses that are claiming to help people save property that have gone into foreclosure. These companies are claiming that they can save distressed properties from falling into the state of foreclosure. It seems that many of these companies are targeting people and are paying on the weakened state of minds of families that have little to no hope left. They ask for fees upfront to which they say they can save the property for the homeowner. The claims are mostly just false promises and the family’s usually only end up losing what little money that they had and the house as well.

This one is particularly unusual. The town of Mesquite is a quaint and rather picturesque city. The problem as pointed out by this article is that one of the first and largest signs that you see when entering the town is one placed by a pair of local realtors advertising the services they offer for specializing in foreclosed real estate and properties. Many people in the town agree that it is not the sign that is objectionable. It is the overall size and location that causes issues. One of the first things you see when arriving in Mesquite when getting off the interstate on exit 120 is a huge sign that tends to show how bad things are there. Not something that instills a lot of confidence in the local economy or job prospects if someone was looking for a place to move.

It brings up a lot of valid things to look at and things to contemplate should you be in the need to rent something or lease a home during this crisis. There are lots of people out there in a bad place and it appears that these desperate times have forced some desperate measures to be used.

This week’s celebrity foreclosure article is on Evander Holyfield’s 54,000 square foot Atlanta mansion with its 109 rooms sitting on 254 acres of land falling into foreclosure for yet a second time in one year. This shows how mismanagement of funds and then the downturn in the market can affect someone that has made over $248 million dollars in his sports career.

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In the Columbus Dispatch we found a story about how a county there helped 78 homeowners avoid foreclosure and stay in the homes that they owned. The homeowners and the bankers came together face to face to work out deals to stem the foreclosures and make it possible for the families to remain in their homes. Interest rates have been cut for these people and the terms or length of the loans have been stretched out in many cases to make the payments lower so that they can be made more easily and this seems to have made a large impact on theses people.

The New York Times brings us the story of a Connecticut family that fell behind on their mortgage without even knowing it. This happened because the amount of the mortgage, $2,500 per month, was automatically adjusted from their credit union. But when the rate of the mortgage got re-adjusted from 8.3 percent to 12.5 percent, they were not aware of the increase of $1,000 more per month. The automatic withdrawal payments from the credit union did not increase so each month they fell $1,000 farther in arrears on the mortgage to the point that they were almost not able to stay out of foreclosure. These people, like many others have stated that if they didn’t have children, they would most likely just walk away from the loan.

In Ann Arbor, Michigan homeowners are struggling with upside down, or underwater mortgages. This means that they owe much more on the house they are buying than it is worth and as a result they are in a severe negative equity situation. What makes this so bad is that even if these people are able to make the current mortgage payments, they can’t refinance at lower rates because the house will not appraise with enough equity to allow a lender to give them a new mortgage. So even though they are doing everything right, they are getting the bad end of the deal because most places available now are for people that are unable to make the mortgage payments and those that are keeping up are getting, in a way, chastised for it.

Here is another touching story from the Columbus Dispatch this week. Folks that own mobile homes are feeling the pinch of the mortgage foreclosure crunch in an unusual way. Even if they own the mobile home outright and are keeping up the lot payments, if the mobile home park has problems and goes into foreclosure, the people that live there have to find a new place to move the mobile homes to. This can be a considerable expense that is not their doing. The Ohio legislature has passed a bill telling the people that own the land that they need to notify the tenants within 60 days and then the mobile home owner has an additional 30 days to vacate. Considering that most of these people are on substandard incomes and the cost of moving, it is going to be a hardship that few can sustain.

While this is not directly foreclosure related it is worthy of including here. Since the government has been unable to stop the job loss and the foreclosure numbers, they are giving some hope and reason for optimism to the voting public by banning arbitrary rate hikes and the excessive fees being charged by credit card companies. This may help to stem the fear that these already cash-strapped families are suffering from and allow them more breathing room in the budget thereby making it easier to handle the mortgage. One of the key parts is that a customer would have to be over 60 days behind in the payment to be able to get a rate increase.

This story is one of someone buying properties, which she was going to use as retirement income. She turned three of them into section 8 housing, which the government subsidies. The problem is that under the law when someone in one of these low rent properties complains and an inspection is made, the landlord has to fix the problem. This more often than not cost here money every month instead of making her income. It got so bad that she finally decide to let the three properties go into foreclosure. This meant that she was free of the burden but it also meant that three families were put out and had to find another place to live.

When considering a repayment plan or a mortgage modification plan. Which is the best option for a homeowner in mortgage distress? This question is addressed in detail in this article. The repayment plan almost is never the best option because in addition the regular mortgage, the already troubled homeowner has to pay an additional sum to cover back payments. The modification plan however is just as the name says; it modifies the existing terms to something both parties can benefit from.

From NBC local affiliate News 2 In North Carolina we get the story of an FTC website that is there to help homeowners sift through the many scams that have come into existence since the mortgage crunch. These scams are set up to help trick an already desperate homeowner out of money. The federal government has started to address the issues and this website that they set up helps to address these concerns and give people information that might help keep them from becoming a victim.

The Huntington News story tells that quotes Jay Rockefeller in saying that “I applaud President Obama for signing both the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law.” The article states that he feels that there are many issues that have to be addressed from credit card companies to mortgage companies and that this will go a long way towards putting the and that this is a great start put people first and to helping the American people come to terms with this crisis.

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ForeclosureListings.com has a comprehensive, searchable database of foreclosures in areas like Columbus, Bronx, Derry, Missoula and in the whole country. Try to search foreclosures by state today! Foreclosure Recap – Week #20