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In an effort to squash the administration’s latest proposed plans for home loan modification, the banking and mortgage industry brought out the big guns and sent Chase Home Lending CEO, David Lowman to Congress with a prepared statement on Tuesday. The administration’s latest plan to help struggling borrowers is calling for principal reductions. Lowman, reading from his [...]
Haydee Cuervo, left, and Yuri Cuervo, with daughters Julia, 6, and Alyssa Rose, 3 (in red), hope to take advantage of tax credits as they sell their Arleta home and close on a property in Granada Hills.(Lawrence K. Ho / Los Angeles Times / April 13, 2010) By Alejandro LazoApril 14, 2010 Southern California’s housing market showed fresh [...]
In a rebuff to the Obama administration, two big banks on Tuesday drew a line in the sand on cutting the mortgage balances of beleaguered homeowners, saying that the tool would be applied sparingly. The idea of reducing loan principals last month became a centerpiece of the administration’s efforts to help seven million households threatened [...]