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Home > Author Archives: ProPublica (page 6)

Author Archives: ProPublica

Mortgage Loan Modification Profiles: In Trial Limbo

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by Karen Weise ProPublica, Download the audio. Listen to Michael and Concetta talk about the loan mod process. Last fall, Wells Fargo told Michael and Concetta Acevedo that after a three-month trial, they could get a permanent mortgage modification that would allow them to keep their Staten Island townhouse. Instead, 10 months later, the Acevedos are still making trial payments ... Read More »

    Loan Modification Profile: Fed Up, Giving Up, and Moving On

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    by Karen Weise ProPublica, Today, 8:53 a.m. Download the audio. Listen to Wallace Farmer talk about the loan mod process. On a recent Friday morning, Wallace Farmer packed up and moved out of his Baltimore row house. After over a year of confusion and delays, JPMorgan Chase told Farmer that he made too much for a mortgage modification through the ... Read More »

      Government Mortgage Modification Programs Still Not Working

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      by Paul Kiel ProPublica, Today, 11:33 a.m. Each month, the Treasury Department releases new information about how homeowners in its mortgage modification program are faring. And each month, the numbers get bleaker. Take a look at our graphical rundown of the numbers, broken down by each bank or mortgage servicer participating in the program. Have you worked for a servicer ... Read More »

        Mortgage Loan Modification Problems. Delayed then Denied, Often Mistakenly

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        Loan Mod Profiles: Delayed then Denied, Often Mistakenly by Karen Weise ProPublica, Today, 10:09 a.m. Download the audio. Listen to David Moe talk about trying to get a loan mod. Retired pastor David Moe describes the process of trying to get a loan modification — only to be denied after more than a year — as nothing short of “The ... Read More »

          New York Jumps Ahead With Law Making Mortgage Companies Accountable on Loan Mods

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          by Paul Kiel ProPublica, 48 minutes ago New York regulators have crafted new laws to give the state authority to punish mortgage servicers — something the Treasury Department, in administering its struggling mortgage modification program, has so far failed to do. The new rules set clear standards for how servicers must handle homeowners seeking a modification. “We will not hesitate ... Read More »

            Bogus ‘Obama Mom’ Grants Lure Students

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            by Sharona Coutts ProPublica, July 23, 10:34 a.m. July 26: This story has been corrected. Listen to Marketplace’s version of this story. After being laid off from her job as a high school teacher in Dayton, Ohio, Nicole Massey decided to go back to college. For months, she scoured the Web for ways to fund her tuition, while supporting her ... Read More »

              Allied Home Mortgage Capital Still Around But Why With All the Complaints?

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              As his competitors imploded one by one, Jim Hodge, the folksy founder of Allied Home Mortgage Capital, touted his sprawling Houston firm as a survivor. Not only was Allied still standing, Hodge told employees in a company newsletter in December, it was thriving. “The good news,” Hodge wrote, “is that even though we are all having to work harder, most ... Read More »

                Loan Modification Program Still Limping Along

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                New data released Monday by the Treasury Department shows continued delays and disappointment faced by homeowners in the administration’s mortgage modification program. 190,000 homeowners remain stuck in trial mods that have lasted over six months, still waiting to hear whether they’ll receive a permanent modification. Most of those homeowners will likely be dropped from the program. Even homeowners who’ve successfully ... Read More »

                  Sulfur Ridden Chinese Drywall to Cause Great Expense for Some Homeowners

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                  A leading East Coast homebuilder learned four years ago that the Chinese-manufactured drywall it had installed in several Florida homes was emitting foul odors, according to documents obtained by ProPublica and the Sarasota Herald-Tribune. The company, WCI Communities, was so concerned that it started planning to tear out the material and rebuild the houses. But it never disclosed the problem ... Read More »

                    When it Comes to Loan Modifications, Pray You Don’t Have a Loan With Saxon Mortgage from Morgan Stanley

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                    An excellent article from ProPublica about the continued loan modification debacle from just one medium sized subprime lender trying to process loan modifications. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Last week, the government released data showing that there’s a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies ... Read More »

                      Loan Mods With Chase Going Nowhere Fast

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                      The new data the Treasury Department released show a number of problems with the mortgage modification program. But JPMorgan Chase leads the pack when it comes to those stuck in loan mod limbo. JPMorgan Chase, the data show, has the most homeowners waiting more than six months for a final answer on whether they’ll get a permanent modification. (What we ... Read More »

                        Worst Banks for Loan Modifications

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                        Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase – 45.3% Bank of America ... Read More »

                          How the Provident Law Group Loan Modification Program in California is Alleged to Try to Sidestep the Upfront Fee Ban

                          California has been tough on loan modification companies and in fact passed laws to prevent upfront fees. One of the companies that recently came under attack was a company I wrote about, Liberty Law Firm. After my piece KTLA did their own investigative report on Liberty. According to an confidential source, that contacted me at [email protected], the reporting lead to ... Read More »

                            American Corrective Counseling Services (ACCS) and the Bounced Checks


                            In an effort to help state governments deal with bounced and bad checks, some states have outsourced the dealings with the checks to for-profit debt collectors like American Corrective Counseling Services in California. ACCS has relationships with about 150 county District Attorney (DA) offices. In return for the referral of cases to ACCS, the local DA offices get a cut ... Read More »

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