Many critics argue that the pace of the Making Home Affordable program isn't keeping stride with the nation's raging foreclosure problem, so the Obama administration announced Monday that it is taking a new approach to pressure servicers into converting more trial modifications to permanent status. Servicers who don't complete enough workouts will now be subject to monetary penalties and sanctions. Treasury officials also said they plan to openly wag their federal fingers at those servicers who are too slow in churning out permanent mortgage mods by publicizing their names.
In an effort to further reduce risks to its single-family insurance fund which continues to play a critical role in today's housing market, the Federal Housing Administration (FHA) proposed new regulations on Monday in order to boost lender oversight, tighten controls, and streamline lender approval.
Through its Housing Opportunity Fund grants program, the National Association of Realtors (NAR) recently announced the disbursement of $50,950 to 16 local and state Realtor associations, in an effort to promote and expand local affordable housing opportunities in communities across the nation.
After pleading guilty in February 2009 to a single count of conspiring to make false statements to financial institutions, Lee Howlett was sentenced Tuesday to 41 months in prison, followed by three years of supervised release. Howlett, who previously operated Taylor Made Mortgage in Portland, Oregon, submitted 14 false loan applications in connection with the purchase or refinancing of seven properties during a two-and-a-half year period between 2003 and 2005.
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