FTC files charges against 2 mortgage rescue firms, accusing them of posing as gov't agenciesSeptember 17th, 2009 Authorities crack down on 2 mortgage aid firmsWASHINGTON — Federal authorities are cracking down on two companies that promised homeowners help with their mortgages, accusing them of posing them as government agencies. The Federal Trade Commission on Thursday said it filed charges against two companies — Nations Housing Modification Center and Infinity Group Services.
FTC considering ban on upfront payments for loan help; files charges against 2 firmsSeptember 17th, 2009 FTC considering ban on loan modification scamsWASHINGTON — The head of the Federal Trade Commission said Thursday the agency is considering banning upfront payments to companies that advertise help for borrowers who are in trouble on their home loans. Government officials say scammers seeking to take advantage of borrowers in danger of default often charge upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.
Bank of England says mortgage repayment accelerates in 1Q, draining money from consumptionJuly 3rd, 2009 Repayment of UK mortgage debt accelerates in 1QLONDON — U.K. homeowners paid down mortgage debt in the first quarter at the fastest rate in a year, shrinking the pool of money available for retail spending, the Bank of England said Friday.
Government foreclosure relief for 'underwater' homeowners expands to those deeper in debtJuly 1st, 2009 Gov't foreclosure help will reach more homeownersWASHINGTON — The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth. Housing secretary Shaun Donovan says borrowers who owe up 25 percent more than their home's market value will qualify for government help refinancing their mortgages.
US supports 'peaceful' justice in Iran: ObamaJune 20th, 2009 WASHINGTON - The United States supports Iranians to seek "peaceful" justice, President Barack Obama said Friday, addressing to the rioting in Iran's post-elections. "We stand behind those who are seeking justice in a peaceful way," Obama said in an interview with CBS News.
Top SC court halts thousands of foreclosure sales to give homeowners chance to modify loansMay 5th, 2009 SC court halts thousands of home foreclosure salesCOLUMBIA, S.C. — South Carolina's highest court has temporarily stopped thousands of pending foreclosure sales so homeowners can take advantage of a new federal program to refinance mortgages.
Labor Department moves to rescind last-minute Bush administration rule on union financesApril 21st, 2009 Labor Department seeks to cancel rule on unionsWASHINGTON — The Labor Department moved Tuesday to rescind a regulation approved during President George W. Bush's last days in office that would have increased scrutiny of union finances to help root out financial corruption.
Steps to pull US out of recession showing progress, says ObamaApril 14th, 2009 WASHINGTON - US President Barack Obama Tuesday said the government's efforts to pull the economy out of a devastating recession were beginning to show signs of progress. 'By no means are we out of the woods just yet.
Madoff middleman charged with fraudApril 7th, 2009 NEW YORK - An investment advisor who allegedly steered his clients' money to Bernard Madoff's massive Ponzi scheme was charged with fraud Monday. J. Ezra Merkin invested more than $2.4 billion of his clients' money with Madoff, who pleaded guilty last month to the $50-billion scheme in which funds from new investors were used to pay off earlier ones.
US launches new crackdown on mortgage fraudApril 6th, 2009 WASHINGTON - The US launched a new crackdown Monday on mortgage fraud that may have contributed to the country's worst housing downturn in decades. The US Justice Department, Treasury and other government agencies announced a joint effort to target bogus companies that have sprouted up offering mortgage refinancing and foreclosure help.
Obama sees signs of recovery, appeals for patienceMarch 25th, 2009 WASHINGTON - US President Barack Obama assured Americans Tuesday that there were 'signs of progress' towards recovery, while pleaded for more time and patience. 'We will recover from this recession,' Obama said at a prime-time news conference here.
US launches mortgage plan to stem housing crisisMarch 5th, 2009 WASHINGTON - The US launched an effort Wednesday to help homeowners pay off their mortgages, hoping to stabilize a housing crisis that lies at the centre of the country's deep recession. President Barack Obama last month announced a $75-billion plan to help up to 9 million homeowners refinance their mortgages and avoid foreclosure.
Soldier dies after being set ablaze by wife, in-laws in BiharFebruary 18th, 2009 PATNA - A soldier was killed after being set ablaze Wednesday night by his wife and in-laws in a Bihar town following a family dispute, police said Thursday. Sunil Kumar, 22, was allegedly set on fire by his wife and in-laws at Yadavnagar in Muzaffarpur district, about 70 km from here, following a heated exchange over a family dispute.
Obama pumps in $75 bn to save American homeownersFebruary 18th, 2009 WASHINGTON - US President Barack Obama has unveiled a $75 billion multi-pronged plan that seeks to help up to nine million American borrowers suffering from falling home prices and unaffordable mortgage terms. The foreclosure prevention programme aimed at arresting the problem that ignited America's economic woes is part of the Obama administration's multi-trillion dollar effort to jolt the nation out of its deepening recession.
Obama will use $75 bn to tackle housing crisisFebruary 18th, 2009 WASHINGTON - US President Barack Obama said Wednesday he hopes to keep between seven and nine million homeowners out of foreclosure, using $75 billion to stabilize a housing crisis that is at the heart of the country's deepening recession. Obama unveiled plans offering aid to homeowners struggling to pay their mortgages, to relax rules on mortgage refinancing and to help neighbourhoods raise property values by renovating already foreclosed properties.
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