Slow Start to U.S. Plan for Modifying Mortgages

The NY Times says Washington is off to a slow start:
So far, two months after the program went into effect, about 55,000 homeowners have been extended loan modification offers, according to a senior administration official. At the same time, foreclosures continue apace. RealtyTrac reported Wednesday that foreclosure filings reached 342,000 last month, up 32 percent [...]

Obama Loan Modification Plan Expands

Treasury Secretary Tim Geithner announces new steps by the Obama Administration aimed at helping troubled homeowners, reports CNBC’s Diana Olick; with Tanya Acker, attorney/Democratic strategist.
“If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial [...]

Home sales up in Jacksonville and statewide

Existing single-family home sales were up 7 percent in Jacksonville during the first quarter 2009, and the statewide numbers were even better. Condominium sales in Jacksonville dropped 9 percent, according to the Florida Association of Realtors.
Some 2,231 single-family homes were sold during the first quarter compared to 2,080 sold during the same period 2008. Median [...]

Should the Government Subsidize Mortgage Modifications?

Should the government be bribing mortgage servicers to modify loans and reduce payments?
Under the current housing plan, the federal government pays for one-half of the cost when lenders reduce mortgage payments to 31 percent of borrower income from 38 percent. When this plan was revealed, I was relieved because it seemed so much more reasonable [...]

Fla. budget negotiators OK increased fees

TALLAHASSEE, Fla. — Motor vehicle registration, driver license and court fees will be going up and tobacco taxes will increase, but Florida also will join every other state in waiving court filing fees for poor people through a series of budget conforming bills approved Tuesday by top House and Senate negotiators.
Meanwhile, Gov. Charlie Crist at [...]

Foreclosure Prevention Plan Expanded to 2nd Mortgages

The Obama administration unveiled an expansion of its $75 billion foreclosure prevention plan yesterday, providing new subsidies to mortgage lenders and investors.
Under the expanded plan, some homeowners could see their payments fall significantly and the interest rate on their second mortgage pushed down to 1 percent. The announcement comes nearly two months after the administration [...]