housing

The Secret Test That Ensures Lenders Win on Loan Mods

An empty mail box is seen at the front door of a foreclosed house in Miami Gardens, Florida September 15, 2009. Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said.  (REUTERS/Carlos Barria)

“NPV Test: Failed.”

That was the red-lettered verdict on the computer screen of a CitiMortgage negotiator in June. The result: An 83-year-old widow in Illinois was denied a loan modification through the Obama administration’s Making Home Affordable program, even though the employee admitted in an e-mail, “I am unable to come up with a reason for the denial.”

Spending Political Capital, Now!

Back when Barack Obama was running for president he liked to say that he was inspired by what Dr. King called "the fierce urgency of now." He told a South Carolina crowd in 2007 that, "I am running because I do believe there's such a thing as being too late. And that hour is almost here."

Well, for many scientists and environmentalists that hour actually came and went almost ten years ago. The no going back turning point in global warming.

Watchdog to Challenge Foreclosures

A realtor sign advertises a bank-owned house for sale as a new California law that imposes a 90-day moratorium on housing foreclosures takes effect in June 2009 in Pasadena, California.  (AFP/Getty Images/File/David Mcnew)

A public interest group in St. Paul is filing a class action lawsuit to halt foreclosures until the federal government fixes problems with a mortgage modification program.

The lawsuit, which is expected to be filed in federal district court, challenges an Obama administration program established earlier this year to give mortgage lenders incentives to modify home loans for struggling borrowers.

Posted in foreclosures, housing

FOR IMMEDIATE RELEASE
July 10, 2009
9:41 AM

CONTACT: National Low Income Housing Coalition
Taylor Materio, 202-662-1530 x227; taylor@nlihc.org

NLIHC's Sheila Crowley Testifies on Funding for National Housing Trust Fund

WASHINGTON - July 10 - National Low Income Housing Coalition President Sheila Crowley testified before the House Financial Services Committee on July 9 in support of newly introduced legislation that would provide funding for the National Housing Trust Fund for fiscal year 2010.

The National Housing Trust Fund was signed into law in July 2008 but has not yet received funding. Once funded, the housing trust fund will provide communities across the country with funds to build, preserve, and rehabilitate rental homes that are affordable for extremely and very low income households.

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The National Low Income Housing Coalition is dedicated solely to ending America’s affordable housing crisis. Established in 1974 by Cushing N. Dolbeare, NLIHC educates, organizes and advocates to ensure decent, affordable housing within healthy neighborhoods for everyone. NLIHC provides up-to-date information, formulates policy and educates the public on housing needs and the strategies for solutions.


Posted in housing

Study: Lenders Avoid Aiding Distressed Due to Lack of Profit

Orange County sheriff's deputy Dan Mendoza (C) stands with Anaheim police officer Chris Ned (L) after enforcing an eviction order on the foreclosed condominium of Aida Lemus, 70, (R) in Anaheim, California, June 23, 2009. (REUTERS/Lucy Nicholson)

Mortgage lenders don't try to rework most home loans held by borrowers facing foreclosure because it would probably mean losing money, a study released yesterday by the Federal Reserve Bank of Boston concludes.

The Boston Fed's findings suggest the Obama administration's major effort to solve the foreclosure crisis by giving the lending industry $75 billion to rewrite delinquent loans to more affordable levels is not likely to work.

FOR IMMEDIATE RELEASE
June 26, 2009
9:18 AM

CONTACT: National Low Income Housing Coalition
Taylor Materio 202-662-1530 x227; taylor@nlihc.org

Foreclosures Lead to Homelessness for Many, Joint Report Finds

WASHINGTON - June 26 - Nearly 80% of homeless service and advocacy agencies report that at least some of their clients became homeless as a result of a foreclosure, and one in five estimate that more than 40% of their clients became homeless because of a foreclosure.

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The National Low Income Housing Coalition is dedicated solely to ending America’s affordable housing crisis. Established in 1974 by Cushing N. Dolbeare, NLIHC educates, organizes and advocates to ensure decent, affordable housing within healthy neighborhoods for everyone. NLIHC provides up-to-date information, formulates policy and educates the public on housing needs and the strategies for solutions.


FOR IMMEDIATE RELEASE
June 19, 2009
1:53 PM

CONTACT: National Low Income Housing Coalition
Taylor Materio 202-662-1530 x227; taylor@nlihc.org

Toolkit for Renters Facing Eviction Due to Foreclosure Now Available on NLIHC Website

WASHINGTON - June 19 - The National Low Income Housing Coalition (NLIHC) has collaborated with the National Housing Law Project (NHLP) to create a new online toolkit providing a range of information for renters facing foreclosure-related evictions, their advocates, and others, including members of the media. The components of the toolkit explain the implications of the recently passed Protecting Tenants in Foreclosure Act of 2009 (Public Law 111-22, Division A, Title VII), a bill that offers important new rights to tenants living in properties that have gone into foreclosure.

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The National Low Income Housing Coalition is dedicated solely to ending America’s affordable housing crisis. Established in 1974 by Cushing N. Dolbeare, NLIHC educates, organizes and advocates to ensure decent, affordable housing within healthy neighborhoods for everyone. NLIHC provides up-to-date information, formulates policy and educates the public on housing needs and the strategies for solutions.


Posted in foreclosures, housing

Banks in Recovery as Home Foreclosures Hit Record

Tape put up by demonstrators that reads 'Foreclosure Free Zone' is seen outside a foreclosed home in Elmont, New York, April 9, 2009. (REUTERS/Shannon Stapleton)

BOSTON - Just months after getting a massive handout from Uncle Sam to prevent the collapse of Wall Street, big banks say they are back on solid ground and ready to repay the money.

The banks are selling stock and debt, and racking up excellent returns on mortgages, loans, high credit card rates and refinancings.

Three big banks, Goldman Sachs, JPMorgan and Morgan Stanley, say they are so healthy now that they can begin to pay back the billions they were given by the U.S. Treasury in December when they said they were on the brink of failure.

FOR IMMEDIATE RELEASE
May 18, 2009
9:00 AM

CONTACT: Applied Research Center (ARC)

Yana Walton - 347.296.8921 or yana@representinc.com

New Report Findings Link Racial Discrimination to Economic Recession

Applied Research Center Says Solving Structural Inequities will Alleviate Recession

NEW YORK - May 18 - A report released today by the Applied Research Center (ARC), a racial justice think-tank, finds that an inclusive and equitable national economic recovery will require that the country address deep patterns of racial discrimination and disparities. The report, titled "Race & Recession," found that numerous policies and institutional practices that create racial inequity are among the root causes of the subprime mortgage crisis and economic downturn.

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The Applied Research Center (ARC) is a racial justice think tank built on rigorous research. Founded in 1981, ARC investigates the hidden racial consequences of public policy initiatives and develops new frameworks to resolve racially charged debates.

Scapegoating Blacks. Again.

A simple, yet likely powerful, explanation has now been offered for the subprime mortgage lending and foreclosure problems that have fed the nation’s gravest economic crisis since the Depression.

The beauty and simplicity of this explanation makes one wonder why it took so long for us to see it. According to this view, it was the fault of Black people!

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