Lenders go after money lost in foreclosures
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, June 16, 2010
After the bank foreclosed on Fernando Palacios's Gainesville home in March, he thought he was done with what he described as the most stressful financial situation of his life.
The bank sold the home for far less than Palacios owed on it, as often happens with foreclosures. What Palacios did not see coming was the letter from his lender demanding that he pay the shortfall: $148,064.02. "I really thought I was through with this house," said Palacios, who fell behind on payments when the economy soured and his cleaning business stumbled.
MD homeowners gain protection in foreclosure process
By Ovetta Wiggins
Washington Post Staff Writer
Thursday, May 20, 2010; 4:10 PM
Maryland Gov. Martin O'Malley signed legislation Thursday that creates a foreclosure mediation program designed to help beleaguered homeowners stay in their homes.
The bill gives homeowners the legal right to mediation with their lender during foreclosure proceedings.
House Passes FHA Reform Bill Authorizing Higher Premiums
In a near unanimous vote of 406 to 4 Thursday, the U.S. House of Representatives passed a bill intended to replenish the coffers of the federal agency that insures mortgages against default, the Federal Housing Administration (FHA).
The FHA Reform Act (H.R. 5072) enables the agency to reform its current mortgage insurance premium structure by shifting some of the upfront cost to the annual premium – a move that HUD Secretary Shaun Donovan says will increase FHA’s capital reserves and reduce risks to the FHA insurance fund.
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