Will Mortgage Modifications Help Main Street or Wall Street?

The big news this weekend was JP Morgan Chase ’s announcement that they would modify mortgage loans on their own balance sheet. Like anyone, I would like to see modifications help borrowers where possible. But while many continue to maintain that mass modifications would help limit foreclosures, there remain substantial reasons to be wary. Three [...]

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Mortgage Relief to Prevent California Foreclosures

In an effort to slow the pace of home foreclosures and stabilize California’s shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable.  The centerpiece of the plan is a 90-day stay of foreclosure for owner-occupied homes that have a first mortgage in default. Schwarzenegger [...]

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