Page 3 - Loan Modification Program News Today

Strongly believe and understand that there are very, very important tools within the Treasury Department that can combat terrorism. And that many of these tools such as a sanctions are extremely effective and keep our Armed Services out of harm. So i am fully committed to the maximum amount of law, to both enforce the existing sanctions in a very strict way. And i will work with the president elect as he sees fit on additional sanctions. And there are also other programs within treasury that i b...

Lending, unquote, during the housing crisis. an investor group that you headed folder by reformed indy mac, a failed institution, responsible for many low and no-doc mortgage loans into a viable constitutiinstitution ca west, which youve described here, which offered loan modifications above and beyond what other institutions were doing to more than 100,000 borrowers, at least thats the way it looks to me. meanwhile, during all of the foreclosure turmoil, obama administration officials set up a ...

Bailey. >> jim smith is the ceo of webster bank. a company started by his dad during the great depression and their key to success -- profitting by helping others and he joins us today in the studio. great to have you here. >> thank you. im delighted to be here. >> so your bank is in the northeast. >> yes, were located in connecticut and our main branch is three blocks from where the bank was towned by my dad. >> in the movie from the 30s, george bailey did everything he could to keep people in ...

unless there is strong action to fix the debt crisis there. well, right now on wall street, what are we watching here? traders closely watching how european heeders are taking on this challenge. the dow is currently up by 38 points. going to take a hard look at what this means for your finances as well as your retirement. what are we watching here? suicide bombers struck two cities in afghanistan today killing at least 58 people. the deadliest attack happened in kabul as worshippers ma...

For 20 years and then have it cancelled. i read one calculation that looked at a typical borrower that is $80 a month, and the refinancing on the mortgages are for loans owned by fannie and freddie for people who have under water mortgaged but are current. the mortgage policy preserved the central obamaism problem, and there is no principle reductions. theres losses on the books, and nobody wants to take the losses, and certainly not the banks. >> but he did a loan modification program that has ...

Dont lose our homes. >> we have more work to do so were trying to expand the loan modification program to reach more people. >> millions of homeowners like logan are underwater in their properties. a new nationwide survey shows first quarter home prices declined 3%. the sharpest drop since 2008. the housing and urban development secretary says so far the administration helped grant nearly 4 million loan modifications for struggling homeowners but admits it remains fragile. >> there are encouragi...

a re-sounding success. watch or dvr inside the mission, getting bin laden tonight, 8:00 eastern time. topping our news at this hour, louisianas morganza spillway is opening. its expecting to begin burdening the waters away from new orleans and baton rouge. while many homes will be protected, the homes and farms of 2500 people will be expected to be flooded. >> an arrest warrant may be issued for moammar gadhafi. an international close to the courts cells cnn to expect a formal announ...

Is there ever any consideration of the human carnage? >> not servicing industry? no, i dont think so. >> reporter: caroline heron helped design and implement the governments loan modification program as a consultant at fannie mae, helping the treasury department run the program. she says there was pressure to get homeowners into trial modifications. why was there such a rush to get people in to these trial modifications? >> because of the program supposed to help up to 4 million people and they ...

Today, hundreds of desperate homeowners line up for a chance to get their mortgages modified. >> this is my last hope, yes, of keeping my home. >> reporter: last year tirra was full of hope after she got a trial modification under the governments loan modification program, making home affordable, reducing her monthly payments. but after many months, she was denied a permanent modification. instead, the bank moved toward foreclosure. she was stunned to learn that the bank had counted all her redu...

Representatives are getting hundreds of call from people in the same situation you are in. can i trust this person, can i not trust this person? try to establish trust. >> how do you do that? how many times have we heard people, theyre in trouble. they reach out to their lender and get the runaround. we learned this week that only one home is saved out of ten that certainly are lost to foreclosure. that cant be comforting for the person trying vigilantly to save their home. what do we learn from...