Page 43 - Loan Modifications News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In them being more risk averse and less likely to give out loans in the first place. >> i think they're giving out loans in the first place to -- a lot of times were predatory, bait and switch rates. a lot of times -- they were never benevolent actors. weren't going into communities saying we're going to give you a loan and take a chance on you. a lot of the mortgages in lead up were aggressively sold, particularly in communities of color, the department of justice went after wells fargo for giving african-american and latino homeowners subprime mortgages even when they had the same incomes as...

With abandoned homes are vandalized. and the basic idea, it helps everyone here. the banks take a small hit, but they have had the opportunity to help homeowners. they've been given incentives by the federal government to give loan modifications and they largely haven't. and so the cities are basically saying, look, we're going to take this problem into our own hands and do what we can do for our citizens. >> you highlight two cities in the piece that are trying to do it this way. one is richmond, california, which only has 100,000 people. and we're talking 624 loans. this seems obviously like...

More resources? the ones who are the wrongdoings or the ones -- >> what about the mortgage rework programs that themselves had to be reworked? >> did you see the numbers on those? did you see the numbers on those? what was supposed to really work and what didn't on the loan modifications, on the harp 2s, on the hamp program? >> start new. more money down. be able to afford what you got. if you're not a little out of money, you're taking a million dollar mortgage, you're an idiot, you're gullible. get back to tough lending standards so we don't get back in a crisis again. >> that was the hot pa...

Control mandate. >> epa regulations. >> texas with abortion laws. >> i'm saying there are plenty of cases, whether it's small businesses or individuals waiting and waiting years because the courts are so overwhelmed. >> yes. that problem is more than just nominees. that's about funding judiciary. for instance, public defenders have no money to do the trials. your point, some of the big legislative business is being decided in the court system today. literally today. >> the other issue is regulatory. we've seen nothing on legislative side, judicial action, regulatory is huge. you've got a guy r...

Jpmorgan chase would pay $9 billion in fines and penalties plus $4 billion in consumer relief that includes loan modifications. apparently jpmorgan executives and workers could still face charges in the future. the official tells cnn the tentative deal does not include a nonprosecution agreement that jpmorgan chase had pushed hard to include. we're going to talk about that, what this might mean to you and to me a little bit later on this hour so make sure you stay tuned. you know, it may just be the lasting legacy of president barack obama, but right now the only thing that's lasting is prob...