Helping Homeowners Avoid Foreclosure
More on Helping Homeowners Avoid Foreclosure
By Kevin G. Hall and David Lightman
Rushing to deliver the broad strokes of an overhaul of the financial regulatory system before leaders of the world's major economies meet in Toronto over the weekend, lawmakers Friday morning partially reinstated a ban on risky betting by commercial banks.
In a marathon session, negotiators from the House of Representatives and the Senate reached a compromise that would limit commercial banks from engaging in Wall Street trading if they're also conducting trading activities on behalf of clients.
by Ronald D. Orol
As House and Senate negotiators continue to work out differences in their versions of bank reform, a House proposal to have $3 billion used to help unemployed homeowners avoid foreclosure may prove to be a sticking point.
Several other disputes still lay ahead, particularly a section that would force banks to spin off derivatives units and a provision known as the "Volcker rule" that would prohibit banks that have federal guarantees from trading on their own account.
by Shahien Nasiripour
As few as 0.1 percent of mortgage modifications initiated under the Obama administration's signature foreclosure prevention program involve reductions of principal, according to a federal report released Wednesday.
Research by state regulators, academics, and by the Federal Reserve shows that principal reductions lead to more sustainable loan modifications. In other words, they're the best way to ensure that troubled borrowers don't lose their homes.
By Joseph Williams, Globe Staff
Stung by accusations from some African-Americans that he has not done enough for urban communities, President Obama has embarked on an effort to soothe a constituency once counted as his fiercest source of support.
In a series of interviews this week with media outlets aimed at African-Americans, Obama said he understands pent-up frustrations about foreclosures, bank bailouts, and festering social issues, while he also challenged assertions that he has given short shrift to cities.
By Hazel Trice Edney - NNPA Editor-in-Chief
The 10 Black members of the powerful House Finance Committee are still being applauded this week for boldly boycotting a committee meeting in order to force a $4 billion allocation to benefit the Black community.
They have told the NNPA News Service that they plan to escalate protests if lawmakers continue to ignore the suffering of their constituents, including advertising discrimination against Black newspapers.
By Richard Simon
By Greg Kaufmann
December 10, 2009
At Tuesday's House Committee on Financial Services hearing titled "The Private Sector and Government Response to the Foreclosure Crisis," Julia Gordon, senior policy counsel for the Center for Responsible Lending, painted a bleak picture.