Woodstock Institute identifies trends and impacts of the foreclosure crisis and works to limit foreclosures’ negative effects on communities.
New foreclosure filings in the Chicago metro area have returned to first-quarter 2009 levels after a slowdown in the second quarter, says the latest Woodstock Institute analysis of regional foreclosure activity. This sharp increase likely reflects federal and state interventions that delayed new filings in the second quarter until the third quarter.
The Department of the Treasury recently released its third report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first and second report card).
President Obama’s Home Affordable Modification Plan (HAMP) is slowly reaching troubled homeowners—almost 500,000 borrowers have been offered trial loan modifications as of September 30. But, according to a new report from the Congressional Oversight Panel (COP) charged with evaluating foreclosure prevention, one in eight mortgages are currently in foreclosure or default and 250,000 foreclosures are initiated each month.
Mortgage loan modifications, like those under the Home Affordable Modification Program (HAMP), that reduce monthly payments are more likely to be sustainable in the long term than earlier modifications, according to the latest Mortgage Metrics Report from the OCC and OTS.
Vacant, lender-owned properties are concentrated in African American communities, go unsold longer, and incur greater losses to the lender, says a new report from Woodstock Institute entitled Roadblock to Recovery: Examining the Disparate Impacts of Vacant Lender-Owned Properties in Chicago.
The Department of the Treasury recently released its second report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first report card).
New laws giving homeowners more time and resources to get help on their mortgage payments may be slowing the rate of foreclosure filings in the Chicago area, according to the latest Woodstock Institute analysis of Chicago region foreclosure filings.
The Department of the Treasury recently released its first report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program. Thirteen lenders, as well as 2,300 participants with Fannie Mae- and Freddie Mac-insured loans, started modifications for less than the national average of 9% of eligible loans, while only seven lenders modified more than 9% of their eligible loans.
Housing counselors are struggling to keep up with strong demand for foreclosure prevention services, while some communities lack counseling resources all together, according to a new report by Housing Action Illinois, a counseling advocate, and Woodstock Institute.