The bureau issued an advisory to consumers about how to identify mortgage modification scams.
Large numbers of struggling homeowners hamper economic recovery, runs the argument; relieving them, with proper compensation for the mortgage-holders, would satisfy the constitutional requirement for "public use".Under its proposal, MRP would work with officials to identify mortgages ripe for seizure; at first, only homeowners who were up-to-date on their repayments would be eligible.
She said most of her clients could not identify their mortgage documents.
Within that group, Whittaker identifies 770,000 "mortgage prisoners" – households who, perhaps because they're self-employed or have low equity in their homes, will find it very hard to remortgage on to a cheaper deal.
So when Fannie or Freddie identify problem mortgages and request repayment, a battle royal begins.
Now Triaxx's database could help its managers and other investors identify bad mortgages and, perhaps, learn who snookered whom when questionable home loans were bundled into investments that later went bad.
NEW YORK TIMES Finding Clues in a Housing Market Puzzle | A database stemming from an investment vehicle known as Triaxx "could help its managers and other investors identify bad mortgages and, perhaps, learn who snookered whom when questionable home loans were bundled into investments that later went bad," Gretchen Morgenson writes in her column in The New York Times.
Paulson not only initiated these transactions, he also specified the terms he wanted, identifying which mortgages would be stuffed into the CDOs, and how the CDOs should be structured.
Fifty-one percent of those renters said coming up with the money for the down payment was keeping them from buying (and 62 percent among adults 18 to 34), while 36 percent identified qualifying for a mortgage as the stumbling block.
Reviewing a sample of the nearly 5,000 loans in the pool, Clayton, a consultant that reviews mortgage loans, identified 120 "defective" loans for which borrowers' incomes and employment were incorrect or where the borrower's intention to live in the home was incorrect.
