Word: lender
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...more affordable loans. So far, the effort has gone practically nowhere. While tens of thousands of homeowners have called to ask questions, the program has only received 451 applications and closed 25 loans. That's partly because of the program's high barriers - homeowners have to get their existing lenders to write down the value of what they're owed and then find a new lender to issue a fresh loan. Most major banks haven't signed up to participate. On Feb. 3, the House Financial Services committee held a hearing on how to revamp the program...
...meantime, the discussion has turned to ways to encourage lenders and servicers to modify their own loans. Most, if not all, firms are already doing this, and some, such as JP Morgan Chase, have announced major new efforts, since it is generally in a lender's best interest to keep borrowers in their homes, even if they're paying less. Foreclosure is such a costly process, a lender might easily only recoup half of what it's owed. In August, the Federal Deposit Insurance Corporation instituted an aggressive loan-modification effort at the failed IndyMac Bank, and that program...
...monthly payment the same and 18% actually raised it. An analysis of 3.5 million sub-prime and Alt-A loans by Valparaiso University's Alan White found that 68% of modified loans tacked on unpaid interest and fees, adding an average $10,800 to the balance due. A lender that caps the existing interest rate on an otherwise adjustable mortgage or reamortizes missed payments over the life of the loan might legitimately view its efforts as giving ground to a struggling borrower - but that doesn't mean those efforts provide the borrower with a fair chance of being able...
...matter what happens, things have definitely changed for Lewis and other former titans of the banking business. A few months ago, BofA's CEO was hailed for running a bank so prosperous that it was able to swallow mortgage lender Countrywide Financial and investment bank Merrill Lynch in the depths of the worst banking crisis in recent history. The trade magazine American Banker named Lewis Banker of the Year in December. Now he's fighting to keep his job. And even if he succeeds, he's got a new partner. The government already has a large stake in his bank...
Agape's website says it has been a "private bridge lender" since 1999, but U.S. Bureau of Prisons records show that Cosmo was released from the Allenwood, Pa., federal penitentiary on Aug. 23, 2000. In 1997, Cosmo, then a stockbroker, was accused of misappropriating funds, according to court records. He pleaded guilty to a single federal charge and was sentenced to 21 months in prison and ordered to pay restitution...