Government Considers Foreclosure Freeze

By Ken Sweet and Peter Barnes found at FOXBusiness

government foreclosure freeze The White House is considering changes to its mortgage modification plan that could include a freeze on home foreclosures, sources tell FOX Business.

According to industry officials who have been briefed on the plan, the administration is considering changes that would require home-loan servicing companies to push delinquent borrowers into the Home Affordable Modification Program before they consider foreclosure.

Lenders, investors and mortgage-service companies would be prevented from foreclosing on a homeowner while a home buyer is solicited, responds and eventually goes through a trial period under HEMP.

Analysts tell FOX Business that the possible changes, if adopted, effectively prevent virtually all foreclosure action in the country for an extended period.

While home prices have recovered and sales activity has picked up, the latest statistics show that the number of foreclosures nationwide continues to rise. Loans that have headed into the foreclosure process rose to 4.58% of all mortgages in the fourth quarter, the Mortgage Bankers Association said Friday. New delinquencies, however, declined.

The freeze on home foreclosures would be a new step for the Obama Administration, which has pushed banks towards mortgage modifications as part of a solution to solve the ongoing problems in the housing market.

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Foreclosure Freeze By Citibank, Wells Fargo, Bank of America & Chase

No New Foreclosures Until Government’s Foreclosure Prevention Plan Is Ready

Four of the world’s biggest banks have all agreed to temporarily halt foreclosures while President Obama and his staff put together a plan designed to help people stay in their homes.

Heavy hitters JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo all have said they will not foreclose for the time being. All four banks received a public dressing-down by Congress earlier in the week for their apparent failure to use billions of dollars of government money that came their way as part of last year’s bailout for the purpose it was intended.

By the end of the week, four of the eight CEOs who were grilled and chastised by Congress publicly announced that they would put a temporary mortorium on new foreclosure proceedings, something that Rep. David Scott (D-Georgia) had sternly requested during Wednesday’s Congressional hearings.

President Obama has indicated that he expects to announce his foreclosure prevention plan next week.

Here’s what the four banks each announced, according to various news reports I’ve read: