Neighborhood Stabilization

(OHIO) HUD Probing Cleveland Home Loan Program
   Cleveland, OH officials are scrambling to determine why home loans overseen by the city's Community Development Dept. (CDD) have inordinate foreclosure rates, costing the city millions of dollars. HUD has opened an investigation into the CDD and a parallel federal probe of Cresthaven Development In...
posted 5/7/10 5:07 PM  read complete story

(GRANTS) Promise Neighborhood Program Offers Grants to Aid Education, Fight Poverty
   As many as 20 organizations will receive one-year planning grant awards of up to $500,000 each as the Obama administration starts its highly touted Promise Neighborhood Program (PNP). The Education Department is in charge of the program, which is offering $10 million in its maiden year. Grants awar...
posted 4/30/10 2:02 PM  read complete story

(MODIFICATIONS) SIGTARP Head Critical of Treasury Changes to Mortgage Modification Plan
   The Obama administration's latest revisions to the Treasury Department's home mortgage modification program for at-risk homeowners could help address program flaws, but was rushed into action with incentives that may not work, while containing potential for fraud, a federal watchdog says. The mixed...
posted 4/21/10 12:20 PM  read complete story

(HAMP) Mortgage Modifications Increasing, But Access Getting Tougher
   The Treasury Dept.'s Home Affordable Modification Program (HAMP) continues to tread water as its efforts to increase permanent loan modifications -- more than one-quarter of the program total occurring in March -- are being offset by a jump in canceled trial modifications. HAMP is the featured Obam...
posted 4/15/10 5 PM  read complete story

(RULES) HUD Moves to Help Communities Meet NSP-1 Obligation Deadlines
   HUD officials make it easier for communities to buy, rehabilitate and sell properties under the Neighborhood Stabilization Program (NSP), helping communities that receive money under the first round of the program meet obligation deadlines. HUD's NSP is designed to help communities buy properties, ...
posted 4/2/10 2:11 PM  read complete story

(FORECLOSURES) Ohio Backs HAMP Expansion; Mortgage Bankers Say Servicers Should Decide Participation
   The Obama administration's expansion of the Home Affordable Modification Program (HAMP) to allow mortgage write downs to prevent housing foreclosures is drawing a positive reaction from one of the states hardest hit by foreclosures, but a leading mortgage banker's group says their participation shou...
posted 3/26/10 5:53 PM  read complete story

(TREASURY) HAMP Faces Challenges After Making Limited Progress, GAO Says
   The Obama administration's primary foreclosure prevention weapon has made only limited progress and faces challenges ahead -- including achieving program stability --  according to a new report by the Government Accountability Office (GAO). The GAO's preliminary report on the administration's ...
posted 3/26/10 5:13 PM  read complete story

(TREASURY) Official Says HAMP Trial Mortgage Backlog to Ease by June
   A Treasury Dept. official running the agency's mortgage modification program says the current backlog of homeowners waiting to see if they have permanent payment reductions will be mostly eliminated eased by June. Herbert Allison, Treasury's assistant secretary for financial stability, told the Hou...
posted 3/26/10 09:57 AM  read complete story

(STATES) OH State Lawmakers Moving Land Bank Creation Bill
   Ohio state senators are close to sending legislation to the governor that could help the state's larger jurisdictions stem the ever-increasing tide of foreclosures in the state by allowing them to establish land banks. H.B. 313 has cleared the House and moved through a Senate committee, with a full...
posted 3/17/10 6:28 PM  read complete story

(FORECLOSURES) Appraisers Seek Tighter Rules in Upcoming Treasury Foreclosure Prevention Plan
   Appraisers groups and real estate valuation professionals are arguing over whether the Obama administration's latest effort to boost short sales of at-risk mortgages in Home Affordable Foreclosure Alternative (HAFA) has proper safeguards against waste and abuse. The HAFA Program was crafted Nov. 30...
posted 3/12/10 1:28 PM  read complete story