OCC Is Requiring Large National Banks To Provide Mortgage Data
The Office of the Comptroller of the Currency is requiring large national banks that service mortgages to provide comprehensive mortgage data on a monthly basis. The required data will build upon the efforts of the HOPE NOW alliance, a cooperative effort between investors, lenders and counselors that is intended to help distressed homeowners.
In a letter to nine large national banks that account for the overwhelming majority of national bank mortgage servicing, Comptroller of the Currency John C. Dugan said the OCC is requiring the data “in order to assure that we have a detailed picture of the activities of national bank servicers and the performance of loans serviced by them.”
HOPE NOW Alliance Adopts Project Lifeline
All HOPE NOW alliance members will officially adopt Project Lifeline no later than March 31, to help more homeowners save their homes. HOPE NOW members are rapidly moving to expand participation in new effort to help distressed borrowers.
“This is another integral step toward a very important initiative that will help more Americans stay in their homes,” said Faith Schwartz, Executive Director of HOPE NOW. “Foreclosures are bad for everyone, and servicers are committed to helping homeowners who want to stay in their homes avoid foreclosure. Project Lifeline is in addition to our many other outreach initiatives. ”
President Bush Signs the Economic Stimulus Act of 2008
Source: www.whitehouse.gov
Technorati Tags: Economic Stimulus Act of 2008, Economic Stimulus Plan, Economic Stimulus Bill, HOPE NOW Alliance, Project Lifeline
Six Leading Mortgage Servicers Announcing Project Lifeline
Statement by Secretary Henry M. Paulson, Jr.
on New Private Sector Effort to Reach Homeowners Facing Foreclosure
Washington, DC– Good morning. Thank you, Secretary Jackson, for joining us. We are going to provide an update on the HOPE NOW alliance’s efforts to help struggling homeowners and – as Floyd Robinson of Bank of America, speaking on behalf of six leading mortgage servicers, will announce – an additional, important effort targeting those facing the greatest, immediate risk of losing their home.
Hope Now Program On Track To Assist 370,000 Borrowers
WASHINGTON, D.C. – Secretary Henry M. Paulson, Jr. issued the following statement today regarding the HOPE NOW alliance’s progress report on the number of homeowners helped since the organization’s inception. The report indicated that during the fourth quarter, following the creation of the alliance, mortgage servicers in the organization were modifying subprime loans three times faster than in the third quarter. The industry assisted 370,000 homeowners during the second half of 2007. Additionally, more than 16 percent of borrowers responded to 233,000 HOPE NOW outreach letters sent in November by contacting their servicers, far more than the normal letter response rate of 2-3 percent for delinquent borrowers.