New Law Blogs

The Story So Far on the Gov?t Loan Mod Program

Posted on March 05, 2010
We've created a resource page on the government's loan modification program that puts all of our reporting in one place. Take a look. For those looking for a rundown, below is our summary of the program and the problems it has encountered. The administration's foreclosure prevention program began operation last April...

And The World?s Longest Trial Mod Is?

Posted on February 25, 2010
by Paul Kiel, ProPublica - February 25, 2010 10:17 am EDT Earlier this month, we asked our readers to tell us if they'd been stuck in a trial modification in the government's foreclose prevention program for half a year or longer...

And The World?s Longest Trial Mod Is?

Posted on February 25, 2010
Earlier this month, we asked our readers to tell us if they'd been stuck in a trial modification in the government's foreclosure prevention program for half a year or longer. Trial periods are designed to last only three months, after which mortgage servicers are supposed to either give homeowners a permanent mod or drop them from the program...

Chase and Other Servicers Leave Many in Loan Mod Limbo; Treasury Threatens Penalties

Posted on February 24, 2010
by Paul Kiel, ProPublica - February 24, 2010 12:30 pm EDT About 97,000 homeowners in the government's mortgage modification program have been stuck in a trial period for over six months. Most of them, about 60,000, have their mortgages with a single mortgage servicer, JPMorgan Chase...

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Chase and Other Servicers Leave Many in Loan Mod Limbo; Treasury Threatens Penalties

Posted on February 24, 2010
About 97,000 homeowners in the government's mortgage modification program have been stuck in a trial period for over six months. Most of them, about 60,000, have their mortgages with a single mortgage servicer, JPMorgan Chase. Trial periods are designed to last only three months, after which mortgage servicers are supposed to either give homeowners a permanent modification or drop them from the program...

New Data: See the Mortgage Mod Logjam for Each Servicer

Posted on February 18, 2010
by Paul Kiel, ProPublica - February 18, 2010 1:41 pm EDT The logjam of people stuck in trial modifications continues. Data released by the Treasury Department on Wednesday shows that the number of trial mods that have become permanent jumped in January, but the overall number is still just a small percentage of the number of borrowers who’ve begun the trials...

New Data: See the Mortgage Mod Logjam for Each Servicer

Posted on February 18, 2010
The logjam of people stuck in trial modifications continues. Data released by the Treasury Department on Wednesday shows that the number of trial mods that have become permanent jumped in January, but the overall number is still just a small percentage of the number of borrowers who've begun the trials...

New Bailout Page: How Deep Is the Gov?t in the Red?

Posted on February 12, 2010
by Paul Kiel, ProPublica - February 12, 2010 1:08 pm EDT Since the bailout began in October 2008, we've tried to keep you up to date on just how deep in the red the government is. Now we've launched a special page of our site just for that purpose...

New Bailout Page: How Deep Is the Gov?t in the Red?

Posted on February 12, 2010
Since the bailout began in October 2008, we've tried to keep you up to date on just how deep in the red the government is. Now we've launched a special page of our site just for that purpose. Our bailout database tracks every dollar and every recipient...

Help ProPublica Find the Homeowner Who?s Been in Loan-Mod Limbo the Longest

Posted on February 11, 2010
We at ProPublica have been reporting for nearly a year on the troubles of the government's mortgage modification program. It's been difficult for people to get into a trial modification, and it's been difficult for people, once in a trial mod, to make the changes permanent...

TARP Watchdog Launches Audit of Bailout Contracts

Posted on February 09, 2010
by Paul Kiel, ProPublica - February 9, 2010 12:32 pm EDT The Treasury Department has spent more than $159 million paying financial companies and legal firms to help the government dole out TARP funds. We at ProPublica have learned that the special inspector general for the TARP (SIGTARP), Neil Barofsky, has started an audit of how Treasury chose the companies and whether the government is being billed fairly for the work...

TARP Watchdog Launches Audit of Bailout Contracts

Posted on February 09, 2010
The Treasury Department has spent more than $159 million paying financial companies and legal firms to help the government dole out TARP funds. We at ProPublica have learned that the special inspector general for the TARP (SIGTARP), Neil Barofsky, has started an audit of how Treasury chose the companies and whether the government is being billed fairly for the work...

Chase Denied Loan Mods for Now Forbidden Reason?Homeowners in Limbo

Posted on February 04, 2010
On the Saturday before Thanksgiving, Lesa Herron of Santa Rosa, Calif., opened a letter from Chase Home Finance (PDF). She'd been denied a permanent modification under the federal government's loan-mod program, Chase said, because "Your hardship is not of a permanent nature...

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