Who is Halo Mac
Industry Statistics
Newly Initiated Home Retention Actions
Newly initiated home retention actions totaled 301,648 during the fourth quarter, an increase of more than 11 percent from the third quarter and an increase of more than 16 percent from the second quarter.
Industry News
New California law bans loan modification firms from demanding upfront fees (McClatchy Washington Bureau) 13 Oct, 2009 | 1:10 pm PDT -Critics say US government\'s home rescue plan delaying, not solving ... - Lebanon Daily Star 13 Oct, 2009 | 1:16 pm PDT -
The New Mortgage Business: Loss Mitigation And Loan Modification (Investopedia via Yahoo! Finance) 9 Sep, 2009 | 12:51 pm PDT -
Geithner\'s Mortgage Shame Game - Forbes 10 Sep, 2009 | 2:16 pm PDT -
Meltdown 101: Housing help lags high expectations - The State 10 Sep, 2009 | 4:04 pm PDT -
US Home Foreclosures Set Another Record in July - CNBC 13 Aug, 2009 | 3:08 am PDT -
Foreclosures up in Riverside County - Mydesert.com 13 Aug, 2009 | 6:14 am PDT -
Dallas-area homeowners fight for mortgage loan modifications - Denton Record-Chronicle 10 Aug, 2009 | 7:51 am PDT -
The Current Housing Crisis
It is widely believed by economists and government alike that in order for this country to emerge from the recession, the housing industry must be fixed and stabilized first.Make no mistake about it; we're in very challenging times. This recession may be the worst we see in our lifetimes. We are witnessing record unemployment, decreasing of property values, and the elimination of financial products (specifically home loans).
The Mandate for Homeownership
There is much finger pointing going on along with blame for the housing crisis, from Wall Street, to Lenders, to Brokers, and also to borrowers. While the root cause may be difficult to agree on, we can all agree of that there is a housing crisis the United States is facing that won't be fixed overnight.It was with good intentions that the last several Administrations encouraged homeownership, giving hope to many Americans in attaining the American Dream. Starting with Jimmy Carter signing into law the Community Reinvestment Act (CRA) in 1977, the CRA was designed to encourage banks to lend in all communities, specifically to reduce discrimination or eliminate redlining. The CRA decreed that banks had an “affirmative obligation" to meet the needs of the communities in which they were chartered. Since then, the CRA has gone through changes and amendments, promoting homeownership along the way. The CRA gained momentum during the Clinton Administration with the emergence of online mortgage companies. The loan origination landscape had changed from once small, local savings banks, to, aggressive national mortgage companies. A standardized, computer-based scoring system replaced a lot of the so-called “make-sense” traditional underwriting. The giant, government-chartered Fannie Mae and Freddie Mac helped create huge pools of credit by purchasing mortgage loans and packaging them together into securities for sale to bond buyers. With such intense competition for profits, so much money available to lend, and the federal mandate via the CRA, banks and mortgage companies marketed to every community and funded more and more loans.
There's contention amongst economists and politicians over the CRA and the financial crisis and whether or not banks and mortgage companies were encouraged to make questionable loans. What we do know, is that the vacuum left by the elimination of these loan products that once encouraged home ownership, also supported the value of homes.
With the absence of these loan products and services, homeowners have few options to combat rising or re-setting rates and shrinking home values.
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