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Category: Loan Modification

Shoddy Paperwork Haunts Private Student Loan Lenders

Student Loan Lenders Drop the Ball on Paperwork

Shoddy Paperwork Haunts Private Student Loan Lenders   In a not-so-surprising development, the shoddy transfer paperwork that has consistently dogged lenders in the mortgage foreclosure space is now rearing its head in the debt collection arena — largely in the area of private student loan debt. At Oppenheim Law, during the foreclosure crisis, we consistently saw mortgage lenders unable to […]

House Flippers Getting Mortgage Relief? Obama Expands HAMP

Homes need to be occupied. That is the bottom line. Today’s housing market needs a dramatic overhaul and it’s been long overdue for a fix. So we don’t have the time to be contemplating moral hazards anymore. So I’m OK with President Obama extending mortgage assistance to owners of multiple homes. According to Bloomberg, the administration will open up the […]

Restoring Equity a Reality! Underwater Homeowners Have Hope

From Urban Legend to Reality: Ocwen Offers Serious Principal Reduction Meaningful principal reduction used to be an urban legend compounded by scamsters. And until recently, Florida homeowners were probably more likely to spot Bigfoot than find a lender willing to forgive a significant portion of their residential first mortgage through a loan modification. But earlier this month, Ocwen Financial Corp. […]

Principal Reduction: Why Banks Don’t Do It More + What’s Wrong With It

There are quite a few people who advocate principal reduction as the best way to get out of the housing crisis. Their arguments were succinctly laid out and analyzed in an Atlanta Federal Reserve white paper. Advocates of such a policy argue that it would be cheaper for banks to reduce the principal of a loan to the current value […]

Hooray for Sheila Bair, a Regulator Who Stood Up for the Little Guy

Three cheers for Sheila Bair, the former head of the FDIC and a true advocate for the little guy, who resigned this week on July 8th. She fought for what is right for the homeowner, the depositor and the taxpayer. Shelia was probably the only person in the Obama administration who really “got it.” As a financial regulator, she understood […]

Oppenheim in the News: State Mediation Program Helps Few Florida Homeowners

It’s a case of: The Three Stooges and Mediation. Roy Oppenheim and his client shared their recent story in this week’s Daily Business Review with an inside look at the trials and tribulations of a system where one asks: Who is on first? Under a state Supreme Court order issued 18 months ago, banks have been paying third-party mediators to […]

From 'Hope' to 'Housing' – Oppenheim Law Looks Ahead to the 2012 Presidential Election

‘Hope’ stands as a fleeting memory for most Americans as unemployment stagnates, housing prices fall and economic growth looms as a lofty promise unfulfilled. And as we get closer to the 2012 Presidential Election, it’s becoming clear that the ideological political landscape that dominated the 2008 election cycle will be eclipsed by a menacing elephant in the room: the economy. […]

Real Estate Review: Mortgage Rates Set New Low, Homeowners Get More Time, Banks Get Blame and “Reverse Foreclosure”

Mortgage Rates Set Fresh 2011 Low After Jobs Report Fixed rate home mortgage loans dropped for the eighth straight week to a new low for 2011 amid concerns of another economic slowdown this year, according to data from Freddie Mac and a report by The Wall Street Journal. The 30-year fixed-rate mortgage averaged 4.49%, down from 4.55% last week and […]