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Latest News
Making Home Affordable, Extended and Expanded - 12/13/11
On Friday, January 27, 2012, the Administration announced important enhancements to the Making Home Affordable Program (MHA), extending by one year the deadline of the program to December 31, 2013, and expanding the eligibility criteria for the Home Affordable Modification Program (HAMP) to offer assistance to more homeowners and strengthen hard-hit communities. These enhancements will provide additional opportunities for relief for struggling homeowners, renters, and their neighborhoods. Read the statement from Assistant Treasury Secretary Tim Massad by visiting Treasury.gov.
Bipartisan Policy Center Appoints Commission Members for New Effort to Improve U.S. Housing Policy - 12/13/11
The Bipartisan Policy Center (BPC) today announced the full membership of its Housing Commission, which includes 17 business and civic leaders, key housing stakeholders, academic and former senior policitcal figures from both parties. Over the course of the next year, the Commission will craft a package of realistic and actionable policy recommendations that will address the future housing needs of an increasingly diverse American society. Press Release
Tom Horne files complaint in Pima County Superior Court Alleging Consumer Fraud Violations - Tucson - 11/9/11
Attorney General Tom Horne has filed a court action in Pima County Superior Court alleging that Mortgage Capital USA, Inc. and its Chief Executive Officer, Gustavo R. Anaya, have engaged in a loan modification scam primarily targeting Spanish-speaking residents. Press Release
Independent Foreclosure Review Underway - 11/1/11
The Office of the Comptroller of the Currency today announced that the independent foreclosure review required under the agency's enforcement actions taken in April 2011 has begun. Press Release
Homeowners whose primary residence was part of a foreclosure action between January 1, 2009 and December 31, 2010, and whose home loan was serviced by a participating servicer, may be eligible for an Independent Foreclosure Review. Click here for more information in how to apply.
Tom Horne Warns Homeowners: Mortgage Lawsuit Scam Kits Arizona 8/22/11
Attorney General Tom Horne today issued a warning to consumers to be wary of any notices or advertisements that claim to offer homeowners facing foreclosure "complete forgiveness of the loan" or other monetary relief if they join a class-action lawsuit. Such ploys are likely a pretext to collect illegal up-front fees for foreclosure assistance.
Press Release
Treasury details partnership of Consumer Bureau, State Attorney Generals Consumer Financial Protection Bureau (CFPB) and the Presidential Initiative Working Group of the National Association of Attorneys General (NAAG) today announced agreement on a Joint Statement of Principles, the first step in forging a new partnership between federal and state officials to protect consumers of financial products and services. Press Release
Tom Horne announces default judgment entered against local scammers
Attorney General Tom Horne announced on April 8, 2011 that a default judgment has been entered against a Scottsdale-based mortgage loan firm that had bilked consumers of nearly $4 million. Press Release
BoA Chief rejects idea to reduce home loans for those facing foreclosure
Showing resistance for the first time against government pressure to write off tens of billions worth of mortgage debt, Bank of America executives said on Tuesday that the idea was unworkable and warned that it would be unfair to borrowers who had managed to stay current on their loans. Full Article
Tom Horne announces settlement agreement with loan modification scammers
Attorney General Tom Horne announced a settlement agreement with Scottsdale based Principal Reduction Group, LLC, and Brian Cutright, owner and operations manager of Principal Reduction Group, LLC. Press Release
Does foreclosure counseling help troubled homeowners?
An Urban Institute evaluation (Dec. 2010) finds that homeowners who receive assistance from foreclosure counselors are more likely to gain a foreclosure cure, improve the quality of their loan modification, and remain current after receiving a modification. NFMC Report
States put heat on big lenders to aid distressed homeowners
As national concern about foreclosures continues to grow, attorney generals from all 50 states say they will push for an agreement with mortgage lenders to help distressed homeowners. Full Article.
Arizona Mortgage Relief Program
A small number of Arizona homeowners facing foreclosure could receive significant aid - reducing what they owe by $100,000 or more - under a state-run program approved Wednesday.Read more here
Arizona rounds up 38 for mortgage fraud over the past month
Multiple indictments charging 38 people has been filed—among them loan officers, escrow officers, real estate appraisers and agents, and straw buyers—in various mortgage fraud schemes, including “cash back” and loan origination scams.
Click here for Full article
Discrepancies Detailed in Minority Foreclosure
The study found that Latinos were 70 percent more likely than whites, not 70 percent as likely as whites, to get subprime loans. African Americans were 80 percent more likely, not 80 percent as likely. Click for full article
Arizona Ranks 3rd for Mortgage Fraud
Phoenix has now moved into the top five markets for mortgage fraud and misrepresentation, according to a report release Monday by Mortgage Asset Research Institute, a LexisNexis service.
To read the full article click Here
Foreclosure Hit New Record in March for Phoenix Area
The number of Phoenix-area homes foreclosed on by lenders hit a new record in March.
To read the Full Article Click Increase in March Foreclosure
Bank of America Morgage Principle Reduction Plan
Bank of America would reduce mortgage-loan balances as much as 30% for thousands of troubled borrowers, in what could presage a wider government effort to encourage banks to offer debt reduction to ease the mortgage crisis. To read the full at article click Bank of America
Making Home Affordable
The Obama Administration has introduced a plan to stabalize the housing market and help an estimated 7 to 9 million Americans bring their mortgage payments to more affordable levels. The Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) offer home owners the opporutnity to reduce their monthly payments and prevent avoidable foreclosures.
For more info about Making Home Affordable, including eligibility criteria, click here.
Communities At Risk: How the Foreclosure Crisis Is Damaging Urban Areas and What Is Being Done About It (2/11/2010) Living Cities publication report
Obama Administration Releases New Data (12/10/09) US Dept. of the Treasury