1/29/2010 Los Angeles Times: New rule affects homeowners in foreclosure avoidance program

"Those seeking to ease their mortgage terms must now document their finances before a trial modification will be granted, the Obama administration says. Loan servicers must adopt the policy by June 1..."

"The new procedure, to be adopted by servicers by June 1, would require three documents upfront: a formal application including a description of the hardship created by the mortgage; proof of income, which would mean at least two pay stubs or the most recent profit and loss statement for self-employed borrowers; and a form authorizing the Internal Revenue Service to release tax data to the servicer..."

"Under the plan, servicers will be required to respond within 10 days to an initial request for a modification. Once documents are provided, the servicer will have one month to tell borrowers whether they qualify for a trial modification. If a borrower makes three payments at the modified rate, the modification will automatically be made permanent."

2/25/2010 Washington Post: Stakes are high as government plans exit from mortgage markets

"For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates. Now, whether the housing market is ready or not, the government is pulling out."

"The wind-down of federal support for mortgage rates, set to end in two months..."

"Keeping the mortgage rates at historic lows, which required a commitment of more than $1 trillion..."

"A few federal officials and many industry advocates disagree, saying the government is exiting too soon. They offer dire warnings of higher rates and a slowdown in home sales..."

1/20/2010 San Francisco Chronicle: Investors dominate home flipping, auctions

"House flipping, a quick-buck scheme pursued by amateurs and professionals alike during the real estate boom, now is dominated by investors willing to pay all cash, who troll auctions for foreclosures that banks are gradually trying to siphon off their books..."

"This trend, which took hold more than a year ago, gained more ground last week when the Federal Housing Administration reversed a rule and decided to allow government-backed mortgages for homes sold and resold within 90 days..."

1/21/2010 San Francisco Chronicle: FHA tightens rules for riskier borrowers

"Government-backed mortgages... will be a bit tougher to obtain following reforms introduced Wednesday..."

"Insurance premiums will go from 1.75 to 2.25 percent of the loan amount... Borrowers will have to have a minimum credit score of 580 (out of 850) if they want to put down only 3.5 percent; borrowers with a score lower than 580 will have to put down at least 10 percent..."

"Seller concessions are reduced from a maximum of 6 percent of the purchase price to 3 percent..."

12/15/09 San Jose Mercury News: Mortgage lenders cancel more foreclosures in November

"A total of 10,469 scheduled foreclosures were canceled in November throughout California, up 20 percent from 8,741 in October... In Santa Clara County, 337 were canceled, up from 269 in October."

"...there were other indications that foreclosure activity slowed last month. In Santa Clara County, for example, there were 435 foreclosures, down slightly from 476 in October. A total of 938 homeowners received notices of default, down from 1,163 in October, a decline of 19 percent. Notices of default are the first step in the foreclosure process; lenders typically send them when borrowers are a few months overdue in their payments..."

"Statewide, there were 17,795 foreclosures last month, down from 20,052 in October..."

"There were 29,597 California homeowners who got notices of default, down from 36,531 in October..."