While the government has taken measures to bolster its mortgage-relief program, local homeowners are still ensnared in red tape with lenders attempting to foreclose on their homes.

The Tulsa World interviewed several area homeowners who said they are seeking mortgage relief through various government programs.

Full story is available on Tulsa World

As a homeowner of five years who pays her mortgage in full and on time, I have been frustrated by the inability to refinance my current 5.65 percent mortgage and take advantage of today’s much lower rates [“Obama proposes mortgage relief,” news story, Feb. 2]. The reason: My home has “lost” nearly $100,000 in value in the time I’ve owned it. As a result, I’m “upside down” on my mortgage and can only refinance up to 90 percent of the appraised value — which leaves me having to bring nearly $50,000 to the table at closing.

Full story is available on The Washington Post

In my State of the Union address, I laid out a blueprint for an economy that’s built to last — an economy built on American manufacturing, American energy, skills for American workers and a renewal of American values of fairness and responsibility.

Opening a new front against the American banking industry, New York sued three of the nation’s biggest mortgage servicers over their use of an electronic database that, according to the Empire State, has resulted in widespread deception and fraudulent foreclosure practices.

The suit alleges that employees of the three institutions – Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. – filed false and misleading actions in New York and federal courts using the controversial Mortgage Electronic Registry System, undermining the state’s foreclosure process and public records system.

Full story is available on BostonHerald

YEARS before the housing bust — before all those home loans turned sour and millions of Americans faced foreclosure — a wealthy businessman in Florida set out to blow the whistle on the mortgage game.

His name is Nye Lavalle, and he first came to attention not in finance but in sports and advertising. He turned heads in marketing circles by correctly predicting that Nascar and figure skating would draw huge followings in the 1990s.

Full story is available on The Washington Post

The Consumer Financial Protection Bureau is currently examining how consumers shop for mortgages, which could provide some clues to unraveling the housing crisis. In its first semi-annual report to Congress, the CFPB notes that home buyers are taking on less complex mortgages than they were before the bust, but suggests that many may be reluctant to shop around for the best deal. The implication is that mortgage borrowers might miss potential savings that could make paying off their homes easier.

The CFPB points out that about half of all mortgage borrowers do little to no cost-comparisons: “About 20 to 30 percent of mortgage borrowers contacted only one lender [and] a similar fraction considered two lenders.” The figures comes from surveys before the financial crisis, but the CFPB believes that consumers could be underestimating the potential value of shopping around.

Full story is available on The Washington Post

The Obama administration’s long criticized Home Affordable Mortgage Program (HAMP) showed a major improvement last week, pushing underwater refinances for underwater homeowners higher, according to the Mortgage Bankers Association.

“Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Mortgage Program (HAMP) contributed to roughly 10% of their refinance activity,” said MBA’s chief economist Michael Fratantoni.

Full story is available on Housing Predictor

Wells Fargo & Company /quotes/zigman/239557/quotes/nls/wfc WFC +2.44% is hosting a free Home Preservation Workshop in Sacramento for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial hardships. Wells Fargo has invited more than 11,000 mortgage customers in the Sacramento area to the two-day free workshop which will be held on Wednesday, Feb. 8 and Thursday, Feb. 9, 2012, from 9 a.m. — 7 p.m., at the Sacramento Convention Center, Hall D and C, located at 1400 J Street in Sacramento. Parking is free.

How to register for Wells Fargo’s Sacramento Home Preservation Workshop

Full story is available on Market Watch

The National Association of Realtors(R) commends President Obama for pledging to assist homeowners and the struggling housing market, because restoring the health of the housing market is critical for the nation’s economic recovery.

“As the nation’s leading advocate for homeownership and housing issues, NAR knows that stabilizing the housing market is key to the health of our economy and communities across the country,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “We are pleased that the President released a plan to help America’s struggling housing market and homeowners. Improving access to simple, low-cost refinancing and streamlining the process will help hardworking families who have stayed current on their mortgage payments and will go a long way to helping keep more families in their homes.”

Full story is available on MarketWatch

Almost three years after she last paid the mortgage, Linda Ganguzza remains in her New Milford home  one of thousands of troubled New Jersey homeowners caught in a drawn-out foreclosure process.

“I have no idea where I stand, how much longer I have,” said Ganguzza, a 58-year-old nurse, who says her divorce left her unable to afford the home where she raised three children. “Do I move, do I hang tough, do I talk to the bank?”

Full story is available on LoanSafe.org