Wells Fargo Addresses “Illegal” Income; Forced Place Insurance Defined; Mortgage Jobs with a Twist; | Jumbo

Wells Fargo Addresses “Illegal” Income; Forced Place Insurance Defined; Mortgage Jobs with a Twist; | Jumbo

In terms of foreclosures, California has been having a rough go of things recently. The state has one of the highest rates of foreclosure in the country, but Keep Your Home California, which was established in 2010 and funded through the Hardest Hit Fund, aims to change that. The initiative makes unemployed borrowers’ payments for a period of several months, the idea being that this frees up time for them to find jobs and stabilize sources of income, and can provide troubled borrowers with as much as $ 100,000 under the Principal Reduction Program. In order to be eligible, borrowers’ income must fall underneath the income limit for their county (limits range from $ 69,500 to $ 123,600), and must have loans must be serviced by companies that have agreed to take part in the program. With those eligibility requirements in mind, how effective has Keep Your Home California been? Over its first year, about 10,000 homeowners participated, and the program’s website has published a few success stories. Considering that, at most recent count, California foreclosures numbered around 240,000, it’s not a massive dent, but it’s far from negligible.

Maybe Vikram Pandit ,who just stepped down this morning as Citigroup’s CEO, and John Havens, president and COO, who also resigned, might be interested in these jobs…