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HUD Ignored Procedures in Selling Distressed Mortgages, Report Says

“This is kind of huge,” said Elizabeth Lynch, a lawyer with Mobilization for Justice Inc. in New York. Her group filed a lawsuit that contends that the loan sales disproportionately affected minority homeowners.

“This is an $18 billion program that has ramifications for stakeholders, and they didn’t notice and comment.”

Ms. Lynch said her organization, in light of the report, was considering amending the lawsuit to add a claim that HUD violated standard administrative procedures in going forward with the mortgage sales. But she added that no final decision had been made.

Frequent criticisms of the loan sales have been that some private buyers have been too quick to move toward foreclosure or that they offered borrowers one-size-fits-all modifications to reduce monthly payments.

Citizens Announces New President & CEO

Citizens Bank of West Virginia’s Board of Directors announces Nathaniel S. Bonnell, who has served as the bank’s Executive Vice President & Chief Financial Officer since 2011, has recently been appointed President & CEO. Bonnell will also serve as President & CEO of Citizens Financial Corp. – the bank’s holding company.

“Speaking on behalf of our board of directors, I am pleased to announce that Nathaniel Bonnell has been selected as the 10th President & CEO of Citizens Bank,” said Max Armentrout, chairman of Citizens Financial Corp.’s Board of Directors. “We’re confident that Nathaniel will propel Citizens to an even higher level of community banking. He has been key to building our deposit areas and highly successful in restructuring loan programs and operations. He is an exceptional leader and well respected by banking professionals. His vision and approach to banking and service will make him a tremendous asset as Citizens’ President & CEO.”

Where can my sister go for social services help?

My sister, who has a 3 year old daughter. She lost her job due to the economy and now she is forced to work a crappy job at a go-kart track/arcade.


http://www.benefits.