bill: now to the first installment of fox news people speak. for homeowners in colorado there is a new initiative that may help some americans stay in their homes. douglas kennedy has more live from our newsroom here. what did you find out? reporter: it s good news for homeowners, but bad news for some banks, who claim it s also bad news for the colorado economy. in 2010 cheryl hoffman faced the nightmare of foreclosure. the problem was a lender trying to kick her out of her family home was not the lender she signed her mortgage agreement with. you discovered your mortgage had been bought and sold so many times it was difficult to tell who actually owned your home? that s right. it s unclear who the lender was when they foreclosed, and it s
. the federal settlement to help under water homeowners is being hailed as a landmark deal but not the first multi billion dollar federal pay out aimed at protecting consumers. if you want to sound smart, the federal mortgage agreement with five banks is the biggest set ment since the $206 billion tobacco deal in 1998. they agreed to change marketing practices and compensate states for medical costs connected to smoking-related illnesses. let s huddle up around the water cooler to watch nancy pelosi attempt to get a piece of the colbert magic. the host of the colbert report has a super pac called americans for a better tomorrow, tomorrow ms. pelosi
guy but he s tone deaf. it s the reason why i don t think he ll ever get elected president. the american people want their neighbors to be able to preserve their right to own a home up to the very end. they want every chance, and ironically al this morning beau biden was on morning joe outlining a program that several attorneys general are doing all across the country which says before the foreclosure takes place there has to be mediation, the bank has to have somebody there who can renegotiate the terms of the mortgage agreement to give one last chance to people who deserve it to stay in their homes, and that s what we should be doing as a country. homeownership is the most sacred of all american rights, and to not understand what that means to people and families means you re absolutely out of step with the american people. michael, that s why i m saying if we re in a state that has the record on foreclosures, forget whether you and mr. willard who ran bain knows business, i m lo
grilled and lambasteds by british law makers and now a whistleblower in the growing phone hackl scandal reportedly is dead. and a 77-year-old man defends his home and family from an intruder with a gun. stand by for the dramatic story. that s even more compelling because get this he s a member of the united states congress. i m wolf blitzer. you re in the situation room. the u.s. defaulting on its debt for the first time in history? we can t state it enough, this has enormous consequences for all of us, and time is quickly running out to prevent what the president calls armageddon. let s check in with kate baldwin. she s standing by with the latest. where do the negotiations stand right now? the two top republicans in the house. no official readout from the white house, but president obama says we are making progress when asked today by reporters how the debt talks were going when he was leaving an event in the rose garden. on the part of speaker boehner, a spokesma
in four american borrowers are underwater. if you re struggling to make mortgage payments the mortgage modification could be a way to avoid foreclosure. your lender makes a change to the original mortgage agreement so you can make monthly payments either by lowering the interest rate or stretching out the length of the loan. in some cases the lender may forgive a portion of the loan principal. with the home modification program in place eligible borrowers would have monthly payments reduced to 30% of the pretax income. to qualify for hamp assistance you must own and live in your home, have a mortgage balance less than $729,750 and your current monthly mortgage payments must be more than 3 1% of your monthly income. head to makinghomeaffordable.gov. that s good information. anything homeowners should be wary of? well, unfortunately there are a number of mortgage modification scams out there.