12-13-2019  1:28 pm   •   PDX Weather    •   SEA weather  
  • 1
  • 2
  • 3
  • 4

NORTHWEST NEWS

Louisiana State University President Heading to Oregon Job

F. King Alexander will succeed Ed Ray, who is retiring from the position at Oregon State University at the end of June after 17 years as president. Ray will continue in a teaching role at the university

PHOTOS: Black Santa Visits Northwest African American Museum

The Skanner's Seattle photographer Susan Fried was on hand to snap some photos

English Language Learners' Success Translates Into a $25,000 Milken Educator Award for Teacher Julie Rowell

Oregon educator boosts student achievement and future prospects at Gresham High School

Portland Resident Hoping to Donate Kidney to Black Recipient

Fewer Black patients receive live kidney donations

NEWS BRIEFS

Friends of the Children Chapter Coming to Tacoma, Executive Director Announced

Organization empowers youth facing the greatest obstacles through the long-term support of professional mentors ...

Oregon Humane Society Celebrates the Adoption of the 11,000th Pet of 2019

Max, a two-year-old Labrador/Weimaraner mix, is going to a new home with the Dunlap family of Damascus ...

EPA Approves Funding for Oregon and Washington to Improve Drinking Water, Wastewater Infrastructure

States estimate $190 million for wastewater, $35 million for drinking water projects in Oregon, and $120 million for...

Conservation Breakthrough for Endangered Butterfly

The Oregon Zoo's breeding success provides new hope in an effort to save Oregon silverspots ...

Meet 80 Local Authors at OHS 52nd Holiday Cheer Book Sale and Signing

This free Oregon Historical Society event will be held this Sunday, December 8 from 12 p.m. – 4 p.m. ...

Louisiana State University president heading to Oregon job

BATON ROUGE, La. (AP) — Louisiana State University is looking for a new system chief, after President F. King Alexander was appointed Friday to lead Oregon State University.Oregon State's Board of Trustees unanimously agreed to hire Alexander in a special meeting, confirming that Alexander...

As California thins forests to limit fire risk, some resist

SANTA CRUZ MOUNTAINS, Calif. (AP) — Buzzing chainsaws are interrupted by the frequent crash of breaking branches as crews fell towering trees and clear tangled brush in the densely forested Santa Cruz Mountains south of San Francisco. Their goal: To protect communities such as Redwood...

New Missouri coach Eli Drinkwitz predicts success

COLUMBIA, Mo. (AP) — Eli Drinkwitz was saying all the right things after being introduced as the new football coach at Missouri, laying out his vision for the once-proud program with unwavering confidence and bold proclamations.Then the former Appalachian State coach made a minor...

LSU's Burrow, Auburn's Brown named AP SEC players of year

LSU quarterback Joe Burrow is a unanimous selection as the offensive player of the year on The Associated Press All-Southeastern Conference football team.The top-ranked Tigers also have the SEC’s coach of the year in Ed Orgeron and the newcomer of the year in freshman cornerback Derek...

OPINION

Will You Answer the Call for Moral Revival?

In embracing and expanding the legacy of Dr. Martin Luther King, Jr., Revs. Barber and Theoharis have asked Presidential candidates to consider a debate that focuses exclusively on poverty ...

What I’m Thankful For This Season

Ray Curry gives thanks for a human right that shaped our country throughout the 20th century and that made Thanksgiving possible for so many Americans who, like him, didn’t get here by way of the Mayflower ...

Congressional Black Caucus Members Visit U.S.-Mexico Border: “Mistreatment of Black Immigrants is Another ‘Stain on America’”

Members said they witnessed first-hand the deplorable treatment and plight of Black immigrants ...

Portland, I'm Ready

Last month I had the privilege to stand with hundreds of supporters and announce my intention to run for re-election ...

AFRICAN AMERICANS IN THE NEWS

Donor pulls jumi.5M grant to UNC-Chapel Hill over 'Silent Sam'

RALEIGH, N.C. (AP) — A New York-based not-for-profit foundation has withdrawn a jumi.5 million grant intended for the University of North Carolina at Chapel Hill in light of a financial deal between leaders of the university system and a Confederate group to preserve a controversial...

Belgian carnival removed from UNESCO list over racism row

BOGOTA, Colombia (AP) — A famous Belgian carnival was removed from the U.N.'s cultural heritage list on Friday following complaints that its most recent edition contained blatant displays of anti-Semitism.The Aalst carnival was taken off UNESCO's Intangible Cultural Heritage list during a...

Anti-Semitism order raises tough issue of defining prejudice

NEW YORK (AP) — President Donald Trump’s order to expand the scope of potential anti-Semitism complaints on college campuses is raising the stakes of an already tense battle over how to define discrimination against Jews.The executive order Trump signed on Wednesday tells the...

ENTERTAINMENT

Greta Gerwig on making 'Little Women' 'at the speed of life'

NEW YORK (AP) — The first movie Greta Gerwig saw in a theater was “Muppets Take Manhattan.” When it was over, her parents momentarily couldn’t find her. She had run to the front of the theater to put her hands on the screen.“I thought I could get into it,”...

'Lemonade' by Beyoncé is named the AP's album of the decade

NEW YORK (AP) — The top 15 albums of the decade by Associated Press Music Editor Mesfin Fekadu:1. Beyoncé, “Lemonade”: At the beginning of this decade, Beyoncé was already the greatest singer of her generation. She won a record six Grammys in a single night, had women...

'Mad Men' actress Christina Hendricks files for divorce

LOS ANGELES (AP) — “Mad Men” actress Christina Hendricks filed for divorce Friday from her husband of 10 years, actor Geoffrey Arend. Hendricks filed the marriage dissolution documents in Los Angeles Superior Court, citing irreconcilable differences. The 44-year-old Hendricks...

U.S. & WORLD NEWS

Blue-collar character actor Danny Aiello has died at age 86

NEW YORK (AP) — Danny Aiello, the blue-collar character actor whose long career playing tough guys included...

‘Rise of Skywalker’ is almost here, but a dark side looms

LOS ANGELES (AP) — When Disney bought Lucasfilm for more than billion in 2012, there were lofty...

In surprise decision, US approves muscular dystrophy drug

WASHINGTON (AP) — U.S. health regulators approved a second drug for a debilitating form of muscular...

Ex-PM elected Algeria's new president, to protesters' dismay

ALGIERS, Algeria (AP) — Algeria newly-elected president Abdelmadjid Tebboune vowed after his victory was...

El Salvador court gives hefty sentences in mass gang trial

SAN SALVADOR, El Salvador (AP) — A court in El Salvador has sentenced 373 convicted members of the...

Battle ahead: Scotland party leader vows independence push

LONDON (AP) — Prime Minister Boris Johnson has won the majority he needs to push through Brexit, but he...

McMenamins
Les Christie CNN Money

NEW YORK (CNNMoney) -- The nation's five largest banks have provided nearly $10.6 billion in mortgage relief to homeowners under a settlement that was struck with the states and federal government earlier this year, according to a preliminary progress report.

The report was issued by the Office of Mortgage Settlement Oversight, which is monitoring the $25 billion settlement. In total, the five banks -- Bank of America, Wells Fargo, Citibank, JP Morgan Chase, and Ally Financial -- have helped some 138,000 homeowners and have offered relief averaging $76,615 per borrower between March 1 and June 30, the office reported.

Nearly half of the total, $4.9 billion, comes from Bank of America. Ally Financial, the smallest of the lenders, has submitted just over $500 million in claims.

The settlement was meant to atone for foreclosure processing abuses dating back to 2008. Under the deal, which was approved by a federal judge in April, the banks get credit for helping homeowners avoid foreclosure, by doing such things as reducing the principal on loans and refinancing mortgages to lower interest rates.

So far, though, most of the credits banks have received for relief efforts -- 80% -- have been for debt forgiveness for deed in lieu of foreclosure or short sales. In a deed in lieu, homeowners hand over ownership of their home to the bank in exchange for debt forgiveness. In a short sale, homeowners sell their home at a price that is less than what they owe the bank and the bank agrees to absorb the loss.

In both cases, homeowners ends up losing their home. Not only that, but the hit on their credit score makes it harder to secure a mortgage in the future.

Of the $10.6 billion in relief lenders have given to homeowners under the deal, $8.6 billion has gone toward short sales and deed-in-lieu of foreclosures, according to the report. Bank of America provided some $4.8 billion in relief through this method, the most of any lender, while Chase came in second with $2.4 billion.

"Short sales are quick and dirty [modifications]," said Geoff Greenwood, communications director for the Iowa attorney general's office. "That's why you're seeing more of them coming out of the chute."

But there is a cap on how much lenders can claim for short sales under the settlement deal, explained Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development. Once banks reach their limits, they won't be able to claim anything more under the settlement.

Conspicuously lacking so far is anywhere near the $17 billion in principal reduction that lenders have promised under the deal. Lenders had said they would reduce the balance owed on mortgages for those who either owed far more on their homes than they were worth or who were behind on payments. The aim was to get the mortgage balance closer to the home's value, reduce the borrower's monthly payments and help them avoid foreclosure.

However, only some $1 billion in principal reductions have occurred thus far, according to the report. Just 7,093 borrowers had their principal forgiven on their first mortgages -- for a total of $749 million. The remainder was on second mortgages.

Of the five lenders, Chase had completed the most modifications on first mortgages, $376 million worth. In contrast, Bank of America submitted no modification claims on first mortgages between March and June. However, it has started nearly $2 billion trial modifications that were moving through the trial process, more than any other bank. In second place for trial mods was Chase with $1.2 billion that were offered or approved.

Those numbers should increase dramatically, however, since many modifications have yet to be counted. Donovan said they structured the settlement to require borrowers to keep up payments during a 90-day trial period before they're considered successful modifications. At that point, the monitor will credit the cost of the modification to the bank's account.

Currently, more than 28,000 trial modifications of all types are in progress, said Donovan. He said an additional $3 billion worth of modifications should be included in the first official report to be released in November.

"The banks are heading in the right direction," said Donovan. "This will deliver real relief to consumers."

mlkbreakfast2020 tickets 300x180

Martha Redbone Trio
Oregon Lottery Scoreboard app download
Calendar

Photo Gallery

Photos and slide shows of local events

Crown Royal Boss Play the Game
OR Lottery Holiday 2019 scratch its