Independent Foreclosure Review
The independent foreclosure review was an initiative in the United States to attempt to provide aid to homeowners who had either received their Notice of Default, or were in danger of foreclosure in early 2010's. The review was initiated as a result of the Foreclosuregate, Foreclosure Crisis of 2010. The Independent Foreclosure Review provided homeowners the opportunity to request an independent review of their foreclosure process. If the review found that financial injury occurred because of errors or other problems during their home foreclosure process, the homeowners could receive compensation or other remedy. The initiative was initially established as part of a consent order with federal bank regulators, the Office of the Comptroller of the Currency, Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision, Office of Thrift Supervision (OTS) (independent bureaus of the U.S. Department of the Treasury), and the Board of Governors of the Federal Reser ...
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Homeowner
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. The home can be a house, such as a single-family house, an apartment, condominium, or a housing cooperative. In addition to providing housing, owner-occupancy also functions as a real estate investment. Acquisition Some homes are constructed by the owners with the intent to occupy. Many are inherited. A large number are purchased as new homes from a real estate developer or as an existing home from a previous landlord or owner-occupier. A house is usually the most expensive single purchase an individual or family makes and often costs several times the annual household income. Given the high cost, most individuals do not have enough savings on hand to pay the entire amount outright. In developed countries, mortgage loans are available from financial institutions in return for interest. If the homeowner fai ...
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