Challenging foreclosures could become more difficult for homeowners if the president signs a bill that passed through the Senate last week. The little-noticed bill comes at a time when the validity of foreclosure proceedings across the nation have been called into question. Read the full story.

The White House stated that they have some concerns about the bill that easily passed in the House and Senate with little public attention according to Reuters. Read why the the White House has concerns about the bill.

The Federal Trade Commission (FTC) has stepped up enforcement on mortgage modification scams. They have set up Operation Home Lies which is a national federal and state law enforcement effort to go after mortgage modification scams that target homeowners facing foreclosure.

If you are in need of mortgage assistance, be vigilant of companies offering to help modify your mortgage while asking you to pay an advance fee to stop foreclosure.

If you are having difficulty making your mortgage payment, the first call you should make is to your loan servicer. If you feel you are not getting resolution with your servicer and think you are in danger of facing foreclosure, you can call the Homeowner's HOPE(TM) hotline at 888-995-HOPE.

The Homeowner's Hope Hotline information can be verified on the White House Blog.

New federal data shows that last year blacks were nearly twice as likely to be denied when applying to refinance a home mortgage as whites. About 61 percent of refinance applications from black borrowers were denied, an eight percent increase from 2007. Less than a third of whites were denied.

About half of all refinance applications from Hispanic borrowers were denied, a slight increase from last year. Whites, on the other hand, saw their denial rates drop two percent, federal data gleaned from lenders under the Home Mortgage Disclosure Act shows.

Credit scores are being targeted as the main culprit as well as other factors. Everyone should keep in mind that many minorities were also given subprime mortgage loans which are typically for people with below average credit histories even when they had pretty good credit histories and could have qualified for prime mortgages.

The goal is to determine how minorities can live from year to year in a way that allows them to have credit scores and credit histories that qualifies them for mortgages, credit cards, auto loans, and other loans without having to pay more than other Americans.

Subprime mortgages became very one of the main reasons that America has experienced a real estate crisis. Subprime lending (near-prime, non-prime, or second-chance lending) in finance means making loans that are in the riskiest category of consumer loans. These loans can dramatically increase in how much a borrower has to pay monthly to a lender. These increases can easily become difficult for a borrower to handle and the borrower could place himself at risk of losing their home (if it is a subprime mortgage loan).

The Wall Street Journal reported in 2006 that 61% of all borrowers receiving subprime mortgages had credit scores high enough to qualify for prime conventional loans. During the current real estate crisis, too many people of color (African Americans and Latinos) received these very expensive subprime loans when they qualified for lower cost conventional mortgage and auto loans. This group of Americans also lead the rest of Americans in losing their home through foreclosure.

Subprime borrowers show data on their credit reports associated with higher default rates, including limited debt experience, excessive debt, a history of missed payments, failures to pay debts, and recorded bankruptcies. How does a person know when they qualify for a lower cost prime loan when the loan officer makes more money selling subprime loans to clients and the officer is all about the money. Too many of these loan officers were more concerned with the money they made and did not care about finding the best, lowest cost loan for their clients.

This is one of those areas where government regulation is needed. However, if the government in charge decides to look the other way or simply give the regulators limited authority and funding to regulate, many people can be bamboozled into accepting higher cost subprime loans. This is exactly what happened which helped create one of the greatest real estate and financial meltdowns in the history of America.

Prime loans go to borrowers with a credit score above 620 (credit scores are between 350 and 850 in the US). Since brothers typically do not own the banks and lending companies making loans, there should be a way for brothers connected to at a minimum share information about how the loan business works. This could assist many brothers and their families when receiving loans that are the best for them giving their credit history and financial situation.