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Fannie Mae, Freddie Mac and Feds to Speed Up Home Loan Modifications
In yet another effort to prevent more foreclosures, Fannie Mae (FNM: 0.66, -0.02, -2.94%), Freddie Mac (FRE: 0.79, -0.03, -3.64%) in conjunction with U.S. government officials, are speeding up the modification of home loans held by financial companies.
Sources told FOX Business Network that Fannie Mae, Freddie Mac and U.S. government officials will announce later Tuesday that they will hasten efforts to modify hundreds of thousands of loans that are past due. The goal is to bring the ratio of household debt to income for the borrowers down to 38%. U.S. government officials also plan to encourage large banks that hold loans to take similar steps.
The program will be an extension of HOPE NOW alliance, which was announced last year and is designed to prevent foreclosures by reworking the terms of mortgages.
The Treasury Department will make the announcement at a 2:00 p.m. press conference at the Federal Housing Finance Agency.
Financial industry sources told FOX Business Network that the White House rejected the FDIC’s proposal to prevent foreclosures for up to 3 million home owners. That more ambitious proposal would have provided some type of loan guaranteed for hundreds of billions of restructured mortgages.
-Fox Business News
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Foreclosure Assistance
Commerce Department Offers One-Stop Site for Economic Survival
The U. S. Department of Commerce has launched a new website to assist Americans in getting through the current and probably future economic situation. The site, http://www.economicrecovery.gov/ is billed by the Department as “a resource for the American people to find help to keep their homes, find jobs and... Read more »
Foreclosure Assistance Expanded per North Miami CRA
The city of North Miami’s redevelopment agency expanded its foreclosure assistance fund before voting to approve next year’s budget. The CRA’s board voted 4-1 Wednesday night to approve the $14.1 million budget, which is funded by taxes on new development in the agency’s district. The CRA’s budget includes millions... Read more »
Is There Life After Foreclosure?
Is there life after foreclosure? Can I get another mortgage after I have been foreclosed upon? How does a foreclosure affect my credit? These are the questions that homeowners ask themselves, and many do not have the answers Unfortunately, foreclosures are not an uncommon occurrence these days. Nationwide Foreclosure... Read more »
Loan Modification
Fannie Mae, Freddie Mac and Feds to Speed Up Home Loan Modifications
In yet another effort to prevent more foreclosures, Fannie Mae (FNM: 0.66, -0.02, -2.94%), Freddie Mac (FRE: 0.79, -0.03, -3.64%) in conjunction with U.S. government officials, are speeding up the modification of home loans held by financial companies. Sources told FOX Business Network that Fannie Mae, Freddie Mac... Read more »
Foreclosure Do It Yourself Kit
Foreclosure “Do It Yourself” eBook Manual Launched! The Foreclosure eBook is geared to educate the lay person on the Foreclosure process. This essential guide recognizes the lender’s tactics for collecting unpaid debt, and instructs the homeowner step by step on how to negotiate with the lender. It... Read more »
Stop Foreclosure Remedies
In today’s volatile foreclosure environment, homeowners are unaware of the options that are available to them to avoid foreclosure. The more educated the homeowner, the better chance they will have for finding a solution. Below you will find the options that are available to you, depending on your lender and if... Read more »
Loans
Mortgage Problems for the Self Employed
Are you a self-employed borrower with good credit? If so, this article is designed with you in mind, especially if you are shopping for a mortgage in today’s very difficult landscape of mortgage lending. John Tozzi from Business Week, sums it very nicely in his artricle regarding the self-employed borrower and... Read more »
FHA Mortgage Insurance On the Rise
More and more borrowers are turning to the Federal Housing Administration for assistance in obtaining a mortgage, thanks in part to the foreclosure prevention program which was just brought into legislation. As FHA takes on more and more of the market share of the housing market, increasing their mortgage insurance premiums... Read more »
Down Payment Assistance Programs Soon to Be Eliminated
Starting October 1, 2008, the newly passed Housing Bill has plans to ban seller-funded downpayment assistance on FHA loans. Nehemiah Corp. of America and AmeriDream, the nonprofits that run the controversial homebuyer assistance programs, are working with House members to restore it. Their supporters in the House may... Read more »
Real Estate News
Fannie Mae, Freddie Mac and Feds to Speed Up Home Loan Modifications
In yet another effort to prevent more foreclosures, Fannie Mae (FNM: 0.66, -0.02, -2.94%), Freddie Mac (FRE: 0.79, -0.03, -3.64%) in conjunction with U.S. government officials, are speeding up the modification of home loans held by financial companies. Sources told FOX Business Network that Fannie Mae, Freddie Mac... Read more »
Chase/Washington Mutual to Modify 400,000 Mortgages
JPMorgan Chase & Co. has announced that it will rewrite 400,000 mortgages from Washington Mutual totaling $70 billion, following in the footsteps of Bank of America Corp.’s plans to rewrite 400,000 mortgages from Countrywide beginning next month. JPMorgan Chase will reduce interest rates, suspend payments ... Read more »
Commerce Department Offers One-Stop Site for Economic Survival
The U. S. Department of Commerce has launched a new website to assist Americans in getting through the current and probably future economic situation. The site, http://www.economicrecovery.gov/ is billed by the Department as “a resource for the American people to find help to keep their homes, find jobs and... Read more »
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