Well the Obama administration’s proposal(s) for remaking the country’s mortgage finance system has finally arrived. It, to my mind, is both a reminder of the paucity of leadership we currently enjoy as well as an important document around which to frame, hopefully, a private system which delivers unsubsidized mortgages.
As with health care, Obama has once again displayed his preference for allowing Congress to bang out the nuts and bolts of a major policy. He has perhaps taken it a step further this time by offering up a menu of possible structures, lest he be tagged with advocating something that might need a defense in the 2012 elections.
Click Here: Towards A Fannieless Future Or Maybe Not...
Showing posts with label Obama. Show all posts
Showing posts with label Obama. Show all posts
What Happened to the Government’s Short Sales Program?
In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for less than the mortgage debt outstanding.
Like other foreclosure-prevention initiatives, this one appears to be off to a slow start — just 342 sales have been completed through September.
Click Here to Read: What Happened to the Government’s Short Sales Program?...
Like other foreclosure-prevention initiatives, this one appears to be off to a slow start — just 342 sales have been completed through September.
Click Here to Read: What Happened to the Government’s Short Sales Program?...
U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults
U.S. homeowners are dropping out of the Obama administration’s foreclosure prevention program at a faster rate than they are joining it, according to figures released today by the U.S. Treasury Department.
Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.
Click Here to Read: U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults...
Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent. A total of 36,300 borrowers have dropped out of the plan for failing to make their payments, an increase of 24 percent from a month earlier.
Click Here to Read: U.S. Homeowners Drop Out of Foreclosure Program Amid Record Defaults...
Obama Awards Utah $5 Million To Stabilize Communities
Five million dollars in grants, intended to reverse the effects of foreclosures in local communities, will be headed to Utah, the U.S. Department of Housing and Urban Development announced Thursday.
The funds will provide emergency assistance to help Utah communities acquire, redevelop or demolish foreclosed properties.
"These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods," said Secretary Shaun Donovan. "We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight."
Click Here to Read: Obama Awards Utah $5 Million To Stabilize Communities...
The funds will provide emergency assistance to help Utah communities acquire, redevelop or demolish foreclosed properties.
"These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods," said Secretary Shaun Donovan. "We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight."
Click Here to Read: Obama Awards Utah $5 Million To Stabilize Communities...
Government to Deploy Broader Mortgage Aid
The Obama administration on Tuesday will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.
Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.
Under the new "short refinance" program, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
Click Here to Read: Government to Deploy Broader Mortgage Aid...
Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes. Some experts are warning, however, that the same knots that tied up prior initiatives could do so again.
Under the new "short refinance" program, banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the Federal Housing Administration.
Click Here to Read: Government to Deploy Broader Mortgage Aid...
Surprise! Banks Help More Homeowners Than Obama
Remember how everyone complained that banks weren't doing enough to help troubled borrowers?
Well ...
Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.
Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.
Click Here to Read: Surprise! Banks Help More Homeowners Than Obama...
Well ...
Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.
Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.
Click Here to Read: Surprise! Banks Help More Homeowners Than Obama...
Thursday, September 2, 2010
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Obama Ready To Sink Millions More Into Housing To Stem Foreclosures
The Obama administration, seemingly at a loss for fresh solutions to jump-start the nation's moribund economy plans to sink millions more dollars into the housing market to help unemployed homeowners keep their homes by providing refinance assistance.
Appearing on CNN's State of the Union on Sunday, Housing and Urban Development Secretary Shaun Donovan indicated the additional mortgage aid is in response to atrocious July housing statistics. "The July numbers were worse than we expected, worse than the general market expected, and we are concerned," he said.
Click Here To Read: Obama Ready To Sink Millions More Into Housing To Stem Foreclosures...
Appearing on CNN's State of the Union on Sunday, Housing and Urban Development Secretary Shaun Donovan indicated the additional mortgage aid is in response to atrocious July housing statistics. "The July numbers were worse than we expected, worse than the general market expected, and we are concerned," he said.
Click Here To Read: Obama Ready To Sink Millions More Into Housing To Stem Foreclosures...
More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout
Americans may be extremely upset about Wall Street bailouts, but President Obama isn't listening. Come September 7, President Obama will have Wall Street investment banks lining up for another huge bailout. But such a bailout will do little to stimulate the housing market and offset the latest 27.2 percent plunge in existing home sales.
The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. These risky mortgages have been bought up by Wall Street investment banks at may be 30, 40 or 50 cents on the dollar. The government now says that if the holder takes 10 percent off the mortgage, the government will guarantee 90 percent of the mortgage. So they may have bought a $400,000 mortgage for $200,000. If the mortgage holder agrees to write-off $40,000, the government will guarantee the mortgage for $360,000.
Click Here To Read: More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout...
The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage. These risky mortgages have been bought up by Wall Street investment banks at may be 30, 40 or 50 cents on the dollar. The government now says that if the holder takes 10 percent off the mortgage, the government will guarantee 90 percent of the mortgage. So they may have bought a $400,000 mortgage for $200,000. If the mortgage holder agrees to write-off $40,000, the government will guarantee the mortgage for $360,000.
Click Here To Read: More Bad Economic News, Yet Here Comes ANOTHER Wall Street Bailout...
Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market
Policymakers will likely keep mortgage rates low for the next several years because it's the best and cheapest way to heal the housing market, a senior Obama administration official hinted on Wednesday.
In a nearly hour-long, wide-ranging interview with a small group of reporters from various publications, the senior official, who spoke frankly on the condition of anonymity:
Click Here: Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market...
In a nearly hour-long, wide-ranging interview with a small group of reporters from various publications, the senior official, who spoke frankly on the condition of anonymity:
Click Here: Obama Administration Defends Lackluster Foreclosure Programs; Says Interest Rates Will Remain Low To Help Housing Market...
Tuesday, August 24, 2010
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Obama Signs Bill Eliminating HVCC
When President Barack Obama signed the Dodd-Frank Act this week to reform the financial markets, the Home Valuation Code of Conduct (HVCC) was officially set for elimination in 90 days.
The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.
Click Here: Obama Signs Bill Eliminating HVCC...
The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.
Click Here: Obama Signs Bill Eliminating HVCC...
Thursday, July 29, 2010
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Mortgage Crises,
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Urgent mortgage moves need not destroy credit scores
Financially stressed homeowners looking to cut their mortgage payments through a loan modification, short sale or principal reduction under one of the Obama administration's programs needn't wreck their credit scores in the process.
In fact, according to a new study covering more than 400,000 active consumer credit files, some modification options can increase your scores rather than depress them. Other alternatives to modification -- such as foreclosure and bankruptcy filings -- can tank your scores and take years to rehabilitate.
Click here to read the entire article: Urgent Credit Moves Need Not Destroy Credit Scores...
In fact, according to a new study covering more than 400,000 active consumer credit files, some modification options can increase your scores rather than depress them. Other alternatives to modification -- such as foreclosure and bankruptcy filings -- can tank your scores and take years to rehabilitate.
Click here to read the entire article: Urgent Credit Moves Need Not Destroy Credit Scores...
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