In a largely symbolic move given the Obama administration's veto warnings, the House of Representatives has voted to kill the Federal Housing Administration's short refinancing program.
HR 830, The FHA Refinance Program Termination Act, was approved by the House in a 256-171 vote, with 18 Democrats joining 238 Republicans in favor of ending the program.
Critics say the program -- which allows underwater borrowers who are current on their loans to refinance into an FHA-insured mortgage if their lender agrees to write off at least 10 percent of their principal -- has gotten off to a slow start. Taxpayers may be on the hook for up to $8 billion to reimburse lenders for a share of their potential losses on the loans, critics say.
Click Here to Read: House Votes To Kill FHA Short Refis...
Showing posts with label Refinancing. Show all posts
Showing posts with label Refinancing. Show all posts
Pros and Cons of Refinancing Appraisal
Many homeowners want to refinance their home loans in order to take advantage of lower mortgage rates. Before a loan is approved, however, the borrower likely will be asked to order a professional appraisal to assess the value of the property.
Even though appraisals are common, not everyone needs one to refinance a home, says Carolyn Warren, author of the book "Homebuyers Beware." That's because lenders sometimes participate in plans that allow eligible homeowners to skip the independent valuation, she says.
Click Here to Read: Pros and Cons of Refinancing Appraisal...
Even though appraisals are common, not everyone needs one to refinance a home, says Carolyn Warren, author of the book "Homebuyers Beware." That's because lenders sometimes participate in plans that allow eligible homeowners to skip the independent valuation, she says.
Click Here to Read: Pros and Cons of Refinancing Appraisal...
Jackson Estate Steers to Next Challenge: Loan Refinancing
Nearly a year after Michael Jackson's death, the managers overseeing his estate have stabilized its precarious financial situation, but at least one major liability still looms: a $300 million loan due at the end of this year.
Thanks to the surge of fan interest sparked by Mr. Jackson's death, the singer generated an estimated $200 million posthumously, allowing the estate to pay off tens of millions of dollars in debt and avert foreclosure on the suburban Los Angeles complex where the singer's mother lives.
Since Mr. Jackson's death last June 25, his businesses have been run by the singer's longtime lawyer, John Branca, and a music-industry veteran and personal friend of Mr. Jackson's named John McClain. Unlike traditional executors, Messrs. Branca and McClain are aggressively managing Mr. Jackson's affairs as a going concern. The estate's primary beneficiaries are Mr. Jackson's three young children and his 80-year-old mother, Katherine, who is now the children's guardian.
Click Here To Read: Jackson Estate Steers to Next Challenge: Loan Refinancing...
Thanks to the surge of fan interest sparked by Mr. Jackson's death, the singer generated an estimated $200 million posthumously, allowing the estate to pay off tens of millions of dollars in debt and avert foreclosure on the suburban Los Angeles complex where the singer's mother lives.
Since Mr. Jackson's death last June 25, his businesses have been run by the singer's longtime lawyer, John Branca, and a music-industry veteran and personal friend of Mr. Jackson's named John McClain. Unlike traditional executors, Messrs. Branca and McClain are aggressively managing Mr. Jackson's affairs as a going concern. The estate's primary beneficiaries are Mr. Jackson's three young children and his 80-year-old mother, Katherine, who is now the children's guardian.
Click Here To Read: Jackson Estate Steers to Next Challenge: Loan Refinancing...
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