All Posts TaggedTag: ‘mortgage reform’
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People buying homes in the country’s most expensive housing markets likely will face pricier mortgages starting in the fall.That’s when the current conforming mortgage limits are scheduled to expire, with limits for the most expensive markets falling to $625,500 from $729,750 in the contiguous U.S. On Friday, however, two lawmakers introduced a bill in the …
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WALNUT CREEK, Calif., July 11, 2011 The PMI Group, Inc. (NYSE: PMI) today announced that Homeowner Reward Co., a PMI subsidiary, is launching an innovative new pilot program intended to support sustainable homeownership in certain hard-hit real estate markets. Under the new program The PMI Group will offer cash incentives to some homeowners in negative …
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Three of the nation’s largest mortgage servicers will no longer receive payments tied to their participation in the Obama administration’s main foreclosure prevention initiative until they improve their performance in that program, a senior administration official said Wednesday. Bank of America, J.P. Morgan Chase and Wells Fargo need to make “substantial improvements” to collect fees …
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Short sales may be targeted for fraud A study estimates that banks and distressed home sellers will lose more than $375 million this year when they sell undervalued houses to tag teams consisting of realty agents and investors. Are banks and distressed home sellers getting rooked on a massive scale in the booming short-sale arena …
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May 3 Reuters – A bill to create a new market for financing mortgages that would help wean the $10.6 trillion U.S. mortgage market off government support advanced in the House of Representatives on Tuesday. The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises approved the legislation on a voice vote. The …
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FOR RELEASE: Friday April 1, 2011 HUD No. 11-045 HUD APPROVES IDAHO’S $13 MILLION EMERGENCY HOME LOAN PROGRAM Idaho Housing & Finance Association is ready to take applications immediately WASHINGTON – U.S. Department of Housing and Urban Development HUD Secretary Shaun Donovan today approved the State of Idaho’s bid to administer HUD’s Emergency Homeowner Loan …
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What Is a ‘Safe’ Mortgage? Later this month, the Federal Deposit Insurance Corp. will consider new rules that define what a safe or “qualified” residential mortgage is as part of the Dodd-Frank financial overhaul law. Experts say the classification will likely have broad sweeping effects on the mortgage market. The Dodd-Frank financial overhaul law, which …
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Fannie Mae has implemented a new policy that is very important. Since most lenders use FNMA’s guidelines this is an important change to be aware of. As of June 1, lenders are responsible for certifying the borrower’s monthly obligations have not increased from the time of the initial credit report through the closing date. This …
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Fannie Mae, Freddie Mac and HUD all have programs designed to give individuals looking to buy a home as an owner-occupant a chance to purchase prior to allowing real estate investors to buy these REO properties. All programs are similar with links at the bottom of this page too the specifics of the various programs. …
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State and federal officials are pushing to more tightly regulate the way banks and other mortgage servicers treat struggling homeowners in a bid to stem foreclosures. Current government modification programs are largely voluntary, and there are few rules governing servicers’ practices. But on Thursday, the nation’s largest banks, including Wells Fargo & Co., Bank of …
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The average U.S. borrower in the throes of foreclosure hasn’t made a mortgage payment in 17 months, up from nearly 11 months two years ago — and the time frame may get even longer. Banks and mortgage servicers, who collect payments for lenders, are taking more time to complete foreclosures because of huge volumes of …
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Big news in the real estate world today! Fannie/Freddie On Chopping Block –The white house came out with their mortgage reform options today, including the shut-down of Fannie/Freddie. There is a lot of analysis going on, here’s some from CNBC / CNN / WSJ The Obama administration laid out three broad options Friday for reducing …
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