Remember the proposed requirement from six federal agencies that home buyers make down payments of at least 20 percent if they want the lowest interest rates? We’ve been keeping you up to date on this issue here, and the latest is, the 20-percent proposal is still alive, but it’s temporarily bogged down in agency reviews […]
Fannie and Freddie to Fade Away?
The Obama administration is laying out three broad options for overhauling the mortgage lending system, but will let Congress make the final decision… What are your thoughts about the government doing away with Fannie Mae and Freddie Mac? We’d love to hear your opinion about this plan. Click the comment link below and sound off…
Struggling Refinance Program Extended
Struggling Refinance Program Extended The Obama administration recently announced that borrowers with little or no equity in their homes will have yet another year to take advantage of a refinancing program that so far has made little progress. The initiative, known as Home Affordable Refinance Program (HARP), was set to expire in June. But, so […]
Foreclosure Activity Declines in January
Foreclosure Activity Declines in January A total of 315,716 U.S. homes were mired in the foreclosure process in January, a 10% decline from foreclosure activity measured in December. That number is still 15% above the level of foreclosure activity reported in January 2009. The report shows that one in every 409 U.S. housing units last […]
New Rule Affects Foreclosure Avoidance Program
New Rule Affects Foreclosure Avoidance Program The Obama administration overhauled its struggling foreclosure avoidance program recently, saying it would require homeowners seeking to ease their mortgage terms to document their financial situation before a trial modification is granted. Borrowers previously could have their interest rates lowered and the terms of their loans extended on a […]