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Author Archive for: ‘Amy’

Geithner Vows to Press for Writedowns for Underwater Home Loans

U.S. Treasury Secretary Timothy F. Geithner, twice rebuffed, is vowing to try a third time to persuade the Federal Housing Finance Agency to allow principal forgiveness on mortgages backed by Fannie Mae (FNMA) and Freddie Mac. (FMCC) “I urge you to reconsider this decision,” Geithner wrote to FHFA Acting Director Edward J. DeMarco, who yesterday announced that Treasury Department financial …

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Fannie Mae, Freddie Mac won’t be allowed to reduce loan balances for troubled borrowers

The federal regulator for government-backed mortgage giants Fannie Mae and Freddie Mac said Tuesday that he will not allow the firms to reduce loan balances of struggling homeowners, frustrating the Obama administration as it looks for ways to boost a floundering economy. Edward J. DeMarco, acting director of the Federal Housing Finance Agency (FHFA), said the agency’s analysis showed no …

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Why Housing Affordability Is a Mirage

Home prices and mortgage rates have made monthly mortgage payments lower than at any time in the past decade. But housing isn’t any more affordable than it was five years ago, during the go-go lending days, after factoring in down payment requirements and other financing terms, according to a new paper. The National Association of Realtors and other housing economists …

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FHFA Proposes Rule for PACE Programs

For Immediate Release Contact: Corinne Russell (202) 649-3032 June 15, 2012 Stefanie Johnson (202) 649-3030 FHFA Proposes Rule for PACE Programs Washington, DC –As required by a preliminary injunction issued by the Northern District Court of California, the Federal Housing Finance Agency (FHFA) has sent to the Federal Register for publication and public comment a Notice of Proposed Rulemaking (NPR) …

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The State of the Nation’s Housing 2012

Publication Date:  June 14, 2012 Author(s):  Joint Center for Housing Studies http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/son2012_bw.pdf

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Housing market shows hints of recovery, but economic troubles remain

Housing market shows hints of recovery, but economic troubles remain By Brady Dennis, Published: June 14 Home sales up. Inventories down. Prices rising in many cities. New houses being built at the fastest pace in years. Interest rates hovering at historic lows. A vibrant rental market. A growing body of data in recent months has suggested that better days are on …

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HUD TO EXPAND SALE OF TROUBLED MORTGAGES THROUGH PROGRAM DESIGNED TO HELP BORROWERS AVOID COSTLY, LENGTHY FORECLOSURES

HUD TO EXPAND SALE OF TROUBLED MORTGAGES THROUGH PROGRAM DESIGNED TO HELP BORROWERS AVOID COSTLY, LENGTHY FORECLOSURES Enhanced FHA note sale program part of Obama Administration effort to address shadow inventory, target relief to hardest hit communities CHICAGO – Thousands of borrowers severely delinquent on loans insured by the Federal Housing Administration (FHA) will have help from a new servicer …

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HARP Refinances Surge in First Quarter; More Underwater

    HARP Refinances Surge in First Quarter; More Underwater Borrowers Helped Washington, D.C. – The quarterly number of loans refinanced through the Home Affordable Refinance Program (HARP) has nearly doubled since HARP 2.0 was rolled out in January, according to the Federal Housing Finance Agency’s (FHFA) March 2012 Refinance Report. HARP refinances topped 180,000 in the first quarter of …

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State Takes Fresh Crack at Mortgages .

By NICK TIMIRAOS Fannie Mae and Freddie Mac will participate in a Nevada program that cuts loan balances for certain homeowners who are current on their mortgages and owe more than their houses are worth in what could be a model for other hard-hit states. Under a pilot program launched Friday, Nevada will use federal housing money to pay down …

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Refinancing Effort Grows, But Levels Still Low for Most ‘Under Water’.

By Alan Zibel The number of homeowners who have refinanced their home loans under a revamped federal program for those with sunken property values is rising, but the effort is just starting to reach the most severely “underwater” borrowers. Statistics released Friday by the Federal Housing Finance Agency show that more than 41,000 homeowners who owe more than 105% of …

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