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...
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...
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...
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...
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
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...
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 –...
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...
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...
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...
Regulators Delay Mortgage Rules .
By ALAN ZIBEL WASHINGTON—Federal regulators delayed new rules to establish standards for the mortgage-lending industry, a move that could further hold back the thin market in mortgage-backed securities not supported by the federal government. The rule delay marks...
Consumer Financial Protection Bureau seeks further comment on Ability-to-Repay mortgage rule
Bureau Asks Public to Weigh in on New Data and Information WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on new data and information that it has received in a rulemaking to require lenders to...