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According to a latest news report by Bloomberg News, mortgage giants Fannie Mae and Freddie Mac may seek further aid from the U.S. Treasury Department. So far, the two companies have used up $112 billion of the $400 billion in federal aid committed by the Treasury and Federal Housing Finance Agency that took over both … Continue reading More Aid For Fannie Mae and Freddie Mac? On December 11, the U.S. House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009 by a narrow margin of 223-202. The passage of the Act was a much expected fallout of one of the worst financial crises to plague our economy since the Great Depression. Among other measures, the Act will … Continue reading House Passes New Financial Reform and Defeats Mortgage “Cramdown” Amendment After weeks of record-low mortgage rates, the mortgage rates are climbing back up again. This can be attributed to November’s unemployment report that showed a slight decline in the rate from 10.2 percent to 10 percent. While the decline was only marginal, it created some optimism that the labor market was turning around, pushing up … Continue reading The Affordable Financial Services’ Weekly Finance Review
In May 2009, the Obama administration announced its $75 billion Home Affordable Modification Program (HAMP), set up to aid nearly 4 million homeowners. The program provides financial incentives to mortgage companies and investors to modify home loans and prevent foreclosures. Under the program, borrowers are first put into trial modifications for three months to … Continue reading Is the Home Affordable Modification Program (HAMP) Really Working? |
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