|
|||||
|
MortgageOrb.com reported yesterday that California Congressman Dennis Cardoza is introducing a piece of legislation that he says would encourage refinancing, which, in turn, would reduce the number of defaults and help prevent foreclosures. The Housing Opportunity and Mortgage Equity (HOME) Act would enable mortgages currently owned by Fannie Mae and Freddie Mac that meet certain criteria … Continue reading HOME Act Seeks to Encourage Refinancing, Prevent Foreclosures Fannie Mac and Freddie Mac — the two government sponsored entities who hold billions of dollars in mortgages — are trying their hands at the home selling business, as reported in today’s issue of REALTORMag.com. According to the article, both lenders repossessed more than 191,000 homes in the first half of this year, twice as many … Continue reading Fannie Mae and Freddie Mac’s New Role: Home Sellers With mortgage rates at record lows, some homeowners are still not taking advantage of them, but through no fault of their own. Today’s CNNMoney article reports how the new lending requirements are turning away borrowers who, under the old lending rules, would have been eligible for a loan. Last week, mortgage rates fell for the eighth … Continue reading Some Homeowners Unable to Take Advantage of Record-Low Interest Rates In order to cover their losses on the bad loans they took in the past quarter, Freddie Mac is asking for $1.8 billion in additional federal aid, the Associated Press reported today. Between April and June, Freddie Mac lost $6 billion which could be attributed to the $1.3 billion in dividends paid to the Treasury … Continue reading Freddie Mac Asks for $1.8 Billion More To Cover Losses Reuters reported today that Fannie Mae’s gross mortgage portfolio grew 6.3% in June over the previous month. Last month, the government-owned lender’s portfolio grew by $4.1 billion to $817.8 billion, which has gone up 12.1% since the beginning of the year. The portfolio growth could be attributed to a drop in May’s mortgage delinquency rate. … Continue reading Affordable Financial Services Weekly Finance Review The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers that … Continue reading Housing Crisis May Ruin Your Credit Score Bloomberg BusinessWeek reported today that it could cost U.S. taxpayers between $160 billion and $1 trillion to fix government-owned mortgage companies Fannie Mae and Freddie Mac — even after receiving $145 billion in bailout money from the government. That amount, according to the article, is greater than the bailouts granted to American International Group Inc., … Continue reading Fixing Fannie and Freddie Could Have $1 Trillion Price Tag Despite already receiving $145 billion in taxpayer monies from the Treasury, Freddie Mac and Fannie Mae are asking for more money in order to provide funding for the U.S. mortgage market and to keep the market stable. MarketWatch reports that another bailout would ensure there is adequate capital available to banks and other lenders. Of the … Continue reading Freddie and Fannie Say They Need More Money The Federal Housing Finance Agency has announced that Freddie Mac and Fannie Mae will launch a standardized method for lenders to submit information on mortgages as well as appraisals, according to today’s Reuters article. The protocol is expected to go into effect by 2011. Known as the Uniform Mortgage Data Program, it is geared to reduce … Continue reading New Mortgage Loan Data Protocol Set to Launch Next Year With foreclosures at an all-time high and 25% of homeowners finding themselves underwater on their mortgages, many homeowners find themselves seeking help. CNNMoney.com reported that the Obama administration recently announced that loan servicers will be required to lower balances in the loan modification process. Freddie Mac and Fannie Mae — two government-controlled mortgage owners — say … Continue reading Where Can You Get Help With Your Mortgage Payments? |
 |
||||
|
Copyright © 2012 Affordable Financial Services Blog - All Rights Reserved |
|||||
Recent Comments