Obama Administration’s Making Home Affordable Plan Has Problems
Up to 9 million homeowners who are at risk of losing their homes were supposed to benefit from the Obama administration’s Making Home Affordable program. Participants were supposed to be able to lower their monthly mortgage payments through refinancing.
The plan was supposed to help more than 4 million homeowners by guaranteeing loans through Freddi Mac and Frannie Mae; other citizens in need were meant to benefit from the $75 billion in incentives given to providers in order to administer mortgage modifications. (more…)
Foreclosure Count Hits One Million
The count as of today is actually higher than one million–an unprecedented number in the United States up to this point. It’s even estimated to exceed two million by year’s end–and up to 9 million by 2012.
Sure, the Obama Administration has helped over 55,000 homeowners so far; but the Center for Responsible Lending estimates that there are 6,500 new foreclosures filed daily–or one every 13 seconds. These aren’t great odds in the least. (more…)
Countrywide = Risky Lending
Faced with a stack of lawsuits, allegations and regulatory investigations into its new acquisition, Bank of America swiftly dropped the name “Countrywide,” now referring to its mortgage programs as simply “Bank of America Home Loans.”
Though they’ve cast off the newly unpopular name, Bank of America still defends the former Countrywide, stating that one of the most recent lawsuits filed against the company is without merit and that the corporation “intends to vigorously defend the case.” (more…)
Mortgage Help is on the Way
There may be hope for the mortgage crisis yet. Today President Obama enacted measures to help borrowers under financial stress. New incentives for both lenders and loan servicers are expected to make loans more affordable for buyers. The measures also call for streamlining the program Hope for Homeowners, which may help people who have been seeking a way to refinance without much luck.
The bill also provides $2.2 billion in aid for homeless families. (more…)
New Incentives for Mortgage Modifications
The U.S. Treasury continues to push for homeowner assistance programs. New incentives are now being provided for lenders who agree to modify mortgages with severe home-price deadlines, as well as pursuing “short sales,” which allow the homeowner to sell their property quickly, but for less than the balance owed.
In order to increase anti-foreclosure methods, the government is hoping that these measures will help stabilize the housing market and aid in overall economic recovery.
Frannie Mae, Freddie Mac Costing Taxpayers Billions
If Frannie Mae and Freddie Mac haven’t already become cursed names in the average American household, perhaps they will now. The Obama Administration says that the companies need yet an additional $92.2 billion to cover losses on mortgage investments. This assistance is, of course, after the companies have already received $78.8 billion in federal aid, and is expected to take affect before September of 2011, though no timetable has been established.
Credit cardholders have rights
Many industry practices have become unfair, deceptive and anticompetitive, says Congresswoman Maloney.
White House Reaffirms Commitment to Private Banking Sector
Following a wave of fear that swept stock markets Friday over the possibility of the U.S. government nationalizing banks, the White House reaffirmed its commitment to a private banking system . Markets took a dive after Senate Banking Committee Chairman...(read more)
Senator Dodd Says Temporary Bank Nationalization Possible
The U.S. may have to temporarily nationalize certain banks , Senate Banking Committee Chairman Christopher Dodd said Friday in an interview on Bloomberg Television. The headlines sent shares of Citigroup and Bank of America down more than 20% on fear...(read more)
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