Posts tagged as:

FHA Loans

FHA may be setting up repeat of housing bubble, lawmakers worry

by Moe Bedard

Some lawmakers, however, worry that the FHA may be doing its job too well — enabling too many people with shaky finances to get loans, and in effect setting up a potential repeat of the housing bubble fueled in part by no-questions-asked subprime loans.

Recent numbers appear to underscore those concerns. The percentage of FHA loans [...]

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No Hope for These Homeowners Part 1

by Moe Bedard

De Las Mercedes, on October 20th, 2008 at 8:34 pm Said:
I am having a problem with Countrywide/Bank of America allowing me to apply for this program because I have not been delinquent.
I meet all the qualifications outlined by the Hope for Homeowners program; however, the home retention unit states that I am not [...]

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Foreclosure Fighter McCain Says, “Buy Home Loans From Banks and Re-negotiate the Terms to Keep Families in Their Homes.”

by Moe Bedard

In contrast to Barack Obama’s own homeownership plan, John McCain has suggested a plan to involves more direct federal ownership of distressed mortgage assets. McCain’s plan, entitled the McCain American Homeownership Resurgence Plan, seeks to utilize the recently granted Treasury Secretary authority to use federal funds to help adjust mortgage terms for homeowners.
Simply put, the [...]

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Hope for Homeowners List of Lenders

by Moe Bedard

HUD has released their Hope for Homeowners (H4H) approved lender list that you can access below.
HUD, “When contacting any of the HOPE for Homeowners lenders on the list, borrowers “are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage.”
Click [...]

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Hope for Homeowners: Will it Help You?

by Moe Bedard

The Hope for Homeowers (H4H) program has been launched and as I have mentioned before here on LoanWorkout, I am very apprehensive as to what this will do for struggling homeowners on Main Street. The reason I am looking at the H4H so pessimistically is because it still leaves lender and mortgage servicer participation in [...]

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The Year of Foreclosure Prevention Flops

by Moe Bedard

Looking back over the last year, I can’t help but notice the ridiculous amount of clever names used by our government and other consumer advocates in relation to homeowner foreclosure assistance and relief.
The latest Hope for Homeowners program has met little fan fare on this blog because quite frankly, I feel it is just the [...]

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Uncle Sam Realty and Loans Inc.

by Moe Bedard

Sadly, recent events in Washington suggest that this optimism of some kind of meaningful rescue plan for Main Street may have been misplaced and that politicians, never the most economically intelligent of mankind, may be working towards constructing the Great Depression - Part II.
The reality now is that we are heading into a major recession and the [...]

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Barney Frank Calls for Foreclosure Freeze

by Moe Bedard

The chairman of the House Financial Services Committee called on lenders to stop filing foreclosures until a new foreclosure-prevention program takes effect.

On Wednesday, Rep. Barney Frank (D-Mass.) had called on lenders to make immediate use of the program, which is included in a massive housing package that passed the House this week and is [...]

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The issuing power of money should be taken from the bankers and restored to Congress and the people to whom it belongs

by Moe Bedard

Thomas Jefferson was the third President of the United States (1801–1809), the principal author of the Declaration of Independence :
BANK (NATIONAL) (THREAT TO LIBERTY)
If the American People ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will [...]

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Remarks by Secretary Henry M. Paulson, Jr. on the U.S. Economy, Housing and Capital Markets

by Moe Bedard

May 16, 2008
HP-981Before the Washington Post 200 Lunch
Washington – Thank you, Len. Over the last forty years, Washington has transformed into a diverse corporate center. Congratulations to the Post for recognizing this through their annual list of 200. And I am pleased to join you and represent the “old” Washington, the less than ten [...]

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House Passes Comprehensive Housing Package

by Moe Bedard

Washington, DC – The U.S. House of Representatives today passed the most comprehensive response yet to the American mortgage crisis.  The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the current crisis facing middle class Americans while providing the tools to prevent a repeat of these problems.  The legislation combines a [...]

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FHA Commissioner Brian D. Montgomery – We must not federalize the housing market

by Moe Bedard

Testifying before the Senate Finance Committee on April 9 Montgomery said, “We must not federalize the housing market. And we must not harm our economy through solutions that, however well-intentioned, further erode the foundation of the nation’s housing market, hurt homeowners who are meeting their mortgage obligations, or prolong the correction.”
There are two elements that [...]

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The FHA Secure Flop and The No Hope Now Plan = 2 Strikes for the Bush Administration

by Moe Bedard

In only the first 4 months of FHASecure, more than 40,000 households have refinanced under the new housing insurance program to protect their families’ investment in the American Dream.  Announced by President Bush on August 31, 2007, along with HUD Secretary Jackson and Treasury Secretary Paulson, FHASecure is already helping thousands of American families, faced [...]

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FHA Secure

by Moe Bedard

It’s been all over the news and I’m sure everyone has been talking about President Bush’s speech today. He laid out plans for aid and laid the foundation for the FHA Secure Loan that will be rolled out to approximately 80,000 homeowners shortly. I yawned as I turned the channel to watch something a little more interesting and [...]

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