Posts tagged as:

obama on foreclosure

Help for homeowners: Courtesy of the White House

by Moe Bedard

Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan

Borrowers Who Are Current on Their Mortgage Are Asking:

* What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

* I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

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President Obama’s Foreclosure Prevention Plan Explained

by Moe Bedard

For those of us that pay attention to the world of home loan workouts there was a great deal of anticipation leading up to President Obama’s speech today.

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Financial Crisis: “Silver Bullets” for Toxic Mortgages?

by Moe Bedard

The Obama Administration is floating a proposal that would allow the government to directly buy more loans from servicers of mortgage-backed securities

With the financial crisis quickly becoming President Obama’s primary burden, his Administration has intensified its efforts to stem the rising tide of foreclosures in order to solve the root cause of the difficulties. On Feb. 11, Treasury Secretary Timothy Geithner and Shaun Donovan, Secretary of the Housing & Urban Development Dept., met with community groups and key stakeholders in the banking industry to gauge support for a potential program that would allow the government to directly buy whole loans from servicers of mortgage-backed securities (MBS) in order to modify them—and keep more borrowers in their homes.

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FACTBOX: Obama’s new priorities for financial rescue fund

by Moe Bedard

A link to some of the new initiatives and reforms to the Troubled Asset Relief Program favored by the Obama team that have backing from Rep. Barney Frank, the chairman of the House of Representatives Financial Services Committee.

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