Posts tagged as:

Refinance

Many Americans in Home Loan Limbo

by Moe Bedard

The number of Americans in mortgage limbo keeps growing.
These are the people who are far behind on their payments but are still waiting for their loan servicer to start the foreclosure process. LPS Applied Analytics, a research firm in Denver, reported that 3.4% of U.S. households with mortgages – or around 1.9 million –  are [...]

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No Mortgage Help for the Unemployed

by Moe Bedard

There’s no help out there for people who are out of work and are just trying to hold on to their homes,” said John Schmitz, 62, of Thornwood, who has been unemployed from the world of finance for almost a year and has nearly exhausted his pension to keep current on his mortgage. “It’s so [...]

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Analysis of Potential Loan Modification and Refinance Standardization

by Moe Bedard

By Moe Bedard
Over the last month there have been incredible developments in federally subsidized and incentivized loan modifications, refinance programs and the mortgage cramdown bill. Today, Bank of America announced that it will begin refinancing mortgages up to 105% of a home’s value, part of the Home Affordable program. Moreover, Bank of America also indicated [...]

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Keep on Refinancing: Obama’s Newest Solution

by Moe Bedard

This morning I read a news wire from Reuters about Obama’s newest message to the public: take advantage of some of the lowest mortgage rates in history. Over the last decade I’ve grown to be somewhat of a skeptical man regarding solutions put forward by our elected officials. This [...]

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Will the FHA Housing Stabilization and Homeownership Retention Act Save Homeowners?

by Moe Bedard

Forbes:
Committee Chairman Barney Frank of Massachusetts has said the bill, the Housing Stabilization and Homeownership Retention Act, could be up for a vote by the House as early as next week.
Under the bill approved today, a voluntary program would be created that would allow the Federal Housing Administration (FHA) to insure up to 300 bln [...]

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Financial Services Committee Approves FHA Housing and Homeowner Retention Act

by Moe Bedard

Washington, DC – {The House Financial Services Committee today approved H.R. 5830, the FHA Housing and Homeowner Retention Act, by a bipartisan vote of 46 to 21.  The legislation, authored by Committee Chairman Barney Frank, will expand the FHA program to help refinance at-risk borrowers into viable mortgages.  The bill also requires the Federal Reserve [...]

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A Rate Cut Will Not Help These Damned Loans

by Moe Bedard

Let’s get one thing straight here. A rate cut by Mr. Ben Bernake and the glorious Federal Reserve will do nothing to ease the category 5 Hurricane of foreclosures that is engulfing homes and local economies across the US. A cut would be a confidence boost to settle panicked markets but it will provide little relief for struggling [...]

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