Homes Could Be Rented Under Proposal
July 17, 2009 - By Renae Merle - Washington Post Staff Writer
A top Treasury Department official told a Senate panel yesterday that the government is considering a proposal to allow homeowners to stay in their home as renters after a foreclosure. If enacted, the plan would attempt to address the glut of vacant properties in neighborhoods across the country, helping drag down home values. It would be yet another acknowledgment by the Obama administration that some borrowers cannot be saved from foreclosure despite government and industry efforts. more ...
Showing posts with label Freddie Mac. Show all posts
Showing posts with label Freddie Mac. Show all posts
Saturday, July 18, 2009
Thursday, July 9, 2009
Freddie Mac turns to YouTube
New Video Shows Which Documents Can Help Reduce Repeat Calls To Servicers
McLean, VA – Freddie Mac today posted a new video on YouTube.com that shows late-paying borrowers how gathering a few financial documents before calling a mortgage servicer can cut the time needed to determine their eligibility and process their application for a loan modification under President Obama's Making Home Affordable program or Freddie Mac's other workout initiatives.
Available in English and Spanish versions, the new Freddie Mac video, “Stop Foreclosure: Documents Your Lender Needs to Help You,” can be seen at Freddie Mac’s channel on YouTube at http://www.youtube.com/FreddieMacWeb.
The two-minute video shows step-by-step which documents borrowers should have on hand when they call their servicer to discuss loan modifications. These documents can cut the time a servicer will need to understand the borrower's situation, determine his or her eligibility for a workout, and process the application.
"America's servicers are handling an extraordinary volume of calls from distressed borrowers seeking an Home Affordable Modification under the President's program," said Ingrid Beckles, senior vice president of default asset management at Freddie Mac. "By taking a few moments to gather these documents borrowers can help their servicer understand their financial situation and reduce the need for repeat calls."
McLean, VA – Freddie Mac today posted a new video on YouTube.com that shows late-paying borrowers how gathering a few financial documents before calling a mortgage servicer can cut the time needed to determine their eligibility and process their application for a loan modification under President Obama's Making Home Affordable program or Freddie Mac's other workout initiatives.
Available in English and Spanish versions, the new Freddie Mac video, “Stop Foreclosure: Documents Your Lender Needs to Help You,” can be seen at Freddie Mac’s channel on YouTube at http://www.youtube.com/FreddieMacWeb.
The two-minute video shows step-by-step which documents borrowers should have on hand when they call their servicer to discuss loan modifications. These documents can cut the time a servicer will need to understand the borrower's situation, determine his or her eligibility for a workout, and process the application.
"America's servicers are handling an extraordinary volume of calls from distressed borrowers seeking an Home Affordable Modification under the President's program," said Ingrid Beckles, senior vice president of default asset management at Freddie Mac. "By taking a few moments to gather these documents borrowers can help their servicer understand their financial situation and reduce the need for repeat calls."
Friday, June 19, 2009
Obama’s Mortgage Refinancing Program May Be Expanded
June 19, 2009 -- By Dawn Kopecki and Jody Shenn -- Bloomberg
Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
“We’re actively considering how to structure a program that makes sense over 105 percent,” Federal Housing Finance Agency Director James Lockhart said yesterday. He said a ratio of 125 percent “is a number” that’s on the table, though “not necessarily the number we’re going to end up with.”
more ...
Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
“We’re actively considering how to structure a program that makes sense over 105 percent,” Federal Housing Finance Agency Director James Lockhart said yesterday. He said a ratio of 125 percent “is a number” that’s on the table, though “not necessarily the number we’re going to end up with.”
more ...
Fannie and Freddie May Refi Deeper-underwater Mortgages
June 19, 2009 -- Seattle Post-Intelligencer
The government may soon let mortgage giants Fannie Mae and Freddie Mac refinance mortgages whose balances are higher than 105 percent of a home's value, according to a Bloomberg report.
"We're actively considering how to structure a program that makes sense over 105 percent," Federal Housing Finance Agency Director James Lockhart said, according to Bloomberg. The story quoted him saying a limit of 125 percent was under consideration, but "not necessarily the number we're going to end up with."
more ...
The government may soon let mortgage giants Fannie Mae and Freddie Mac refinance mortgages whose balances are higher than 105 percent of a home's value, according to a Bloomberg report.
"We're actively considering how to structure a program that makes sense over 105 percent," Federal Housing Finance Agency Director James Lockhart said, according to Bloomberg. The story quoted him saying a limit of 125 percent was under consideration, but "not necessarily the number we're going to end up with."
more ...
Thursday, June 18, 2009
Fannie, Freddie in Limbo as Geithner Seeks More Time
June 18, 2009 -- By Dawn Kopecki -- Bloomberg
Fannie Mae and Freddie Mac will remain in limbo as the U.S. Treasury secretary said the government doesn’t have time now to deal with the future of the two mortgage-finance companies it seized in September.
“We did not believe that we could at this time -- in this time frame -- lay out a sensible set of reforms to guide, to determine what their future role should be,” Treasury Secretary Timothy Geithner told the Senate Banking Committee in Washington today. “We’re going to begin a process of looking at broader options for what their future should be.”
more ...
Fannie Mae and Freddie Mac will remain in limbo as the U.S. Treasury secretary said the government doesn’t have time now to deal with the future of the two mortgage-finance companies it seized in September.
“We did not believe that we could at this time -- in this time frame -- lay out a sensible set of reforms to guide, to determine what their future role should be,” Treasury Secretary Timothy Geithner told the Senate Banking Committee in Washington today. “We’re going to begin a process of looking at broader options for what their future should be.”
more ...
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