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Archive for August, 2010

100 to 1 — Obama Mortgage Modification Plan Tops Bush

100 to 1 — Obama Mortgage Modification Plan Tops Bush

Just about every posting regarding the Obama mortgage modification program says it’s a dud. Those on the left say not enough has been done, those on the right say too many homeowners are washing out of the program. What’s too often left out is any sense of context. The reality is that the Obama loan […]

Posted in: Foreclosures
Bring Back The First-Time Homebuyer Tax Credit

Bring Back The First-Time Homebuyer Tax Credit

The news from the National Association of Realtors is fairly brutal and speaks for itself: “Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent […]

Posted in: News
Regulators Offer “Reputation Risk” Advice To Reverse Mortgage Lenders

Regulators Offer “Reputation Risk” Advice To Reverse Mortgage Lenders

A gaggle of federal regulators are advising reverse mortgage lenders to avoid “reputation risk” by focusing “on the need to provide adequate information to consumers about reverse mortgage products; to provide qualified independent counseling to consumers considering these products; and to avoid potential conflicts of interest.” Big deal. After all, reverse mortgage borrowers are already […]

Posted in: Mortgages
Should The FHA Insure Luxury Condo Loans?

Should The FHA Insure Luxury Condo Loans?

Last week Senator Charles Schumer (D-NY) announced an effort to increase the size of FHA builder loan guarantees for new housing units in major cities. Now Bloomberg News is reporting that FHA loans are being used to finance the acquisition of luxury apartments in New York. “The Federal Housing Administration agreed in March to insure […]

Posted in: Mortgages
FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?

FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?

Imagine that you have a mortgage and want to refinance to get a lower rate but the debt is greater than the value of the home. Imagine also that if you can refinance you can avoid foreclosure. The government is now trying to address this scenario, something which is common across the country, especially for […]

Posted in: Foreclosures
FHA Insurance Premiums Set For Fall Revamp

FHA Insurance Premiums Set For Fall Revamp

Borrowers who get FHA financing after October 4th will be subject to a new insurance fee schedule — with some costs rising and some falling. The FHA has two insurance premiums. There’s an up-front mortgage insurance premium (MIP) paid at closing (or added to the loan amount) which is now equal to 2.25 percent of […]

Posted in: Mortgages
Military Borrowers Squeezed Out of Distressed Markets
By August 5, 2010 0 Comments Read More →

Military Borrowers Squeezed Out of Distressed Markets

Purchasing a home in a distressed real estate market can present some unique challenges for military buyers, not just in hard-hit states like Nevada and California but across the country. Active duty service members and veterans in some parts of the country are getting pushed out of the foreclosure market, hampered by a combination of […]

Posted in: Mortgages
Why Foreclosure Prevention Is Not Enough

Why Foreclosure Prevention Is Not Enough

Fannie Mae has opened a new consumer education site which it says “outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.” The site, Know Your Options.com, has the usual bells and whistles for a […]

Posted in: Library