In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
via NYTimes.com.
Mar 10
He was the Don that blessed everything that happened for years. Without him these two dead ducks would not be the disaster they are today. And Barney Frank has no clue how our system works. He proved it several times on Friday.
via Seeking Alpha.
Mar 10
U.S. Department of Housing and Urban Development (HUD) ushered in monumental and mandatory changes to the Good Faith Estimate (GFE) and HUD-1 settlement statement (HUD-1).
via RISMedia.
Mar 09
FOR decades, the federal government has subsidized housing — particularly owner-occupied housing. This has been especially true during the continuing financial crisis, with Fannie Mae, Freddie Mac and the Federal Housing Administration propping up the housing market by issuing guarantees for investors on most new mortgages.
via NYTimes.com.
Mar 05
Last May the Credit Card Accountability, Responsibility and Disclosure (CARD) Act was signed into law, containing a sweeping set of regulations designed to curb many unfair credit card issuer practices.
The catch for small business owners? The Act only applies to consumer credit cards. If you have a small business credit card now or get one in the future, you’ll still be working under the old set of rules.
Mar 05
Amidst the news that approximately 25% of homeowners with mortgages are now underwater (meaning they owe more than their mortgage balance), will we start seeing more cries for lenders to offer principal reductions to (a) make these existing mortgages more affordable; and (b) provide an incentive to keep borrowers in their homes? Given the high recidivism rate among borrowers with loan modifications — which is often like putting a Band-Aid on an amputated limb and then praying it holds — perhaps’ its time to look at other options.
Mar 01
Homeowners in danger of foreclosure can receive free legal help through a $150,000 federal grant to Wisconsin’s housing finance authority, but rules that came along with the grant have limited the money’s use, officials and lawyers say.
via JSOnline.
Feb 28
To do their part to inject the real estate industry with life, the FHA has recently relaxed the anti-flipping rules but some argue that recent FHA measures are self interested as they also have taken measures like raising mortgage insurance premiums to fill their drying coffers.
