Decoding President Obama’s Housing and Loan Modification Plan
–>Still Confused by Whether the President’s “Making Home Affordable Plan” Will Help You? We Asked Quicken Loans Chief Economist Bob Walters to Decipher the Loan Modification and Refinance Plan.
If you’re like everyone else in America, you’ve probably heard about the President’s recently unveiled plan to help millions of homeowners to refinance or modify their mortgages.
However, despite plenty of Read more
Houston Scraps Plan to Pay Off Applicants Credit Cards to Facilitate Mortgage Qualification
How’s this for a bad idea.
Yesterday, Houston Mayor Bill White was the subject of a great deal embarrassment after details of his so-called “Credit Score Enhancement Program” wound up on the Drudge Report via Houston Chron.
The much ridiculed program was essentially a bid to boost home sales for borrowers with less-than-adequate credit scores, by falsely inflating those scores.
Borrowers Read more
President Obama Unveils $75 Million Plan to Aid Homeowners
President Barack Obama just introduced a $75 million foreclosure-fix plan that his administration claims will aid up to nine million homeowners. Here is an overview of the plan through Q&A from the White House Blog. It can also be found in the Treasury's FAQ. Questions are in bold.
Treasury Department's Questions and Answers for Borrowers about the Homeowner Affordability and Stability PlanBorrowers Who Are Current on Their Mortgage Read more
Stimulus Plan Includes Homebuyer Incentives
As the stimulus package passed the house today and headed to the senate, first-time homebuyers are poised to benefit at the bill's expected passing.
According to a summary of the bill's provisions, the bill includes an $8,000 tax credit for first-time homebuyers that will not have to be paid pack. This is an improvement over the current $7,500 tax credit approved last year, which had to be paid back gradually over a period Read more
Geithner Announces Bank Rescue Plan
Markets were in a tizzy today as newly appointed Treasury Secretary Tim Geithner laid out a broad agenda to stabilize the country's financial system.
“We have to both jumpstart job creation and private investment, and we must get credit flowing again to businesses and families,” stated Geithner.
While the details are still unclear, the plan focused on four main areas to improve the nation's financial health. Relevant Read more
Obama’s Stimulus Plan and Your Mortgage
While our newly elected president is busy drumming up public support for the stimulus plan with a town hall meeting in deepest middle America, intense negotiations continue in the Senate and House.
Much of the stimulus talk has focused on bolstering the economy by creating jobs and reviving spending. But how will the stimulus package affect the mortgage industry? Regardless of politics, no one denies that at the center of the financial Read more
Freddie Mac Launches Alt-A Loan Workout Plan
Mortgage financier Freddie Mac is piloting its new “Workout Strategy For High Risk Loans” designed to keep more of its most troubled borrowers in their homes.
Third party servicers that specialize in Alt-A loans and other higher risk mortgages, such as Ocwen Financial, will be employed to handle the surge in distressed mortgages.
Initially, the program will focus on an estimated 5,000 low documentation Read more
Mortgage Rates Drop on News of Fed’s $800 Billion Housing Plan
Fixed Mortgage Rates Plummet To New Historic Lows
Get ready for an early holiday present, dear consumers.
In an effort to breathe life into the struggling American economy, the Federal Reserve made an announcement Tuesday to spend another $800 billion trying to revive the mortgage market. Nearly $600 billion is intended for buying the debts of mortgage giants Fannie Mae, Freddie Mac and Ginnie Mae. The overall hope in this Read more
Government Announces Loan Modification & Foreclosure Prevention Plan
On Tuesday, the Bush Administration laid out a plan to rescue struggling homeowners and put an end to the crippling housing market.
The plan is based around the mortgages held by now government-run Fannie Mae and Freddie Mac. The details of the plan are as follows:
What homeowners are eligible? This plan, like many others, is only available for mortgages on homes in which the owner lives in. Even further restricting, the homeowner Read more