by iwd Tina | Jun 20, 2011 | Housing News
From the Wall Street Journal – Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes even if their landlord goes into foreclosure – a landmark decision for tenants.
The policy will be in effect Jan. 9, Fannie Mae said Sunday, and reflects growing pressure on the mortgage company from a legal-aid group that threatened to sue over recent evictions. The company said it will also ensure its current holiday moratorium on new evictions is being followed until the new policy takes effect.
Full article from the Wall Street Journal.
by iwd Tina | Jun 20, 2011 | Housing News
WASHINGTON – U.S. Housing and Urban Development Secretary Steve Preston today announced that the HOPE for Homeowners (H4H) Board of Directors has approved changes to the program to help more distressed borrowers refinance into affordable, government-back mortgages. The changes will reduce the program costs for consumers and lenders alike while also expanding eligibility by driving down the borrower’s monthly mortgage payments.
Please click here to view the full news release on HUD’s website.
by iwd Tina | Jun 20, 2011 | Housing News
The “Massachusetts Foreclosure Monitor” is MHP’s quarterly examination of statewide and local foreclosure trends in Massachusetts and the nation.
According to the report, the national real estate market deteriorated in the latter half of 2008. The latest data from the Federal Housing Finance Agency shows home prices increased in only 18 states from Q3 2007 to Q3 2008. All told, prices fell in 30 states and the District of Columbia from Q3 2007 to Q3 2008. Massachusetts had the ninth worst annual price decrease (4.8 percent). This was a deterioration from the Q2 2007-Q2 2008 comparison, when prices declined 2.9 percent. Massachusetts prices are now at the same level as Q3 2004.
Please click here to view the full report.
by iwd Tina | Jun 20, 2011 | Housing News
The FDIC has initiated a systematic loan modification program at IndyMac Federal Bank to reduce first lien mortgage payments to as low as 31% of monthly income. Modifications are based on interest rate reductions, extension of term, and principal forbearance.
The FDIC’s proposal is designed to promote wider adoption of the systematic loan modification program:
- by paying servicers $1,000 to cover expenses for each loan modified according to the required standards; and
- sharing up to 50% of losses incurred if a modified loan should subsequently re-default
The FDIC envisions that the program can be applied to the estimated 1.4 million non-GSE mortgage loans that were 60 days or more past due as of June 2008, plus an additional 3 million non-GSE loans that are projected to become delinquent by year-end 2009. Of this total of approximately 4.4 million problem loans, the FDIC expects that about half can be modified, resulting in some 2.2 million loan modifications under the plan
Please click here to read further details of the proposal on the FDIC’s website.
by iwd Tina | Jun 20, 2011 | Housing News
Secretary Bigby and the Governor’s Office have approved the Community First Olmstead Plan linked below. “Community First” continues to be one of the Secretary’s top priorities. The Governor “officially” received the plan on September 12th.
Please click here to view a PDF version of the plan.
by iwd Tina | Jun 20, 2011 | Housing News
On September 29, 2008, HUD released a Notice outlining the procedures under which the new Neighborhood Stabilization Program (NSP) for foreclosed or abandoned properties will operate. The Notice is effective immediately. In it, HUD explains that it is treating NSP funds as an FY2008 “special allocation” of Community Development Block Grant (CDBG) funds and specifies the ways in which NSP requirements will and will not differ from CDBG requirements. The Notice also includes a listing of allocations by state and locality nationwide.
- CHAPA’s Summary of the Notice can be read here.
- For HUD’s description of the program and a list of allocations, please click here.
- Please click here to view the full text of the Notice.
