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.
Housing News
CHAPA is seeking an energetic individual to join its staff as the Program Manager for a new venture we are undertaking. In coordination with a foreclosed properties task force, municipalities, and the state housing agencies, CHAPA will be launching a new program to facilitate the sale of real estate owned properties (REO) to non-profits, municipalities, and other eligible purchasers for affordable housing—including both rental and homeownership.
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:
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:
State Updates
DHCD Accepting Comments on HUD Neighborhood Stabilization Program Plan
On November 12, 2008, the U.S. Department of Housing and Urban Development issued long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan
The Federal Housing Finance Agency announced a new program designed to greatly reduce preventable foreclosures with a simplified, streamlined loan modification program to get struggling homeowners into mortgages that they can afford. FHFA believes it is an achievable goal if homeowners, banks, mortgage servicers, investors, Fannie Mae and Freddie Mac all work together.
Please click here to view the full press release announcing the program.
The Federal Housing Finance Agency announced a new program designed to greatly reduce preventable foreclosures with a simplified, streamlined loan modification program to get struggling homeowners into mortgages that they can afford. FHFA believes it is an achievable goal if homeowners, banks, mortgage servicers, investors, Fannie Mae and Freddie Mac all work together.
Please click here to view the full press release announcing the program.
Citi announced a series of initiatives designed to proactively help potential at-risk borrowers remain current on their payments and ultimately in their homes. Several of these steps build on or expand the industry-leading loss mitigation efforts that Citi has put in place over the past two years.
Please click here to view the full press release.
CHAPA Home » CHAPA Comments on Draft State Plan for Neighborhood Stabilization Program - November 10, 2008
Submitted by admin on November 10, 2008 - 5:46pm.