Sarasota Florida Homes for Sale » National Real Estate News

President Announces Making Homes Affordable Program Update.

Biggar Real Estate — Thu, 30 Apr 2009 23:52:11 +0000

The Making Homes Affordable Program (MHA) has a recent update, announced April 28, 2009 by the White House. The program offers addressing the Second Lien Program and Support for Homeowners.

The Second Lien Program will reach 1 to 1.5 Million Homeowners to reduce loan interest, pay for success incentives and a payment schedule for extinquishing second mortgages.

The Support for Homeowners Program includes making the home affordable by requiring servicers to refinace in tandem with MHA trial modification, pay for success incentives, more principal writedowns, legislation to help homesowners, and U.S. Treasury purchase of special Ginnie Mae Pools to provide liquidity.

Both of these programs need to pass the U.S. House of Representatives and the U.S. Senate.

U.S. Treasury Considers Purchasing Mortgage Backed Securities to Help Drive Mortgage Rates to 4.5%.

Biggar Real Estate — Wed, 10 Dec 2008 21:43:32 +0000

As reported last week, two government agencies are proposing plans to attempt to drive the mortgage rates as low as 4.5%. Both the U.S. Treasury and the Federal Reserve have proposed similar plans to help the housing crisis. The idea is that the increased demand for mortgage backed securities would lower the mortgage rates.

Bank Of America (Countrywide) Settles Lawsuit Over Bad Mortgages

Biggar Real Estate — Wed, 08 Oct 2008 21:54:58 +0000

The Florida Association of Realtors today reported that the Bank of America has agreed to modify tens of thousands of loans to keep people in 11 states from losing their homes, the Illinois Attorney General’s office said on the 7th of October.

Borrowers stuck with mortgages that they can’t afford could see interest rates reduced or have the loan principal cut. Some may qualify for only having to pay interest for a decade and others who can’t afford their homes will get help moving to a new home.

11 States have joined in this suit and if all 50 States join the settlement could provide $8.7 billion in relief for 400,000 borrowers, it is reported.

The mortgage aid includes revising customer’s payments so they don’t exceed 34% of income. Other options include reducing interest rates and adjusting principal so that borrowers don’t wind up actually losing equity under some payment plans, it was reported.