NMLS: 2576 | CT LICENSE: 1101 | MA LICENSE: LS2576 | MI LICENSE: FR0023580 Fannie Mae, Freddie Mac Respond to Richmond, Calif. Eminent Domain Plan
If you can recall, the city of Richmond, Calif. stated close to two weeks ago that it plans to seize all of its underwater properties by eminent domain from lenders and restructure the mortgages in an effort to keep current…
President’s Speech Foreshadows Possible Changes to Conventional Mortgages
Even with all the government programs out there, from FHA loans that grew in popularity over the past year to VA mortgages to Connecticut’s own CHFA offerings, conventional options remain the most common on a national scale. In fact, about…
Richmond, Calif. Buying Underwater Mortgages: A Good Solution?
This past week, Richmond, Calif., announced its bailout for all homeowners currently dealing with underwater mortgages in the city. The city, which has half of all its mortgages underwater, plans to buy these properties by eminent domain and assistance from…
Has HAMP Actually Helped Homeowners Avoid Foreclosure?
The July 24 quarterly report to Congress from the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) revealed that as many as 26 percent of all borrowers who received help from the Home Affordable Modification Program (HAMP) re-defaulted…
Jumbo Loans, ARMs on the Rebound
In 2007, the housing crash hit real estate and the mortgage industry from multiple angles: homeowners with adjustable rate mortgages (ARMs) facing foreclosures, tighter lending standards, and higher interest, with the latter two resulting in fewer borrowers getting qualified, an…