Does anybody know someone who got a principal reduction? From HW: A borrower is more likely to get a principal reduction than a short sale or deed-in-lieu of foreclosure under the Home Affordable Modification Program. The Home Affordable Foreclosure Alternatives...
From HW: Bank of America is looking at a new program to rent a home back to the borrower after foreclosure. "There are programs that we are quite interested in," said Ron Sturzenegger, who leads the bank's legacy asset servicing division, in an interview with...
From HW: California expanded its $2 billion program to help homeowners avoid foreclosure to those with second homes as well. The California Housing Finance Agency established the four Keep Your Home programs using money from the Treasury Department's $7.6 billion...
From the latimes.com: Remember the federal tax credit programs offering $7,500 and later $8,000 to first-time home buyers? The credits were designed to deliver a jolt to the reeling housing industry, and they did: More than 4 million people applied for and have...
From Originator News: Bank of America is working "very hard" on a short sale-to-lease program for distressed borrowers who don't qualify for government-backed refinance programs. But the much-maligned bank won't move forward until it gains assurance from regulators...
From msnbc.com: The Federal Housing Finance Agency, which oversees mortgage finance sources Fannie Mae and Freddie Mac, said it was easing the terms of the two-year-old Home Affordable Refinance Program, which helps borrowers who have been making mortgage payments on...
REO sales will peak when the banks decide to peak them. From HW: The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday. Nearly half of the more than...
They keep nibbling around the edges, let's just throw them on the market and see what happens! From HW: The federal government can get rid of the more than 280,000 foreclosed homes on its books without having to sell them at massive discounts, according to a coalition...
With the taxation of debt relief set to resume in 2013, we should see a mad rush of short-sellers trying to time their departure just right, in order to get max cheese, no tax. Hat tip to SM for sending this along from the Sun: Bank of America, the nation's largest...
From the latimes.com: Delinquent borrowers who think they've been treated unfairly by their mortgage lenders and the companies that service their loans will soon have their day in court. Well, not court, per se. But within the next few weeks, federal regulators will...
