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Lenders to Offer Reprieves To Delinquent Borrowers - 02/19/08 05:50 PM
By Renae MerleWashington Post Staff WriterWednesday, February 13, 2008; D01
The Bush administration and six large mortgage lenders unveiled a plan yesterday to offer some homeowners facing foreclosure 30-day reprieves to work out alternatives.
The program, which will target homeowners who are 90 or more days late on payments, is the industry's latest attempt to untangle the mess caused by years of lax mortgage standards.
These homeowners will receive a letter offering a "pause" in the foreclosure process to try to work out a repayment schedule.
Delinquent borrowers have always had the option of calling their lender for help in advance of a foreclosure. But … (0 comments)

30-Year Mortgage Rates Continue to Climb - 02/19/08 05:36 PM
Freddie Mac reports a jump in the 30-year fixed mortgage rate to 5.72 percent during the week ended Feb. 14, from 5.67 percent the prior week. Interest on 15-year fixed loans, meanwhile, climbed to 5.25 percent from 5.15 percent over the same period. Rates dropped, however, for five-year adjustable mortgages to 5.19 percent from 5.21 percent; while the one-year ARM held steady at 5.03 percent. Freddie Mac chief economist Frank Nothaft says economic uncertainty is responsible for the movement in mortgage rates, noting that some borrowers are finding it difficult to obtain mortgages due to stricter credit standards. Source: San Jose … (1 comments)

Narrow Refinance Plan Will Help Few - 02/06/08 11:32 PM
The current Federal Housing Administration (FHA) Secure program is expected to help only 44,000 subprime borrowers, or 5 percent of those who are more than two months behind in their payments. A study circulated by the American Securitization Forum suggests that one way around this poor showing is by allowing borrowers delinquent for any reason to refinance into an FHA loan. Currently, the option is available only to borrowers facing a rising interest rate. Another problem with the program is that the FHA Secure program is unattractive to lenders because they may have a hard time selling the loans. That's because … (0 comments)

 

Denise Wells

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