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housing problems: President Obama's 'Homeowner Stability Initiative' - 02/18/09 02:02 PM
President Obama announced a plan today designed to help millions of homeowners around the country. While final details and rules & regulations will not be announced for two weeks, we learned some details today. The plan is scheduled to begin March 4.
Some homeowners will be able to refinance their existing mortgages, only on owner-occupied properties. There are several criteria they must meet. Owners must be current on their mortgage payments, must have a conforming loan (less than $417,000) that is owned or guaranteed by Fannie Mae or Freddie Mac, and apparently must owe more than 80% of their home’s value. … (0 comments)
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housing problems: Cleaning up the housing mess, FHFA style - 11/11/08 01:57 PM
James Lockhart, Director and Chairman of the Federal Housing Finance Agency (FHFA), announced a large loan modification plan today.
How big is it? According to Lockhart, tens of thousands of mortgages can be renegotiated. Servicers of these loans have agreed to this plan and will receive $800 for each loan modified by the program. Unfortunately, it appears that the only folks eligible at this point are borrowers who are at least three months delinquent in their mortgage payments, and the loans must be owned or securitized by Fannie Mae or Freddie Mac. The plan is designed to get homeowners into mortgages … (2 comments)
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housing problems: Update: Solving the foreclosure crisis. Any ideas? - 10/30/08 03:50 PM
Some smarty-pants Professor from Yale got the NY Times to publish his thoughts about solving the foreclosure crisis. As I was unable to get an op-ed piece in a major newspaper, you can read a few of my thoughts on this same issue from a previous post.
That stated, Mr. Geanakoplos, along with coauthor and fellow smarty-pants Susan Koniak, provide a sound argument for enacting new legislation based on their ideas. If you are a home owner, potential home buyer, potential home seller, or engaged in business with any of these parties, take a few minutes to read
Mortgage Justice Is … (0 comments)
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housing problems: Think your house is a dump? Try living on one. - 08/26/08 03:33 PM
I recently heard about an unfortunate situation on Boston’s north shore, in Manchester. You can find more about it at the site of WCVB-tv.
Here’s what happened: some unfortunate homeowners purchased a house that was most likely built on an old landfill. They tried to sell their house and potential buyers balked at the last minute. After learning why, the owners had their soil tested. Chemicals galore were lurking in their back yard. Lead, arsenic, mercury. Not exactly healthy. The worst part? Mom was weeks away from giving birth.
Who’s responsible? Surely the builders knew what type of land they were … (1 comments)
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John Morrison - Boston area real estate - Exclusive Buyer's Agent, CBR
Ipswich,
MA
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