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indymac: FDIC program helps IndyMac borrowers UPDATE - 09/17/08 11:23 AM
Forbes is reporting, from Alan Zibel AP Business Editor, that FDIC has had some success reworking mortgages for many IndyMac borrowers who were struggling with their home payments. The article reports that the average monthly savings is $430.
Maybe there is a successful model in this program, to stem the growth of foreclosures.
The FHA Secure program does not seem to have had a high percentage of success, and my expectations are low for the Hope for Homeowners program that was enacted with the new housing law.
Estimates from FDIC are that there 40,000 eligible mortgages out of the 60,000 delinquent Indymac … (0 comments)
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indymac: Bad mortgages first cause or first sign? - Reserve Board's new home loan policy - 07/15/08 10:41 PM
Mortgage defaults and rising foreclosures are among many troubling headlines in our economy, but can subprime lending problems really be the cause behind all these trends.
Amidst the clamor over mortgage and world financial markets, IndyMac failing, Fannie and Freddie woes, GMC layoffs, and the debate on the housing bill, the Federal Reserve Board approved the final rule for home mortgage regulations.
The final rule establishes a category of high priced loans and offers consumer protection for loans in that category.
•1. Must base lending decision on borrower income and assets
•2. Income and assets used to qualify must be documented
… (6 comments)
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indymac: FannieMae, FreddieMac, IndyMac Troubles - A lot going on while I am focused on closing loans. - 07/12/08 08:36 AM
Troubles with FannieMae and FreddieMac and the rapid decline and ultimate federal take over of IndyMac Bank have headlined a very busy news week. There is a lot going on in the world and in the financial markets as I am concentrating on finding that next loan and trying to get it closed.
The IndyMac failure and take over seem to me to be less significant to the mortgage markets. IndyMac is the largest savings and loan failure ever, and the second largest financial institution to close. In the 11 days after Senator Charles Schumer, D-NY made public a letter he wrote to … (4 comments)
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Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
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