st charles mo luxury property auctions: Mortgage Relief for Unemployed Secures Place in Financial Reform
- 06/28/10 11:35 AM
The landmark financial reform legislation approved by a cross-chamber committee of House and Senate leaders on Friday includes a provision which offers a remedy to the growing number of unemployed homeowners who are facing foreclosure.The amendment, crafted by Rep. Chaka Fattah (D-Pennsylvania), provides $1 billion to ensure homeowners who’ve lost their jobs don’t lapse on mortgage payments. That’s pared down from previous reform bill installments, which called for $3 billion.Under the program, qualified homeowners will be able to borrow up to $50,000 to assist them with monthly payments, provided they have “a reasonable prospect” of resuming mortgage payments within 24 months.“Americans … (0 comments)
st charles mo luxury property auctions: Fannie's Losses Increase Request More Federal Funding
- 03/02/10 09:50 AM
Fannie Mae says it needs another $15.3 billion bailout from the U.S. Treasury, after the GSE came up $16.3 billion in the red for the fourth quarter of 2009 and posted a loss of $74.4 billion for all of last year.Although the housing crisis is showing signs of lessening in some major markets, it continues to take its toll on the nation’s largest mortgage financier. Fannie Mae’s 2009 annual losses widened compared to the $59.8 billion deficit recorded for 2008, and its Q4 results marked the GSE’s tenth consecutive quarterly shortfall.Since the government stepped in to take over the faltering mortgage … (1 comments)
st charles mo luxury property auctions: Underwater Mortgages Increase to 11.3M
- 02/24/10 12:53 PM
Negative equity continues to diminish the severity of foreclosure for many homeowners. Numerous industry studies show that borrowers become more likely to defaulton their mortgage or simply walk away from the debt obligation when they owe more on the home than it is worth. Despite that home values appear to be stabilizing in some markets, the number of underwater homeowners continues to grow.According to a new study released by First American CoreLogic Tuesday, more than 11.3 million residential properties were in negative equity at the end of 2009. That equates to 24 percent of all homes in the United States with … (2 comments)
st charles mo luxury property auctions: Housing Starts Increase in January 2010
- 02/22/10 12:16 PM
Nationwide housing production hit its strongest pace in the last six months this January, posting a 2.8% gain to a seasonally adjusted annual rate of 591,000 units, according to figures recently released by the U.S. Commerce Department.“Builders are starting to see the positive impacts of home buyer tax credits and other favorable buying conditions in terms of consumer demand, and are cautiously increasing production to meet that demand,” said National Association of Home Builders (NAHB) Chairman Bob Jones, a home builder from Bloomfield Hills, Mich.“As our latest home builder surveys have indicated, today’s excellent home buying conditions–including the availability of tax … (1 comments)
st charles mo luxury property auctions: Good real estate news: Home equity is rising again
- 02/18/10 02:36 PM
That's not all that impressive compared with the quarterly increases during the hyperinflationary housing boom years, but it could signal something important: After three years of unprecedented shrinkage in home equity -- and three years of rapid expansions in the number of underwater borrowers with negative equity -- there are signs that the down cycle may be shifting.Last week, online real estate valuation researcher Zillow.com released its latest quarterly numbers on negative equity in major markets. The findings were sobering, but the study also offered some hints of modest improvements for housing. The overall negative-equity rate among American homeowners remained flat … (4 comments)
st charles mo luxury property auctions: Treasury foreclosure-prevention program helps 947,000 households
- 02/18/10 04:59 AM
The U.S. Treasury said its foreclosure-prevention program has cut mortgage payments for about 947,000 households, at least temporarily.That was the number of households benefiting from easier loan terms at the end of January through the Obama administration's Home Affordable Modification Program, known as HAMP. The total was up about 11% from a month earlier. The administration estimates that 1.7 million households—about 3% of those with mortgages—are eligible for the program.HAMP, announced a year ago by President Barack Obama, gives lenders incentives to help struggling borrowers avoid foreclosure by shrinking their payments through a reduction in the interest rate to as low … (1 comments)
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The landmark financial reform legislation approved by a cross-chamber committee of House and Senate leaders on Friday includes a provision which offers a remedy to the growing number of unemployed homeowners who are facing foreclosure.The amendment, crafted by Rep. Chaka Fattah (D-Pennsylvania), provides $1 billion to ensure homeowners who’ve lost their jobs don’t lapse on mortgage payments. That’s pared down from previous reform bill installments, which called for $3 billion.Under the program, qualified homeowners will be able to borrow up to $50,000 to assist them with monthly payments, provided they have “a reasonable prospect” of resuming mortgage payments within 24 months.“Americans … (0 comments)
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