FRANK ANNOUNCES MORTGAGE RESCUE PROPOSAL

By
Mortgage and Lending with Cherry Creek Mortgage

                      

Program would permit FHA to provide [up to $300 billion] in new guarantees that would help to refinance at-risk borrowers into viable mortgages.  In exchange for the acceptance of a substantial write-down of principal, the existing lender or mortgage holder would receive a short payment from the proceeds of a new FHA loan if the restructured loan would result in terms that the borrower can reasonably be expected to pay.  The existing lender or mortgage holder will have a cash payment and no further credit exposure to the borrower.  This could potentially refinance between 1 and 2 million loans (and help these families stay in their homes), protect neighborhoods and help stabilize the housing market.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
48,893
Steven W. Monk
Exeter 1031 Exchange Services - Fresno, CA
V. P., 1031 Exchange Expert

Great information as usual!  Keeps the information pipeline flowing.  There are so many agents that need more information to educate themselves, so they can help their clients make the most informed decisions or at least give them options.  You are great at doing just that, informing the real estate community about their options.

 

If you have any questions relating to 1031 exchanges or the qualified use requirement, please contact me at:

 EXETER 1031 EXCHANGE SERVICES, LLC

 Steven W. Monk

Vice President and Regional Manager

516 W Shaw, Suite 200

Fresno, California 93704

 

Office Phone: (559) 221-2517

Mar 14, 2008 06:32 AM #1
Rainmaker
89,425
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert
Thanks Steven... glad it helps
Mar 14, 2008 06:36 AM #2
Rainmaker
808,819
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Rick,

Great post! I think this is a great opportunity for troubled home owners. I will pass this information on.

Mar 14, 2008 06:54 AM #3
Rainmaker
120,967
Richard Sweum
1st Security Bank - Everett, WA
This crisis is going to require help and programs stemming from multiple governmental agences; the Fed, Congress, the Treasury, AND the lenders themselves, who have show an unwillingness to pass on some of the help they have received from the Fed!
Mar 14, 2008 08:47 AM #4
Ambassador
896,190
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
We'll see...every proposal has a sales pitch.  I am always curious as to what Barney has to say.  There always seems to be a lot more than...what he's pitching.  I like your comment that we'll need more than one agency stepping up.
Mar 15, 2008 03:31 PM #5
Ambassador
750,298
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Rick... I agree with Larry on this.  Just look at the other programs that have been enacted.  They are only helping the few per se... because those programs came with restrictions...   it will be interesting though.

jeff belonger
Mar 18, 2008 11:15 AM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
89,425

Rick Kellow

FHA & Reverse Mortgage Expert
Ask me a question
*
*
*
*
Spam prevention