It's called the Private National Acceptance Company LLC.
PennyMac.
It's made up of former executives from Countrywide.
The idea is to buy up at-risk mortgages and home loans to help owners keep their homes.
It might just work.
At what cost-that remains to be seen.
This report on Marketplace radio news offers a pretty good overview.
It sounds simple - keep people in their homes, keep tax bases for communities stable,
and infuse some cash back into the economy for a "jump start effect."
And:
...coupling common sense with lending is suddenly in fashion-
the administration moving toward the formation of a Mortgage Origination Commission
to set up some minimum national standards for licensing of mortage professionals.
I'm no financial wizard-my wife Theresa will tell you that.
Well, the coin has tossed on both of these ideas in less than a week-
here's hoping they come down heads up for homeowners.
Just my two cents,
Steve
Obeo WI - 262-325-8687
Obeo National- 800-729-6236
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