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Dennis Norman Today the Federal Housing Finance Agency released it’s “Foreclosure Prevention & Refinance Report for the Third Quarter 2009“. This report gives data on Fannie Mae and Freddie Mac, the two-quasi-government agencies that either own or insure most of the home loans in the U.S., including how foreclosure prevention and loan modification programs under the [...] Dennis Norman Freddie Mac, Fannie Mae and CitiMortgage give borrowers a break over the holidays… Within the past day Freddie Mac and Fannie Mae have both announced that they are suspending evictions from December 19, 2009 through January 3, 2010 on foreclosed homes, two families and four families, that they hold. CitiMortgage and CitiFinancial announced [...] Dennis Norman Laurie Goodman, the Senior Managing Director at Amherst Securities, testified today before the House Financial Services Committee hearing on “The Private Sector and Government Response to the Mortgage Foreclosure Crisis“. Amherst Securities specializes in the trading of residential mortgage backed securities and charges Goodman with keeping them and their customers abreast of trends [...] Dennis Norman Last week the Treasury Department announced the Home Affordable Foreclosure Alternatives Program (HAFA), the latest program under the Home Affordable Modification Program (HAMP), designed to offer alternatives to homeowners facing foreclosure. THE HAFA PROGRAM: The Home Affordable Foreclosure Alternatives Program provides financial incentives to loan servicers as well as borrowers who do a short-sale [...] Unemployment Remains Main Cause of Delinquencies The second quarter of this year saw mortgage delinquencies reported by the Mortgage Bankers Association hit the highest level since they began keep track of the data almost 40 years ago back in 1972. Unfortunately that record didn’t stand long and was broken by the mortgage delinquency rate for [...] To alleviate some suffering by homeowners, the Obama Administration introduced the “Making Homes Affordable” plan last March. Unfortunately, the plan has not yet had the intended effect. Article by the Grand Law Firm Economists debate whether or not the country is actually currently in a recession. Some say that there are positive signs that we have reached [...] Dennis Norman A surge in litigation tied to real estate appraisals, loan modifications and foreclosures contributed to a 54 percent increase in mortgage-related lawsuits, according to the second quarter Mortgage Litigation Report from MortgageDaily.com. During the second quarter, 125 cases were tracked, jumping from an already active 81 first quarter cases. The second quarter of 2008 had [...] By: Dennis Norman There just seems to be no end in site for the sickening numbers of foreclosures we are seeing take place in the housing market. While, it is hard to argue that foreclosures have helped agents by providing a steady supply of homes that need to be sold, regardless of the price, I think [...] Dennis Norman By: Dennis Norman According to a report issued by the Office of the Comptroller of the Currency (OCC) as of June 2009 there were nearly 2 million foreclosed homes. Many of these foreclosed properties are still vacant and in need of repairs. Many buyers are seeing these foreclosed homes as an opportunity to buy a home [...] Dennis Norman By: Dennis Norman One of the issues that has come to the surface over the past few months has been the effect on tenants when a home they are leasing is foreclosed upon. In many instances the tenants are unaware of the financial trouble of the seller and sometimes their first indication of a [...] |
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