April 13th, 2009 by michael e. riley
This guide provides an overview of the FDIC’s program to assist bankers, servicers, and investors in this process. It outlines FDIC program terms at IndyMac Federal Bank, offers insight into the specific portfolio characteristics that drive modification modeling at that bank, and provides a framework for developing and implementing a similar program at your institution.
Federal Deposit Insurance Corporation (FDIC) official Loan Modification Guidelines.
FDIC “Loan Mod in a Box” additional Loan Modification Tools
Background
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives…
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March 12th, 2009 by michael e. riley
- Click To Download Mortgage Relief Program Official Guidelines
If you ever wondered what the official Mortgage Modification Guidelines look like – click on the image on the left to view the 17-page document titled “Making Home Affordable Guidelines”. We provided the highlights of the program below.
“Making Home Affordable” will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.
The “Home Affordable Refinance” program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers…
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February 25th, 2009 by michael e. riley
Refinancing Under New Housing Plan can be confusing. Below examples provided by the US Treasury Department will help you understand the new Homeowners Affordability and Stability Plan (HASP). Find out if you can refinance or lower your mortgage under the new plan.
Family A: Access to Refinancing
- In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the time. (The family put just over 20% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%.
- Today: Family A has about $200,000 remaining on their
…
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February 20th, 2009 by michael e. riley
mortgage modification program – Nearly 9.5 million households, or nearly one out of every five of the nearly 52 million homeowners with a mortgage, spend 38 percent or more of their pretax income on their mortgage payment, property taxes and insurance, the AP’s analysis found. That’s the new threshold to qualify for the loan assistance program launched last month by Fannie Mae and Freddie Mac, the mortgage finance companies now under government control.
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February 19th, 2009 by michael e. riley
Housing Secretary Shaun Donovan said Thursday in an interview that it’s critically important that banks and lending institutions “step up to the plate” to help make certain the Obama administration’s new home foreclosure initiative succeeds.
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