March 20th, 2009 by michael e. riley
After months of falling foreclosure rates filings are on the rise again. This comes as another wave of homeowners see their rate on their ARM (adjustable rate mortgages) rise and reset to higher monthly payment amounts at the end of last year. This is primarily due to Option Arm Loans where the interest of the loan is able to be deferred until a later date. That date for an unusually high number of homeowners came due at the end of last year and the beginning of this year.
Typically these type of loans have a cap built in to protect borrowers from getting stuck with an unreasonable payment amount however the downward spiraling of home values has pushed the loans …
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February 23rd, 2009 by michael e. riley
Presently the banks are often unable to help reduce mortgage rates for homeowners that are current on their loans. The Obama’s proposed plan is designed to alleviate the situation by encouraging banks to refinance or modify mortgages for responsible homeowners even if they are not yet behind on their payments.
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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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February 18th, 2009 by michael e. riley
By THE ASSOCIATED PRESS, February 13, 2009
WASHINGTON (AP) — Several big banks, including JPMorgan Chase and Citigroup, are expanding efforts to halt home foreclosures while the Obama administration develops a plan to help struggling homeowners.
The White House said President Obama would outline his plan to spend at least $50 billion to prevent foreclosures in a speech on Wednesday in Arizona, one of the states hardest hit by the foreclosure crisis.
“It’s not intended to be measured by one day’s market scorekeeping, but instead to ensure that the 10,000 Americans each day that have their homes foreclosed on — and the millions more that are barely getting by — are protected,” the White House press secretary, Robert Gibbs, said …
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