According to Fannie Mae, the GSE completed 18,703 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in March. This is an increase of 30.7% over February according to its Monthly Summary for March 2012. In February, Fannie Mae completed 14,308 loan modifications. For the entire year of 2011, Fannie Mae averaged
According to Huffington Post contributor, homeowners aren't the only ones who undergo challenges and struggles as a result of foreclosure. Their children are also likely to suffer due to the loss of the family home. Of the 2.3 million children who have lost their homes to foreclosure, one out of
According to a recent Boston Globe article, more financially stressed homeowners are getting mortgage loan modifications that cut their payments enough to keep them from falling into foreclosure. This information was provided by federal data and local housing specialists. About 70% of the nearly 448,000 US homeowners who received mortgage
In house loan modifications, or those not offered through the federal government’s HAMP, fell over 20% in February according to HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Using a three month rolling average, a total of 44,459 homeowners received permanent, in house loan
Arguing that the failure to implement principal loan forgiveness in its loan modification programs harms struggling homeowners and investors, Massachusetts Attorney General Martha Coakley led a coalition of states in urging Fannie Mae and Freddie Mac to reverse its current
Wells Fargo said Monday that it had 740,359 active trial or completed mortgage modifications at the end of February. About 84% of those, or 623,737 modifications, were through the company’s own programs and the less-than-impressive balance was through the federal Home Affordable Mortgage Program. The numbers underscore why so many are disappointed
According to a Reuters article, the housing regulator overseeing Fannie Mae and Freddie Mac said a final decision is expected later this month on whether or not it will implement an Obama administration plan that forces the two companies to
When it comes to pricing in the housing market, most metropolitan areas have had two lost decades. In nine out of the nineteen S&P/Case-Shiller cities with statistics as far back as 1991, true prices are less today than they were twenty years ago. In four of these areas --
According to Freddie Mac, we’ve reached the ninth consecutive week of rates at or less than 4%. But regardless of the record low rates, application for mortgages to buy homes and the driving need for refinance mortgages decreased. Mortgage
Is the 30-year fixed-rate mortgage rate responsible for a new bubble? The 30-year fixed-rate mortgage involves enduring government subsidies, pays off at a snail's pace, renders homebuyers to years of pointless default risk, and is to blame
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