Wed, 08 Feb 2012
On February 7th, the House Financial Services Subcommittee on Insurance and Housing approved the FHA Emergency Fiscal Solvency Act of 2012. According to subcommittee chairwoman Rep. Judy Biggert (R-IL), the legislation could be taken up by the full House Financial Services Committee later this month. Read more… Thu, 02 Feb 2012
President Obama has unveiled a series of initiatives to help move the nation’s fragile housing markets to recovery. The president’s proposals fall in four basic categories: mass refinancing program; homeowner bill of rights; foreclosure mitigation; and REO to Rental Pilot Transaction.
The president will propose legislation to Congress allowing all borrowers whose mortgage exceeds the value of their home to refinance to a mortgage insured by the Federal Housing Administration (FHA). The administration believes that by refinancing to current mortgage rates, which are at historic lows, the average American homeowner can save up to $460 per month. Read more... Fri, 27 Jan 2012
In his State of the Union address, President Obama announced two measures to address the ongoing housing and foreclosure crises. The programs will allow homeowners to refinance mortgages to take advantage of historically low interest rates and will crack down on mortgage fraud.
While the details and legislative language on the president’s refinance proposal have yet to be released, the Administration is planning to use the Federal Housing Administration as a vehicle to allow “responsible” homeowners to refinance existing mortgages. Interest rates for 30-year, fixed rate mortgages are currently below 4 percent. The Administration estimates borrowers could save up to $3,000 per year by refinancing existing mortgages to these lower rates. Read More... |