Mass Refi Plan Unveiled for Non-GSE Borrowers
A massive refinance program for borrowers who don't have conventional agency mortgages was one of several initiatives announced Wednesday by President Obama. But the multi-billion-dollar tab for the program will be picked up by the nation's lenders.
Congress is being asked to pass legislation that will create a new streamlined refinance program.
The program requires that borrowers are current on their loan payments and that their loans not be owned or guaranteed by Fannie Mae or Freddie Mac since those loans are already covered by the recently expanded version of the Home Affordable Refinance Program.
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REO-to-Rental Program Takes Shape
The much-anticipated program that will convert real-estate-owned properties into rentals is now underway.
RMBS Fraud Task Force Rapidly Takes Shape
It has only been three days since the Residential Mortgage-Backed Securities Working Group was made public, and several subpoenas have already been handed out.
FHA Refi Plan Has Little Chance Congressional Approval
The $10 billion tab for the administration's proposed plan to provide Federal Housing Administration refinances for up to 4 million borrowers whose existing loans are not owned or guaranteed by Fannie Mae or Freddie Mac would be charged to mortgage lenders.
Critics Question Timing of RMBS Fraud Unit
Critics of President Barack Obama's plan to create a special unit of federal prosecutors and state attorneys general say that such a move should have been done early on in his presidency and not now, long after the events were fresh in the minds of potential witnesses.
Federal Unit to Tackle Lending, Securitization Abuses
In his state of the union address Tuesday before a joint session of Congress, President Obama took aim at mortgage lending abuses and announced plans to investigate origination and securitization practices. He also talked about an enhanced refinance program.
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House Republicans Grill CFPB Chief
Republicans grilled the new director of the Consumer Financial Protection Bureau this week, though the hearing was less intense than similar prior events featuring the former acting director of the regulator.
California Congressman Caught in Countrywide VIP Web
A California congressman was caught off guard when he learned he was among a group of legislators who received a home-equity loan at special terms from Countrywide Financial Corp. VIP program.
Republican Among Potential Choices for FHFA Chief
A boost to the housing market has bi-partisan support, according to a Wall Street investment banking economist. He also noted that it has been suggested a Republican could be Obama's choice to head the Federal Housing Finance Agency.
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Servicers Move Hawaii Foreclosures to Courts as Filing Leap
Hawaii's state legislature last year passed a law that requires mortgage servicers to give delinquent borrowers on owner-occupied properties the option of having a dispute resolution professional assist with foreclosure mitigation in front of a lender representative before a non-judicial foreclosure sale can proceed.
