The foreclosure crisis played havoc with real estate markets across the nation, yet some markets were clearly worse hit than others. Now, those areas that suffered the most are leading the nation in refinancings as homeowners look to reduced their monthly mortgage payements and hold onto their homes.
Obama Housing Rescue: Not Enough Life Jackets to Go Around
When government decides to dive into the water and rescue drowning homeowners, little thought is given to how so-called “bold” rescue plans will impact those who won’t be offered their very own bailout package. For instance, the Obama administration is bent on rescuing a core constituency: vulnerable, middle-class homeowners.
Fannie And Freddie Principal Reductions: Election Year Wrangling?
FHFA Regulator, Edward DeMarco, charged with oversight of mortgage giants Fannie Mae and Freddie Mac, is under heavy pressure from the Obama administration and Democrats in congress to allow reductions of mortgage principal for qualified borrowers.
HARP 2.0 Explained
The government has recently announced the extension of its Home Affordable Refinance Program, and at the same time relaxed eligibility requirements in order to make the program more accessible to those who need it most.