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  2. modification

modification

A Change in Approach Could Ease Housing Crisis

The United States is on track to experience a record number of foreclosures this year and could break another record in 2011, says columnist Ezra Klein, who lists four ideas housing industry experts are weighing as they attempt to jump-start a struggling market. One is to revamp the Home Affordable Modification Program (HAMP) to empower […]

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Federal Housing Rescue Plan Launches

The Obama Administration’s program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place. Six of the nation’s largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, […]

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Georgia Dream, NSP

I know I said this before…but really, NOW is a good time to buy. Take a look at what my mortgage specialist sent me: “DCA Allows up to $14,000 for down payment or repairs on foreclosed properties under Neighborhood Stabilization Program The Department of Community Affairs, better known as DCA, has come out with a […]

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Bankers Still Resisting Bankruptcy Cram downs

Banks are facing the inevitability of bankruptcy modification of mortgages.Banks have fought the notion of what is called a cramdown, saying that giving bankruptcy judges the ability to modify first mortgages will drive up borrowing costs for everyone.Supporters of cramdowns point out that modifications are no more costly than bankruptcies.To get the support of Citigroup, […]

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