banks: Open to mortgage reform? - 04/05/09 07:29 PM
Mortgage industries are generally supportive of the proposed Mortgage Reform and Anti- Predatory Lending Act.
Top legislators on Capitol Hill are preparing to take up a comprehensive plan that would fundamentally reform the home mortgage market, starting this year.
Had the same rules and standards been in place earlier in the decade, say congressional supporters, it could have eliminated much of the funny-money loans, slipshod underwriting and Wall Street abuses that distorted the market from 2002 through 2006.
The Mortgage Reform and Anti-Predatory Lending Act of 2009 (H.R. 1728) was introduced March 26 by co-authors Rep. Brad Miller, D-N.C., House Financial … (1 comments)

banks: Is My Loan Eligible for Modification? - 03/17/09 05:03 PM
The Treasury Department recently released a report, which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines:
Mortgage must have originated on or before January 1, 2009.
Home must be an owner-occupied primary residence (verified with tax return, credit report, and other documentation such as a utility bill) - this program is not designed for investor-owned properties.
Home must be a single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
Home may not … (5 comments)

 
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Kevin Heinrich

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