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Mortgage Principal Forgiveness Policy Is a Bad Idea: FHFA

The Federal Housing Finance Agency (FHFA) continues to pivot on mortgage principal forgiveness policy, initiating a new program that would subsidize a permanent reduction of a portion of unpaid mortgage principal owed by homeowners. The mortgage principal forgiveness program would give preference to some homeowners already in the Fannie Mae-guaranteed and Freddie Mac-guaranteed portion of

Obama administration presents a look at life after HAMP and HARP

Accessibility: Ensuring that there is a simple process in place for homeowners to seek mortgage assistance and that as many homeowners as possible are able to easily obtain the needed and appropriate level of assistance. Affordability: Providing homeowners with meaningful payment relief that addresses the needs of the homeowner, the servicer and the investor, to

Summit County Land Bank awarded $6.4 million in funding

The Summit County Land Bank has received an additional $6.4 million in funding as part of the Ohio Housing Finance Agency’s (OHFA) Neighborhood Initiative Program (NIP), a residential demolition program aimed at stabilizing property values by removing and greening abandoned, vacant and blighted residential properties in the hardest hit neighborhoods and communities in Ohio.  

Watchdog Calls on Treasury to Fix Blight Elimination Program – Loan Modification Key

“We believe the fundamental structure of HHF and the existing controls and compliance measures implemented by [the Office of Financial Stability] and the HFAs have made HHF blight elimination programs effective, flexible, and accountable.” Mark McArdle, Department of Treasury.   The head of the Troubled Asset Relief Program recently called on the U.S. Treasury Department

FHA Makes Enhancements to Distressed Loan Sales Program – DSNews

“FHA is deeply committed to protecting struggling homeowners and making certain they have the greatest opportunities to avoid foreclosure and remain in their homes.” Ed Golding, Principal Deputy Assistant Secretary, HUD.   HUD announced on Thursday that is making the most significant improvements to date for its Distressed Asset Stabilization Program (DASP) that include requiring

New York Takes Aim at Zombie Properties – DSNews

In order to fight the long-standing problem of vacant and abandoned homes, New York became the latest state to enact legislation to fight the adverse effect these properties, often called “zombie” properties, have on their surrounding communities.   New York Governor Andrew Cuomo signed the bill into law this week. The bill was passed as

Loan Modification Key: NJ Homeowners Facing Foreclosure to Benefit From Over $69 Million

“It’s important to do everything we can to help struggling homeowners who are #underwater and facing #foreclosure stay in their homes, keep families together and strengthen neighborhoods,” said Menendez, the ranking member of the Housing Subcommittee. “This is critical funding to help address New Jersey’s worst-in-the-nation foreclosure crisis.”   “Unfortunately, too many New Jersey families and communities
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