I’ve looked at the overview of the latest Fannie Mae and Freddie Mac loan modification/foreclosure bailout/trial balloon of the month. Let’s take a look at a few details to see what we have….
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JP Morgan Chase announced a new loan modification plan a little over a week ago. With every new press release, a wave of homeowners flood the phone lines, inquiring about the terms of the new program, and wondering if it will help them to avoid foreclosure. Let’s take a closer look.
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Barney Frank recently made some comments on who should, and who should not, get a loan modification. And I’m happy to announce that Barney and I finally agree on something!
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In June, I outlined one of the main reasons why lenders do not want to offer a loan modification to borrowers in default. That was just one of the many reasons why it’s been difficult for borrowers to avoid foreclosure. (If you’re looking for the long list, that can be found in “How to Avoid Foreclosure and Stay Out of Foreclosure.”
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I recently attended a Chicago Fed conference on “Saving the American Dream.” The agenda was primarily designed for third-party organizations who assist homeowners in preventing foreclosure.
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Paul O’Neil, former Bush Treasury Secretary, proposed a solution to prevent foreclosure crises in the future. His comments were featured in National Realty News. [Thanks to Tim Iacono's blog post.]
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It appears that the new push is to prevent foreclosure problems in the future by educating prospective home buyers. FNMA just announced that it is requiring pre-purchase counseling for any borrowers using its MyCommunityMortgage program, as well as any other loan requiring nontraditional credit to qualify.
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It used to be, way back in 2005, that if you were working with a borrower who was behind on payments, you smiled when you learned that it was an FHA loan, because you knew that HUD foreclosure prevention programs were solid and reliable.
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Congressman Barney Frank and Representative Maxine Waters sent a letter to President Bush, urging him to place FDIC Chair Sheila Bair in charge of foreclosure prevention on mortgages acquired through the recently passed $700 billion legislation. You know, the one where the federal government was going to buy distressed mortgages? Never mind that they’ve already spent half of the money injecting capital into banks and NOT buying mortgages.
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In some ways, the interests of the mortgage insurance companies are more closely tied to homeowners who are trying to prevent foreclosure than anyone else involved in the foreclosure process. Housing Wire recently reported that Genworth Financial is expanding its pre-purchase education efforts to inform borrowers about their options if they fall behind on payments and need to prevent foreclosure.
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