On Friday, January 15, 2010, HUD Secretary Shaun Donovan issued a press release, as part of HUD’s Neighborhood Stabilization initiative, temporarily waiving FHA’s 90 Day Seasoning Rule. Amazingly, HUD is cognizant that the seasoning guideline is having a negative impact on alleviating the problem of abandoned and blighted homes:
“In today’s market, FHA research finds that [...]
These agencies issued a joint statement to put the pressure on banks to resume Lending again. “The statement calls on banks to step up and ensure that the needs of credit-worthy borrowers are met and to continue raising capital to support the nation’s financial system. It also calls on financial institutions to take on aggressive [...]
July 22, 2008 – CMPS Institute
“There are two main issues that need to be addressed regarding the problems being experienced by Fannie Mae and Freddie Mac,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.
Issue #1 – Short-term crisisFannie and Freddie currently purchase a whopping 68% of all [...]
YouNewsTV™Story Published: Jun 18, 2008 at 8:36 PM MDTStory Updated: Jun 18, 2008 at 8:36 PM MDTBy Associated Press SEATTLE (AP) – Washington Mutual Inc. said Wednesday it would stop offering two types of complex mortgage products as part of a shift in its mortgage business, as it works to deal with the fallout from [...]
More than a Million Homes in Foreclosure in Latest Report – June 5, 2008
NEW YORK (CNNMoney.com) — More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.The Mortgage Bankers Association’s first quarter report showed that a record [...]