Mortgage Foreclosure & Refinance Resource

Now, with the economy in full retreat and the jobless rate rising, borrowers and lenders in areas with previously marginal foreclosure rates are bracing for the worst.
As a result, the banking industry has taken pre-emptive measures to help borrowers. The best example is an initiative, announced this month, to help those who took out loans [...]

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Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure.
“This program is extremely difficult and complex and just not logistically possible,” said Jason Graydon, a mortgage loan officer with Bank of Travelers Rest, in Travelers [...]

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Fannie Mae, Freddie Mac and HOPE NOW, along with the Treasury and Federal Housing Finance Agency (FHFA), devised a free market plan to help only those homeowners whose mortgages are guaranteed toxic. In compliance with the Bush Administration doctrine – assist no homeowner who can make his payments or can be foreclosed profitably. [Sarcasm homegrown].
In [...]

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