Project Lifeline, which allows extra time for lenders and borrowers to try to work out more affordable terms, was unveiled today. The program would let qualified homeowners who are at least 90 days late on their mortgage payments pause the foreclosure process for 30 days to figure out a way to modify the mortgage. “Project [...]
Entries Tagged as 'Mortgage Legislation'
Project Lifeline Unveiled for Homeowners in Foreclosure
February 12th, 2008 · 1 Comment
Tags: Avoiding Foreclosure · Foreclosure Information · Mortgage Legislation · Mortgage Refinancing
Stimulus Plan Pushes Fannie Mae and Freddie Mac into Riskier Grounds
February 8th, 2008 · No Comments
The economic stimulus package passed by Congress last night would temporarily permit Fannie Mae and Freddie Mac to buy or guarantee mortgages 25 percent higher than an area’s median home price — to a maximum of $729,750, up from the current limit of $417,000. A federal regulator yesterday suggested that a measure that would allow [...]
Tags: Foreclosure Statistics · Mortgage Legislation · Mortgage Notes
Senator Dodd Continues to create the Home Ownership Preservation Corporation
February 1st, 2008 · No Comments
A proposal to bail out subprime mortgage borrowers who are at risk of foreclosure was floated at a Senate Banking Committee hearing yesterday. Senator Chris Dodd, said he is working to create a Home Ownership Preservation Corporation, which would purchase mortgage securities that are backed by at-risk, subprime loans from lenders and investors. This corporation [...]