Eureka Capital Investments
REVITILIZING THE US REAL ESTATE MARKET
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Posts Tagged ‘Foreclosures’
Fannie Mae Suspends Foreclosure Sales Pending Administration Announcement
WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced it is suspending all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration’s national foreclosure prevention and loan modification program.The company had previously put in place a suspension of foreclosure sales through January and had previously suspended all evictions through the end of February. In addition, the company adopted a national Real Estate Owned (REO) Rental Policy that allows renters in Fannie Mae-owned foreclosed properties to remain in their homes or receive transitional financial assistance should they choose to seek new housing.
U.S. housing bailout plan to be announced next week
A housing rescue plan being considered by the Obama administration could strike at the heart of the credit crisis but its scale, complexity, and the potential for controversy poses challenges for policymakers.
The plan is due to be announced by President Barack Obama on Wednesday and is expected to break new ground by helping troubled borrowers even before they miss a mortgage payment.
If it works, officials will have a standardized approach to quickly determine whether a borrower is in trouble, revalue the home, and set new mortgage terms under a program that could help contain losses for banks that have incurred huge losses on bad housing investments.
The hope is that a uniform standard will do two things: give legal cover to rewrite loan terms and provide a universal template to quickly churn through the rolls of troubled borrowers. Mortgage servicers, the companies that collect a borrower’s monthly payments, are often hamstrung by contracts and cannot loosen loan terms. See full article
Financial Stability Plan
On Tuesday, February 10th, Treasury Secretary Timothy Geithner outlined a comprehensive plan to restore stability to our financial system. In the address, Secretary Geithner discussed the Obama Administration’s strategy to strengthen our economy by getting credit flowing again to families and businesses, while imposing new measures and conditions to strengthen accountability, oversight and transparency in how taxpayer dollars are spent. And Secretary Geithner explained how the financial stability plan will be critical in supporting an effective and lasting economic recovery.
For more information, please visit http://www.treas.gov/initiatives/eesa/