The News Review:
- Mortgage refinancing is up for some
- bama’s mortgage plan up against fast-rising defaults
- The $275 Billion Housing Bailout Big Question
- LI experts applaud bama plan to help with foreclosures
Mortgage refinancing is up for some
Business Gazette MD -
net–> Wednesday Feb. 18 2009 Mortgage refinancing is up for some Low interest rates spur homeowners but many don't qualify by Kevin James Shay and Lindsey Robbins | Staff Writers.
bama’s mortgage plan up against fast-rising defaults
Los Angeles Times CA -
“All of us are paying a price for this home mortgage crisis” he said. “And all of us will pay an even steeper price if we allow this crisis to deepen. ne part would allow borrowers whose homes have lost value to refinance their mortgages at today’s relatively low interest rates even if the homeowner has little or no home equity left. To be eligible borrowers must live in their homes and have a loan that is owned or guaranteed by Fannie Mae or Freddie Mac. The opportunity to refinance will help “homeowners who have played by the rules [and] have been making their payments on time” but have been unable to refinance because collapsing housing prices have eroded the equity in their homes said Housing Secretary Shaun Donovan. The plight of those borrowers Donovan added “just isn’t fair and it’s something that we will help to fix. Because the refinancing program will lower payments for many middle-class families it will directly benefit the overall economy Treasury Secretary Timothy F.
The $275 Billion Housing Bailout Big Question
Huffington Post NY -
In other words the second mortgagee is not impacted. I believe that most real estate attorneys would agree that in these cases the second mortgagee’s approval is not necessary. More problematic is the refinance scenario. In this situation an existing mortgage is being released from the land records and a new mortgage (refinance) is going on the land records. By definition once the existing first mortgage is released the old second mortgage becomes a first mortgage. Any new mortgage would then be subordinate to the old second. In this situation the refinance could only proceed if the second mortgage was released R if the new loan was actually a second mortgage.
LI experts applaud bama plan to help with foreclosures
Newsday NY -
” And while she liked most of the plan Marten said she believed it was “unfair” that people who have been current on their mortgages would have a harder time refinancing than those who had fallen behind in payments. ” There seems to be no “may” for those who are not current on their mortgages she said. Long Islanders react to President Barack bama’s announcement yesterday on a $75-billion plan to stave the flow of foreclosures PATRICK MTYKA JR. 28 of Brentwood “I think the problem is a lot larger” he said. “You’re going to have to fix a lot of other things.
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