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Rep. Dennis Cardoza (D., Calif.) wants to allow all homeowners with traditional, 30-year fixed mortgages backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) to refinance into market rates, according to spokesman Mike Jensen. Unlike other government initiatives to help troubled borrowers, Cardoza's idea would ignore income, credit history or loan-to-value ratios to lower the cost of owning a home for up to 30 million homeowners.
MY NOTE: this will help many but will unless they reduce principle the risk of foreclosure will remain as people are shackled to houses without being able to sell out for job transfers and life changes. click title link to read full article.
3 articles to look at :
Refinance Bill Drastically Alters Market
Rep. Dennis Cardoza (D., Calif.) wants to allow all homeowners with traditional, 30-year fixed mortgages backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) to refinance into market rates, according to spokesman Mike Jensen. Unlike other government initiatives to help troubled borrowers, Cardoza's idea would ignore income, credit history or loan-to-value ratios to lower the cost of owning a home for up to 30 million homeowners.
MY NOTE: this will help many but will unless they reduce principle the risk of foreclosure will remain as people are shackled to houses without being able to sell out for job transfers and life changes. click title link to read full article.
CoreLogic Hosts Mortgage Fraud Consortium
SANTA ANA, Calif., Sept. 28 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information and business services, today announced that the next meeting of the CoreLogic Mortgage Fraud Consortium is scheduled for October 5-7 inChicago. Click title link for more infomation.
Dubai Islamic Bank wins control of mortgage lender
Dubai Islamic Bank assumed control of troubled mortgage provider Tamweel on Sunday, boosting its stake in a bid to spur real-estate lending in the debt-laden emirate.
The deal carried the blessing of Dubai's government, which announced the transaction before the bank itself did.
The media office of Dubai's ruler called the transaction a testimony to the emirate's "commitment to finding incentives for further development of all economic sectors across the UAE," and said it hoped the deal would allow Tamweel to resume providing mortgages and other real estate financing.Click on title link for full article.
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