April 8th, 2009 by dmitriy
This guide provides an overview of the FDIC’s program to assist bankers, servicers, and investors in this process. It outlines FDIC program terms at IndyMac Federal Bank, offers insight into the specific portfolio characteristics that drive modification modeling at that bank, and provides a framework for developing and implementing a similar program at your institution.
Federal Deposit Insurance Corporation (FDIC) official Loan Modification Guidelines.
FDIC “Loan Mod in a Box” additional Loan Modification Tools
Background
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives to achieve a sufficient scale in loan modifications to stem the reductions in housing prices and rising foreclosures.
Modifications should be provided using a systematic and sustainable process. The FDIC …
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March 9th, 2009 by Geoff Marks
If you ever wondered what the official Mortgage Modification Guidelines look like, we provided the highlights of the program below.”Making Home Affordable” will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.
The “Home Affordable Refinance” program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the “Home Affordable Refinance” program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance …
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February 18th, 2009 by Geoff Marks
In an effort to keep 9 million people from loosing their homes President Barack Obama unveiled his $75 billion mortgage relief plan on Wednesday, February 18th
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February 17th, 2009 by michael e. riley
By THE ASSOCIATED PRESS, February 13, 2009
WASHINGTON (AP) — Several big banks, including JPMorgan Chase and Citigroup, are expanding efforts to halt home foreclosures while the Obama administration develops a plan to help struggling homeowners.
The White House said President Obama would outline his plan to spend at least $50 billion to prevent foreclosures in a speech on Wednesday in Arizona, one of the states hardest hit by the foreclosure crisis.
“It’s not intended to be measured by one day’s market scorekeeping, but instead to ensure that the 10,000 Americans each day that have their homes foreclosed on — and the millions more that are barely getting by — are protected,” the White House press secretary, Robert Gibbs, said Friday.
Treasury Secretary Timothy F. Geithner announced a revised effort to stabilize the financial system on Tuesday. It included outlines …
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