More Changes for Lenders as Additional Foreclosures Loom

In a series of meetings this week at the Treasury Department, government officials reached a verbal agreement with executives from 25 mortgage companies on a new goal of completing 500,000 loan modifications by November 1, 2009.  This comes in response to fears that the Obama administration will not meet their original goal of helping over [...]

More Foreclosures Imminent

Assistant Secretary to Financial Stability,  Herbert Allison,  reported to the Senate Panel that the Government is considering a proposal to allow homeowners to remain in their homes as renters after foreclosure proceedings have ended… an attempt by the current administration to address the abundance of vacant homes across the country. Freddie Mac launched a similar [...]

Treasury May Buy Mortgage Debt

A plan being lobbied to the U.S. Treasury involves them buying mortgage debt in hopes of driving  mortgage interest rates down to 4.5% .  The plan has yet to be announced officially. The Treasury would buy mortgage backed securities from Fannie Mae and Freddie Mac.

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