Mortgage Rescue Eligibility Still Being Finalized

Mortgage Rescue Eligibility Still Being Finalized
Renae Merle, The Washington Post

A day after President Obama unveiled his $75 billion foreclosure prevention program, administration officials yesterday said they were still determining which homeowners should qualify.

The administration is developing a standard for lenders to use in evaluating applicants that seeks to exclude homeowners who are not in real need or are too far behind in their payments to be saved. Officials have set some conditions for eligibility, including requiring that borrowers' mortgage payments consume more than 38 percent of their income and that the property be a primary residence.

Realty Plan Fuels Call to Clarify Appraisal Rules
Emily Flitter, Financial Planning

The financial services industry is pushing regulators to clarify appraisal requirements for loan modifications in response to the Obama administration's new plan to prevent foreclosures.

Some lenders are concerned that current regulations mandate that they get new appraisals for all real estate-related transactions, including refinancings and loan modifications. Banking industry representatives argue that doing so is increasingly difficult in hard-hit markets, and that the Obama plan, which is designed to encourage modifications, does not tackle the issue.

Big Mortgages Are Available, For A Price
Kathleen Doler, Investors Business Daily

Big loan, big headache?

The housing and financial crises have made the path to finding a jumbo mortgage trickier to navigate. But loans of $1 million, $3 million or even $10 million can still be found with a little work and the right contacts.

Public, Bankers, Analysts Debate Merits of Obama's Foreclosure Plan
PBS, Transcript from the Online NewsHour

Reaction in the banking world and among the public to President Barack Obama's plan to ease home foreclosures has proven mixed. Analysts debate the plan's merits and examine what the measure may mean for homeowners and lenders.

What to do with Fannie and Freddie?
Matt Carter, Inman News

Lawmakers have three options for getting Fannie Mae and Freddie Mac out of conservatorship: nationalize the companies, retain their public-private status with increased oversight, or sell them off to private investors.

That's according to James Lockhart, who was appointed by former President George Bush in 2006 to head the regulatory agency that oversees Fannie and Freddie.