Few Qualified Delinquent Borrowers Getting Federal Help
Few Qualified Delinquent Borrowers Getting Federal Help
Washington Post
Less than 10 percent of delinquent borrowers eligible for the Obama administration's $75 billion foreclosure prevention program have received help so far, according to Treasury Department estimates released Tuesday morning, showing that the effort has been carried out unevenly throughout the industry. Of the 2.7 million borrowers who have missed at least two mortgage payments, only 235,247 have received loan modifications so far. Most of those modifications have been completed by just a few banks, while other lenders have finished relatively few.
Pending Home Sales Rose 3.6 Percent in June
The Associated Press
Pending home sales rose 3.6 percent in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, according to the National Association of Realtors.
Study Finds Underwater Borrowers Drowned Themselves with Refinancings
Wall Street Journal
Why are so many homeowners underwater on their mortgages? In crafting programs to prevent foreclosures, policymakers have assumed that the primary reason homeowners owe more on their home than it is worth is that they bought at the top of the market. In other words, they’ve lost equity primarily through forces beyond their control. A new study challenges this premise and finds that excessive borrowing may have played as great a role.