Banks Block Obama on Mortgage Stimulus Plan Bloomberg
A U.S. program to help as many as 5 million homeowners refinance their mortgages is being hindered by reluctant lenders, suffering a similar fate to the government’s main foreclosure-prevention effort.
The Obama administration introduced the plan in April 2009 in a bid to prevent defaults among borrowers who were current on their payments but had little or no equity after the average home price had tumbled 33 percent since the July 2006 peak. The Home Affordable Refinance Program, known as HARP, was designed to allow these homeowners, who usually can’t qualify for new loans, to benefit from the lower rates engineered by the Federal Reserve to help stimulate the economy.
About 810,000 homeowners refinanced through HARP as of May, according to the Federal Housing Finance Agency, far short of the administration’s goal. The program’s limited impact threatens to prolong the nation’s foreclosure crisis while keeping billions of dollars out of consumers’ hands -- money that could flow into the economy in the form of additional spending or investment.
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Americas Watchdog Endorses American Interbanc As The Best Mortgage ... - PR Web (press release) Americas Watchdog Endorses American Interbanc As The Best Mortgage devoted to protecting homeowners from predatory mortgage lenders, and or banks that gouge consumers, on a home loan, or refinance. |
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Family wonders if Countrywide deal will help fix their mortgage mess - Colorado Springs Gazette Family wonders if Countrywide deal will help fix their mortgage mess On Friday, Bank of America, which has taken over Countrywide, announced at least a three-week moratorium on foreclosures on all its mortgage loans. |
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Homeowners flock to low rates - The Coloradoan Homeowners flock to low rates “People who may have qualified for a loan as early as six months ago may not qualify now,” said Jenifer Saltzman, senior vice president of the Colorado |
Countrywide reaches settlement with state - Pueblo Chieftain
Pueblo ChieftainCountrywide reaches settlement with state The mortgage broker will give up to $6 million to borrowers who are in trouble with their home loans. By CHARLES ASHBY DENVER - The Colorado Attorney
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Home Refinancing Decision Takes Some Care - cbs4denver.com Home Refinancing Decision Takes Some Care "If you can lower your rate by half a percentage point or greater, it's time to refinance," says Padilla. That may often be true. A qualified mortgage |