We have finally received news from the Federal Housing Finance Agency (FHFA) on what their plans are for reducing "preventable foreclosures" in the coming year. James Lockhart, the FHFA Director issued the statement yesterday with a preamble that stated "I do not like interfering with your Veterans Day, but as you all know there is a battle going on in the housing market."
As the regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBanks), the Federal Housing Finance Agency (FHFA) role in this action is to provide a streamlined program with uniform eligibility requirements and a consistent, efficient process approved by key industry participants. This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, the Department of the Treasury, the Federal Housing Administration (FHA) and FHFA.
Federal Housing Finance Agency Offers Streamlined Modification Program
The News Release that the FHFA issued on Veterans Day outlines the streamlined modification program that will be utilized to process the foreclosures which have increase almost 150% from two years ago! In this release, the FHFA says that its Enterprises have mortgages which represent only 20% of serious delinquencies, and it is asking all the "private label" securities to adopt this program to create an industry standard.
The program targets the highest risk borrower who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed for bankruptcy. To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested income information.
Download The FHFA Streamlined Modification Program Announcement
The FHFA provided an easy-to-read news release that explains the program. It includes a lengthy portion dedicated to questions and answers on the streamlined modification program. You can download the FHFA news release in pdf format from here.
Happy Anniversary Trent And Mary Lou Manausa
Today is my parents wedding anniversary, so if you run into either one of them, please wish them a happy anniversary. I'm just amazed that my Mom has put up with Dad for so long.....
|Subscribe in a reader||Subscribe by email|
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible. Additionally, if you would like to respond (leave a comment) to this article, you will need to “click through” to the blog site to post your feedback.
If you like this Article then please subscribe to my blog through a full RSS feed, or you can . You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.