FHFA Fires Next Round In Housing Market Battle
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.
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