Welcome! Please Sign In. New to Nesters.com? Register here!
 
 
 
 
 
 

Nesters Blogs

The federal government (FHFA) just announced new rules that would allow many more struggling borrowers to refinance their mortgages at today’s ultra-low rates, reducing monthly payments for some homeowners and potentially providing a modest boost to the economy.

The Federal Housing Finance Agency, working with the Obama administration, said that up to 1 million “underwater” borrowers might benefit from an expanded program that targets homeowners who owe more than their properties are worth.

But the program might not have a major impact on the economy. There are about 11 million underwater borrowers in the country. And under an illustrative example provided by FHFA, borrowers might reduce their payments by just $26 per month; the Obama administration is touting savings of up to $200 per month. It will depend on the fees charged to borrowers for taking part in the program.

Details of the Program:

  • Loan must be guaranteed by Fannie Mae and Freddie Mac
  • Mortgage origination date of May 31, 2009 or earler
  • Must be current on Payments
  • Appraisal may not be needed
  • Banks protected from buy backs

 

President Obama is planning to tout the expanded program during a visit with homeowners in hard-hit Nevada, as part of a new “We Can’t Wait” campaign. The president called for additional help in underwater borrowers in his speech to a joint session of Congress in September. The president is planning to cite the effort as an example of something being done to boost the economy while Congress refuses to take more dramatic action to reduce unemployment.

“We’re doing everything we can do to get the economy moving while we continue to pressure Congress and congressional Republicans in particular to step up and pass the American Jobs Act,” the president’s $447 billion proposal, said Dan Pfeiffer, White House communications director. Obama will propose executive actions to reduce student loan costs on Wednesday in Denver.

Mortgage rates are at a near rock bottom of 4.11 percent. But most underwater borrowers, who have not been permitted to refinance or face significant barriers in refinancing, pay rates far above that. According to research firm CoreLogic, more than 40 percent of borrowers who owe more than 125 percent than their properties are worth pay rates above 6 percent.

The regulators are revising an existing program, the Home Affordable Refinance Program, which has fallen far short of expectations since being rolled out in early 2009. At the time, officials said it might reach 5 million borrowers. To date, it’s reached 822,000, less than a tenth of whom have been significantly underwater borrowers.

“We know that there are many homeowners who are eligible to refinance under HARP, and those are the borrowers we want to reach,” FHFA Acting Director Edward J. DeMarco said.

The FHFA’s new rules slash fees for borrowers looking to refinance. And while in the past only borrowers who owed up to 25 percent more than their properties were worth could take part in the program, now there will be no cap on how much a borrower can owe.

Only loans that are guaranteed by Fannie Mae and Freddie Mac will be eligible. Borrowers must check with their lender or Fannie or Freddie to see whether they are eligible. Borrowers also must be current on their mortgage and not have made a late payment in the past 12 months.

To avoid all fees, borrowers, many of whom have 30-year mortgages, will have to take out a new mortgage of 20 years or less. That will mean that homeowners have fewer years to pay off their total balance, largely offsetting whatever they might be saving by taking advantage of today’s low mortgage rates. The plus side is that borrowers will pay off their mortgages more quickly.

On the other hand, if borrowers pay fees, they will be able to get a 30-year mortgage at the new low rates. That could potentially lead to $200 in savings per month.

One unknown is whether the fees will prevent borrowers from participating. FHFA is to publish final details in mid-November.

Thomas Dudley, president of the Federal Reserve Bank of New York, said Monday that refinancing initiatives are helpful, but not enough to address the nation’s housing crisis.

“Stabilizing the housing sector is particularly important because housing equity is an important part of household wealth,” he said. “This calls for a comprehensive approach to housing policy, starting with an urgent effort to remove the obstacles that make it difficult for all borrowers to refinance at today’s low mortgage rates, but extending beyond this to tackle other problems weighing on housing.”

Comments

do lala on Tuesday, June 05, 2012
Using the prospect of a ??home' final at Wembley Stadium,camisetas de futbol baratas the English side will be more motivated than ever to get to have a good run in the Champions League. And, whilst there is of course still a long way to go before this quest can become a reality, equipacion de futbol baratas a win against Marseille on Wednesday will at least take them 1 step closer to the prize?
do lala on Tuesday, June 12, 2012
The Mountaineers of Morgantown are the latest to step up their football fashion Nike Air Max, with new West Virginia football uniforms evidently hitting the field in the 2012 season. Plenty of options will be at their disposal, with the usual looks — white Nike Air Baratos, gold and blue pants and jerseys — as well as a new addition in the form of a grey West Virginia helmet and matching jersey and pants.
Krrish Group on Wednesday, August 22, 2012
I found your website perfect for my needs. It contains wonderful and helpful posts. I have read most of them and learned a lot from them.
Regards,
Luxury Apartment In Ncr
Krrish
John Martin on Tuesday, October 25, 2016
The central board economics organization, operational by the Obama management, thought with the aim of up to 1 million underwater borrowers capacity advantage beginning pay homework get done an prolonged curriculum that target homeowners who be obliged extra than their property are value.
wlpwlp on Thursday, January 12, 2017

Arthur sat in the burberry sale library michael kors handbags of the watches canada theological ugg seminary new balance outlet at Pisa, true religion outlet looking through a pile of mcm handbags manuscript sermons. boston celtics It was cheap barbour jackets a ralph lauren online hot evening in patriots nfl jersey June, and handbags outlet the ugg boots clearance windows stood wide grizzlies jersey open, with the shutters cheap nhl jerseys half closed for coolness. The Father polo ralph lauren Director, knockoff handbags Canon broncos nfl jersey Montanelli, michael kors outlet paused rams nfl jersey a ray ban outlet online moment in nba jersey his writing to redskins nfl jersey glance vans lovingly at nike free the black nike air huarache head bent asics gel over the papers.



"Can't air max you find ugg australia it, carino? Never mind; burberry I must rewrite burberry sale the passage. Possibly it coach factory online has got torn michael kors handbags up, coach bags and ray ban I coach outlet canada have jordans kept you all this cheap jerseys time for kate spade outlet online nothing."



Montanelli's voice ferragamo shoes was five finger shoes rather cheap oakley sunglasses low, vikings nfl jersey but timberland boots full and resonant, aktienkurse adidas with a silvery purity jimmy choo outlet of jaguars nfl jersey tone that gave to michael kors handbags his michael kors speech a peculiar ed hardy charm. It dsquared2 jeans was oakley sunglasses outlet the voice barbour jackets of a born swarovski online orator, rich in possible canada gooses outlet modulations. When he spoke to Arthur burberry outlet store its note rolex watches was always hugo boss clothes that of a michael kors outlet online caress.



"No, the north face outlet Padre, occhiali ray ban I must jerseys from china find eagles nfl jersey it; I'm sure michael kors bags you put it here. You will occhiali oakley never make givenchy handbags it nike air max the same oakley canada by rewriting."



Montanelli went oakley on with toms shoes outlet his red bottom shoes work. babyliss pro A nike roche run sleepy cockchafer hummed swarovski jewelry drowsily outside the window, coach factory outlet online and the ravens nfl jersey long, hermes birkin bag melancholy call of clippers jersey a north face outlet fruitseller echoed down lunette ray ban the nike street: prada outlet "Fragola! charlotte hornets jerseys fragola!"



"'On longchamp outlet the fake rolex Healing prada of michael kors the ralph lauren black friday Leper'; here veneta it is." burberry Arthur cheap oakley came across kobe bryant jerseys the ferragamo room burberry handbags with texans nfl jersey the pandora schmuck velvet nike tread that always exasperated woolrich mens jackets the hilfiger outlet good hogan outlet folk at burberry sale home. cheap michael kors He versace clothes was a swarovski crystal slender san antonio spurs jersey little creature, longchamp more like oakley vault an Italian thomas sabo in a north face sixteenth-century michael kors portrait than nike roshe a middle-class indoor soccer shoes English air max 90 lad of the thirties. air max From the softball bats long polo ralph eyebrows michael kors purses and dwyane wade jersey sensitive juicy couture mouth to giuseppe zanotti sneakers the small hands and feet, marc jacobs everything moncler jackets outlet about him adidas was mcm handbags too much jets nfl jersey chiseled, uggs overdelicate. Sitting still, he might have replica rolex been mcm handbags outlet taken michael kors for cowboys nfl jersey a very ugg pretty roshe girl hollisterco masquerading in male cheap clothes attire; but when juicy couture outlet he roshe run moved, his lithe agility true religion jeans men suggested converse sneakers a tame puma sneakers panther louboutin outlet without hermes the new balance shoes claws.



"Is north face backpacks that canada gooses really it? What should I do without you, Arthur? swarovski I ray ban outlet should air max 90 always be fossil uhren losing beats audio my baseball bats things. No, I am not going nike air max 2014 to write any atlanta hawks jersey more now. raiders nfl jersey Come huarache out into the garden, and I prada handbags will help you omega watches with your ralph lauren outlet work. ray ban sunglasses What is rockets jersey the cheap true religion bit you phoenix suns couldn't understand?"



They insanity workout went ray ban out into omega the ralph lauren outlet online still, shadowy celine bags cloister philadelphia 76ers jerseys garden. nike huaraches The ipad mini cases seminary basketball shoes occupied nike air max 2014 the buildings hollister of michael kors bags an old Dominican cheap true religion monastery, and cheap mlb jerseys two hundred michael kors handbags years ago the square brooklyn nets jersey courtyard had nike shoes outlet been packers nfl jersey stiff and uggs on sale trim, nike air max and pandora jewelry the wedding dresses rosemary ugg boots and adidas lavender coach handbags had christian louboutin shoes grown in close-cut ugg bushes between longchamp black friday the nike air max straight adidas box michael kors handbags edgings. Now the white-robed ray ban sunglasses outlet monks who had hilfiger outlet tended ralph lauren outlet online them coach outlet online were jordan laid chargers nfl jersey away handbags outlet and coach black friday forgotten; toms outlet but the polo ralph lauren scented oakley herbs beats by dr dre flowered still in air jordans the tory burch handbags gracious mid-summer swarovski jewelry evening, guess outlet online though nfl jerseys no man gathered uggs on sale their michael kors purses blossoms kings jersey for coach store simples any orlando magic jersey more. Tufts northface of wild parsley and nike roshe columbine filled the cracks between roshe runs the tory burch handbags flagged cavaliers jerseys footways, and coach store online the well in pandora charms the tommy hilfiger middle new balance canada of the mizuno running courtyard cheap ray ban was given up to ferns nike free run and burberry sale matted instyler stone-crop. The titans nfl jersey roses bears nfl jersey had run wild, and ralph lauren their straggling ugg boots suckers nike mercurial trailed ralph lauren across chiefs nfl jersey the uggs paths; p90x in mbt mens shoes the box borders flared great toms shoes red poppies; celine black friday tall foxgloves long champ drooped above the burberry handbags outlet tangled michael kors outlet online grasses; new balance and the old bucks jersey vine, untrained omega watches and barren tory burch outlet of fruit, swayed jazz jersey from the barbour jackets branches of valentino the neglected medlar-tree, michael kors bags shaking a leafy levi's jeans head adidas outlet with slow and sad lunette oakley persistence.



In toms shoes outlet one dallas mavericks jerseys corner abercrombie fitch stood a huge moncler jackets summer-flowering ray bans magnolia, a prada shoes tower hogan of pacers jersey dark asics foliage, splashed coach outlet sale here burberry outlet and nba jerseys there with milk-white ralph lauren uk blossoms. A oakley vault rough adidas online wooden cheap michael kors bench oakley sunglasses outlet had giuseppe shoes been seahawks nfl jersey placed against the oakley sunglasses trunk; cheap oakley sunglasses and nike free run 5.0 on bcbg max azria this Montanelli sat down. coach outlet Arthur was puma online studying philosophy at oakley sunglasses outlet the university; nike.com and, nike outlet coming wizards jersey to a katespade difficulty eyeglasses stores with cartier montres a under armour curry book, toms shoes had applied to cheap jordans "the Padre" mont blanc for an knicks jersey explanation tommy hilfiger of the hollister point. soccer shoes Montanelli was straightener a universal air jordan shoes encyclopaedia ray-ban sunglasses to coach handbags outlet him, though cheap glasses he tommy hilfiger had salomon never toms shoes been air jordan retro a nike shoes pupil of north face the seminary.



"I had adidas canada better jordans go ray ban now," he said when azcardinals nfl jersey the passage had ralph lauren outlet online been chrome hearts store cleared up; "unless you vans want ray ban me for anything."



"I coach black friday don't want to work 49ers nfl jersey any true religion jeans women more, but I should tory burch shoes like new balance you saints nfl jersey to ray ban outlet stay cheap jerseys a bit toms.com if michael kors outlet you abercrombie kids have raptors jersey time."



"Oh, converse yes!" ralph lauren online shop He oakley black friday leaned oakley back against abercrombie and fitch kids the tree-trunk and hollister kids looked up cheap nhl jerseys through golden state warriors jerseys the dusky jordan jerseys branches bottega veneta at the first north face faint stars glimmering ralph lauren factory store in a ralph lauren quiet thomas sabo sky. The the north face dreamy, free run mystical iphone 5 cases eyes, toms shoes deep blue under black burberry outlet online lashes, were oakley sunglasses an air max one inheritance barbour outlet online from his red bottoms Cornish pandora mother, and Montanelli turned his nike tracksuits head vans shoes away, that ralph lauren polos he might coach purses factory not hermes bags see them.



"You replica rolex are air max looking tired, abercrombie.com carino," he said.



"I can't help browns nfl jersey it." There was uggs outlet a ray ban wayfarer weary sound ralph lauren polo in louboutin uk Arthur's michael kors canada voice, and the lions nfl jersey Padre noticed it designer handbags at air max 2015 once.



"You nike outlet store should not have gone colts nfl jersey up to polo ralph lauren outlet college so oakley sunglasses cheap soon; nike air max you longchamp outlet were tired louboutin outlet out beats by dr dre with sick-nursing and being up denver nuggets jersey at nike outlet night. I ought to timberland outlet have prada sunglasses insisted on steelers nfl jersey your taking hollister a thorough rest before falcons nfl jersey you cheap nike shoes left coach factory outlet Leghorn."



"Oh, lacoste outlet online Padre, what's the use kate spade bags of that? I couldn't cheap oakley sunglasses stop michael kors black friday in nike that miserable house air max after mother bills nfl jersey died. uggs Julia dolphins nfl jersey would cheap michael kors have driven me supra shoes mad!"



Julia reebok was his salvatore ferragamo eldest buccaneers nfl jersey step-brother's wife, and fendi bags a thorn in uggs black friday his side.



"I should timberland shoes not uggs have wished you to hollister stay ray ban sunglasses outlet with your kevin durant jersey relatives," Montanelli pandora uk answered gently. "I am ray ban outlet sure mcm bags it would mcm bags have been the jimmy choo shoes worst oakley sunglasses possible thing for tn pas cher you. But chaussure timberland I hollister co wish panthers nfl jersey you nike could have marc jacobs accepted nike canada the invitation ralph lauren of burberry handbags your horloges English doctor friend; timberwolves jersey if you nike Air Max Plaza had ray bans spent a month michael kors in hilfiger online shop his dre beats house coach handbags you uggs outlet would have longchamp been more fit to swarovski canada study."



"No, michael kors Padre, I barbour jackets shouldn't longchamp indeed! The abercrombie Warrens are bcbg max very good rolex replica and nike kind, discount shoes but they don't understand; converse and then they are sorry for me,--I can converse shoes see it in polo ralph lauren outlet online all cheap mlb jerseys their burberry handbags outlet faces,--and they would nike air yeezy try to console michael kors black friday me, north face and michael kors talk plein outlet about mother. louboutin Gemma wouldn't, tommy hilfiger of hollister course; she chi flat iron always michael kors taschen knew bengals nfl jersey what ray ban sonnenbrillen not new orleans pelicans to michaelkors.com say, even true religion when air force we north face jackets were ray ban black friday babies; adidas outlet but the kate spade outlet online others would. armani shoes outlet And cheap jerseys it pandora isn't longchamp handbags only calvin klein underwear that----"



"What chi hair is trail blazers jersey it giants nfl jersey then, burberry my nba jersey son?"

ugg

Post a comment...

Only registered users may post comments.
 
Login