Under a directive from the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have expanded access to refinancing options for clients who meet certain low-income thresholds. septiemGrants for Homeowners Mortgage, Resources. "They're really going to be the first canary in the coal mine in terms of what the broader implications are going to be. Looking for Congress’ Mortgage Stimulus Program Here is Why Fannie Mae’s New Refinance Option RefiNow Could be a Better Choice. "If this is something that goes on for six months or more, then I think you're going to continue to see a lot of stress, and I would really emphasize the place to look right now is the FHA market, with the credit quality of their borrowers," he said. The real question is the duration of this," Calabria said. The purpose of a mortgage loan modification is to get your monthly payment to a more affordable. "The truth is that subprime really didn't as much go away as it went into FHA, so you have a lot of FHA borrowers who I think are vulnerable. These are low down payment loans to borrowers with lower credit scores, and they are insured by the federal government. While the mortgage market was much healthier going into this crisis than it was going into the subprime mortgage crisis, there is still one very vulnerable area: FHA loans. "If this goes beyond two or three months and we start to get worse than that, then that's going to be a lot of strain, and certainly we're going to start to see some firms get into a lot of liquidity trouble," he added.
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