Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 279,561 U.S. properties in October, a 5 percent increase compared with the previous month and a 25 percent increase compared with October 2007, according to recent report from RealtyTrac®. One in every 452 U.S. housing units received a foreclosure filing [...]

The Federal Housing Finance Agency announced a new loan modification program designed to reduce preventable foreclosures with a simplified, streamlined program to put struggling homeowners into mortgage they can afford. The goal is to have a uniform process for loan modifications that the majority of lenders and servicers will use. Participants include Fannie Mae, Freddie [...]

The Federal Housing Finance Agency (FHFA) announced that the “new” conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. Loan limits for many areas of the state do not [...]

The Federal Housing Administration (FHA) of the U.S. Dept. of Housing and Urban Development has posted a list of lenders participating in the HOPE for Homeowners program. Participating lenders have indicated an interest in refinancing loans under the HOPE for Homeowners program.When contacting the lenders, the FHA is strongly encouraging consumers to also contact their [...]

The federal government on Tuesday announced the launch of a new program designed to assist with ongoing efforts to help stabilize the U.S. banking system and restore confidence in the country’s financial markets, as well as those abroad. So far, nine of the nation’s largest banks have agreed to participate in the program, which will [...]

Fannie Mae announced a management restructuring last Wednesday, resulting in Fannie’s chief financial officer and two other top executives leaving the company, and three current executives being promoted in their places. The new management team is effective immediately, and will oversee and implement the company’s capital management and credit-loss reduction plan.
News stories that Fannie Mae [...]

A new study from the Urban Institute and the U.S. Dept. of Housing and Urban Development (HUD) says there are significant disparities among borrowers, particularly minorities, and what they pay for closing costs when buying a home, including those with identical credit scores, loan terms, and mortgage amounts.
“The core problem is that too many Americans [...]

Roughly 183,000 at-risk homeowners were provided loan workouts in April, 23,000 more than in March, according to a new report from HOPE NOW, a private sector alliance of mortgage servicers, counselors, and investors working to prevent home foreclosures across the country. The April numbers represent the highest number of workouts provided through HOPE NOW since [...]

NeighborWorks America, a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts, has formed a new partnership with the Federal Reserve designed to help provide assistance to local communities nationwide who are trying to assess housing conditions in their areas, and assist local governments and non-profit [...]

The Bush Administration announced it is expanding federal mortgage assistance for subprime borrowers who are at risk of losing their homes, giving the Dept. of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) increased flexibility to insure more mortgages.
Under HUD’s FHASecure expansion plan, some 500,000 families are expected to be able to refinance into [...]