Homeless warning amid unemployment - The UK is facing a "homelessness time bomb" as a third of people would lose their homes within three months if they lost their job, a survey said.
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Sunday, November 16, 2008
Thursday, November 13, 2008
FHFA Announced Loan Modification Program for Fannie, Freddie
Federal Housing Finance Agency (FHFA) director James Lockhart announced on Tuesday that the FHFA, along with Fannie Mae and Freddie Mac, would be adopting a new, streamlined approach to loan modifications.
Lockhart said the loan modification program, which he is asking to be adopted as the industry standard, will take effect Dec. 15. The new approach will target high-risk borrowers who have missed more than three payments, and should help homeowners modify loans and prevent foreclosures, he said.
Read More NowPaulson Abandoned Asset Purchase Plan In Favour Of Capital Purchase Plan
Treasury Secretary Henry Paulson said the original idea behind the $700 billion rescue package is no longer an effective use of the allocated funds. That approach has been abandoned in favour of the Capital Purchase Plan, which is already directing liquidity into financial firms, he announced Wednesday.
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federal government to buy $50 billion in residential mortgages
The federal government will purchase another $50 billion in residential mortgages to ease the credit crunch facing Canadian banks.
Mortgage Program Changes Considered By Government
The government may allow more borrowers to qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones.
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