Items Tagged with 'U.S. Treasury Department'

ARTICLES

Here’s the U.S. Treasury’s plan to preserve access to mortgage credit

In good times and bad
The financial crisis caused a major shift in the housing market as the credit box pendulum swung too far in one direction. The impact of this left many would-be homeowners with no financial options. The Treasury Department’s latest blog proposes three ways the government can make sure the housing market functions in good times and bad.
Read More
From HW Magazine

Fed rate hikes: No need for consumers to worry

Borrowers should be looking at other factors, not interest rate hikes
Factors that affect the yield on 10-year Treasuries will over time be reflected in mortgage rates. Two of these are inflation and economic conditions. We have enjoyed a low inflation environment for a number of years but if we had a bout of higher inflation it would lead to higher rates as investors in bonds require additional compensation for a loss in buying power.
Read More

Treasury Spends $309m to Jump-Start Affordable Housing

The US Treasury Department is providing $309m to fund affordable housing projects stalled by the dearth of investment capital in today’s marketplace. The money — the latest of six similar payouts from $3bn in American Recovery and Reinvestment Act funds — will be divided among seven states: Arizona, Connecticut, North Carolina, North Dakota, Pennsylvania, South Carolina, and Vermont. The money will be used to fund affordable housing projects that already received state tax credits, but haven’t been completed because equity investors could not be found.
Read More

HAMP Creates Cash Flow Implications for Securitization: Amherst

The administration's Home Affordable Modification Program (HAMP), which allocates federal incentives to servicers, lender/investors and borrowers that participate in mortgage modifications, is creating significant repercussions for the secondary market. HAMP failed initially to address the treatment of forborne principal and the manner in which modifications should be handled in terms of delinquency triggers among securitizations, according to market insight this week from Amherst Securities Group.
Read More

Litton Loan Servicing Makes 40 in HAMP

Litton Loan Servicing, the servicing arm of Goldman Sachs, signed an agreement with the US Treasury Department today to become the 40th participant in the Home Affordable Modification Program (HAMP). HAMP allocates funds from Troubled Asset Relief Program (TARP) to servicers as interest rate subsidies or to distribute to participating lender/investors or borrowers.
Read More

Moody's Says US May Wind Down Fannie, Freddie

Two giant players in the US mortgage finance market share a 'bleak' near- to immediate-term outlook as losses continue to mount, according to Moody's Investors Service. Regulators may begin to wind down government-sponsored enterprises (GSEs) Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock] within the next 18 months, Moody's said Monday in a global banking analysis report.
Read More

Servicers Initiate 230,000 HAMP Trials, Says Treasury

Servicers have offered more than 400,000 mortgage modifications and initiated more than 230,000 trial modifications since the Home Affordable Modification Program (HAMP) began in March, the US Treasury Department said Tuesday. That progress, Treasury said, is on target to meet the Obama Administration’s announced goal of helping 3m to 4m homeowners receive affordable modifications during the next three years.
Read More