Items Tagged with 'principal forgiveness'

ARTICLES

  • Morgan Stanley takes first steps in offering $400M in consumer relief in New York

    Part of $3.2 billion settlement over "deceptive" mortgage bond practices
    Earlier this year, Morgan Stanley agreed to a $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis. Part of that settlement included a commitment to provide $400 million in consumer relief for New York residents. Now, Morgan Stanley is taking its first steps to fulfill that commitment.
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  • Who is eligible for principal reduction? New report sheds light on groundbreaking program

    Just how many borrowers are eligible? Where are they located?
    When the Federal Housing Finance Agency announced earlier this year that it was going forward with a groundbreaking plan to offer principal reduction to a select number of borrowers, the details on who exactly would be eligible were somewhat scarce, outside of the stipulations for the program provided by the FHFA. A new report from the FHFA provides more detail on how many borrowers are eligible and where they are located.
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  • Fannie Mae announces plans to securitize re-performing loans

    Mortgage bonds built on previously delinquent loans coming later this year
    Less than two weeks after the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will be reducing the principal on as many as 33,000 delinquent or underwater borrowers, Fannie Mae announced it now plans to begin securitizing loans that were once delinquent.
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  • FHFA principal reduction plan garners mixed reaction from housing industry

    Some love it, others not so much
    It’s only been a short time since the Federal Housing Finance Agency shook up the housing industry by announcing that it plans to begin offering principal reductions to certain borrowers, but reactions from both sides are beginning to trickle in. Some in the housing industry love it, some believe that the FHFA's plan doesn't go far enough, while others are concerned that the program sets a "dangerous precedent."
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  • FHFA makes it official: Principal reduction is coming

    Plan is 'final crisis-era' modification program
    A day that many in the housing industry thought would never come is finally and actually here, as the FHFA is making it official – widespread principal reduction is coming. In what it is calling a "final crisis-era modification program," the FHFA announced Thursday that it will be launching a principal reduction program for some borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac.
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