Bank of America Pledges Help to Troubled Owners
- By:
- MortgageLoan.com | April 29, 2008
With the takeover of home-loan giant Countrywide Financial Corp imminent, the Bank of America took time off its round table negotiations to promise help to the troubled 265,000 borrowers struggling to keep their homes over the next two years by refinancing or modifying at least $40 billion in mortgages.
Bank of America also plans to double its community development lending, which focuses on affordable housing, small businesses and people in low-income and minority neighborhoods, to $1.5 trillion during 10 years, said Liam E. McGee. "It's very much our intent to make mortgages available to the undeserved. But we're going to make sure that people who get loans from us repay them and stay in their homes."
According to reports from The Times, the nation's largest retail bank also plans to donate $2 billion to charity over the coming decade, a 33 percent increase from its current level.
McGee is expected to unveil the commitments Monday while testifying at a Federal Reserve hearing on the bank's plan to buy Countrywide, the nation's largest mortgage lender, for $4 billion in stock.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
US Treasury Shifts TARP Focus, Routs Global Markets
- By:
- Bill Rice - MortgageLoan.com | November 13, 2008
Unclear on what facts had changed, Paulson outlined a radical departure from the core premise of the original TARP proposal. The US Treasury is no longer considering the buying of troubled mortgage-backed assets, which have now dropped to about 42 cents on the dollar.
Government's Loan Modification Program May Fall Short
- By:
- Bill Rice - MortgageLoan.com | November 12, 2008
Federal Housing Finance Agency (FHFA) Director James B. Lockhart unveiled the US government loan modification program to great anticipation. With over 300,000 properties under foreclosure filing according to RealtyTrac, a foreclosure tracking company, the relief can not come quick enough.
5.77
