Bloomberg News: Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home. Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit [...]
Posts under ‘legislation’
42,000 of California’s jobless will get help with mortgages
The U.S. Treasury Dept. announced yesterday it is providing additional funding to a California program to help homeowners struggling to make their mortgage payments due to unemployment. The program, administered through the California Housing Finance Agency (CalHFA) will assist struggling borrowers make up to six months of mortgage payments. Lenders will be asked to match [...]
Feds Asked to Stop Home Resale Fees
Housing advocates and experts hosted a press conference today to launch the Coalition to Stop Wall Street Home Resale Fees and ask United States Secretary of the Treasury Timothy Geithner to ban the financial scheme. Wall Street Home Resale Fees are a controversial new financial scheme that has already been restricted in 17 states, with [...]
Home prices increase 1.3 pct. in May from April
Yahoo Finance: Home prices rose in May for the second straight month as federal tax incentives pulled more buyers into the market. The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 1.3 percent increase in May from April. Nineteen of 20 cities showed price gains month over month. Minneapolis and Atlanta [...]
Closing deadline extended for federal tax credit
President Obama signed a bill Friday extending the closing deadline for the federal home buyer tax credit to Sept. 30, 2010. The bill is retroactive and covers from June 30, 2010 to the date of enactment of the extension. To qualify for the extension, home buyers must have entered into a contract prior to May [...]
California to offer program to trim underwater mortgages
Lots of people will want to get in on this one: California is going to use federal money to pay down the mortgages of struggling homeowners. The California Housing Finance Agency announced Wednesday that it will spend $420 million to trim individual mortgages by up to $50,000. Lenders will be asked to match the amount, [...]
Anti-deficiency bill passes Assembly Judiciary Committee
The Assembly Judiciary Committee passed SB 1178 (Corbett) yesterday with a bipartisan vote of 7-1. The bill, which will extend anti-deficiency protections to homeowners who have refinanced “purchase money” loans and now are facing foreclosure, now must pass the Assembly before going to the governor for his signature. SB 1178 passed the Senate earlier this [...]
House passes bill to extend tax credit deadline
The U.S. House of Representatives passed a stand-alone bill yesterday extending the closing deadline for the federal home buyer tax credit to Sept. 30, 2010. Backers of the House measure said the 90-day extension would permit tens of thousands of home buyers whose paperwork didn’t clear by June 30 to still receive the credit. Estimates [...]
