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• W39811272 abstract "The financial wreckage of recent weeks means that potentially thousands of people around the country, and especially in the New York metro area, could soon be joining the ranks of those who cannot make their mortgage payments. That represents an ironic twist that may have more than a few people thinking, desserts. Whatever your view on that, their situation swells the ranks of homeowners facing foreclosure without some help, which will only prolong the downward spiral of home prices. Title IV of the Housing and Economic Recovery Act, signed into law in July, could provide some relief-not just for Lehman Brothers employees, but potentially for hundreds of thousands of at-risk borrowers. Entitled for Homeowners, Title IV is a voluntary program that permits the Federal Housing Administration to refinance up to $300 billion in loans, providing guarantees (really insurance) on refinanced loans to help distressed users of subprime, Alt-A, and other exotic loan types move into fixed-rate mortgages they can afford. Permits doesn't quite describe the intense political pressure FHA and its parent-the Department of Housing and Urban Development--are under to get the program ramped up quickly, and to have it assist large numbers of people. The start date was set for the first of this month, and as of mid September, FHA was working feverishly to meet that, with the help of banking regulators, one of whom--the FDIC--sits on the program's Oversight Board, along with Treasury and HUD. The following QA interviews with two bankers, both mortgage lending veterans; and input from FHA. Some details of the program were still being hammered out as this was being written. [ILLUSTRATION OMITTED] What is the goal of the program? Basically to prevent foreclosures. To provide aid to distressed borrowers currently trapped in mortgages they cannot afford, to quote from FHA's consumer-oriented Hope for Homeowners website (www.hopeforhomeownersprogram.org/). By preventing foreclosures, the program would help stabilize neighborhoods and home values, and, on a larger stage, help restore confidence, liquidity, and transparency to the credit markets. Who can participate? Borrowers who owe more on their houses than the house is worth and whose current mortgage payments are unaffordable. The refinance program is only for owner-occupied properties and only for mortgages made on or before Jan. 1, 2008. FHA has established a mortgage debt-to-income ratio (including insurance and taxes) of 31% as a proxy for being unable to afford payments. The Oversight Board may move the ratio higher. In contrast to many of the no-doe and stated-income loans that are being refinanced, the new FHA program requires documentation, with some exceptions. Initially two years of tax returns were to be required, as well as bank account information, job histories, and credit scores. But because many borrowers who got in trouble with adjustable loans probably wouldn't have gone that route if they could have provided income documentation, as one of the bankers explained, FHA became concerned that program participation could be curtailed. So in mid September the agency acknowledged it was moving to adopt a trial qualification plan as an alternative to tax returns. The general idea is if a borrower could make payments for, say, three months under the program, they could then qualify for FHA insurance. What will they get? A new FHA insured, fixed-rate loan for a term of no less than 30 years with a principal amount of no more than 90% of the current appraised value of the property. In other words, the borrower instantly has equity in the home, and, in most cases, substantially lower payments. Plus they have a fixed rate. In return for this they pay an annual fee to FHA of 1. …" @default.
• W39811272 created "2016-06-24" @default.
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• W39811272 date "2008-10-01" @default.
• W39811272 modified "2023-09-28" @default.
• W39811272 title "Bankers' View of the New Hope for Homeowners Program: Answers to Some Questions about the FHA Program, Which Was Due to Begin Oct. 1" @default.
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