HUD Press Release From 2000 Reveals Roots of Housing Crisis

HUD No. 00-317

Further Information:
For Release

In the Washington, DC area: 202/708-0685
Tuesday

Or contact your local HUD office
October 31, 2000

HUD ANNOUNCES NEW REGULATIONS TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES

WASHINGTON – The U.S. Department of Housing and Urban Development today announced new federal regulations that require the nation’s two largest housing finance [...]

BREAKING NEWS:HUD TO OFFER $50K BRIDGE LOANS TO UNEMPLOYED HOMEOWNERS IN DISTRESS

The Obama Administration’s Department of Housing and Urban Development is today annnouncing plans to launch a new, $1 Billion loan program designed to help unemployed homeowners avoid foreclosure. While details are still being released as I write, initial reports from CNBC News indicate the program will provide homeowners who have lost their jobs and are three months behind on [...]

Interest Rates at Historic Lows

This week’s  July 5-July 9 Freddie Mac survey showed the 30 year fixed  mortgage interest rate average at 4.57%, down again from last week’s low of  4.58%, according to the California Association of REALTORS.  Borrowers will need to put 20% down and pay 0.7% of the loan amount in fees to obtain that rate. This is [...]

Foreclosed Homeowners Who Refinanced Shielded From Lenders on Deficiencies

Homeowners and Realtors won a huge victory June 3rd when the California Senate overwhelming passed a new foreclosure protection bill despite heavy resistance from lenders. Until now, distressed owners who refinanced their original mortgage but lost their home to foreclosure anyway were liable for the difference between what they owed and what the home was sold for at auction. Such [...]

No More Tax Liability On Short Sale Debt

Great news: California homeowners who are forced to sell their homes for less than their mortgage amount are no longer subject to taxation on the forgiven debt at either the Federal or state levels, the California Association of Realtors has announced today. Senate Bill 401 was enacted into law yesterday and covers indebtedness of up to [...]

Administration Announces New Loan Modification Requirements

There’ s more good news for homeowners who are having difficulty making their mortgage payments. The Treasury Department and the Department of Housing and Urban Development (HUD) have announced new requirements designed to increase the number of permanent loan modifications granted, the LA Times reports. Unsatisfied with the success of the Home Affordabe Modification Program(HAMP),  so far, the administration is scheduled to begin the new [...]

Successful Loan Modification Numbers Improving

The number of homeowners benefiting from the Obama Administration’s Home Affordable Modification Program was up 17% in January over the previous month, the Wall Street Journal reported recently. HAMP, as it is called, was launched a year ago  and is designed to help homeowners having difficulty making their monthly mortgage payments modify the terms of their loan to prevent [...]