A Phoenix area mortgage broker is being sued over allegedly manipulating FHA down payment requirements. The Lending Company, Wells Fargo Funding and RJ Reynolds are all named as defendants in the class action suit.
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A Phoenix area mortgage broker is being sued over allegedly manipulating FHA down payment requirements. The Lending Company, Wells Fargo Funding and RJ Reynolds are all named as defendants in the class action suit. If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance. No appraisal is required as long as the borrower reduces their payment by 5 percent, which [...] This revamped version of the Home Affordable Refinancing Plan shows promise for helping seriously underwater homeowners in Arizona. Read more… According to an article in USA Today, the U.S. Government’s push for principal forgiveness on Fannie Mae and Freddie Mac home loans seems to be gaining traction. A pair of Valley residents plead guilty on Monday to conspiring to commit multiple-transaction mortgage fraud, a case valued at $5.3 million. Information from the Mortgage Bankers Association shows a continued slide in mortgage applications. Although applications for loans to purchase a home are up, refinancing applications are down. Fannie Mae and Freddie Mac are mulling over the possibility of reducing the amount of principal homeowners owe on their home loans. Homeowners who would qualify would need to meet certain hardship criteria. Critics say the principal write-downs would fall to taxpayers. According to Freddie Mac, mortgage rates continue to fall, making the rate on a 30 year fixed loan nearly a percentage point lower than a year ago. It seems Fannie Mae has stopped doing business with Bank of America. Or is it the other way around? In any event, it seems the two are severing their relationship. President Obama seems determined to wind down Fannie Mae and Freddie Mac and he has the support of Treasury Secretary Timothy Geithner. |
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