In what is becoming more and more controversial, many states that received funds as part of a $25 billion settlement with five big banks over abuses in their mortgage and foreclosure practices intend to use the money to close budget gaps.
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In what is becoming more and more controversial, many states that received funds as part of a $25 billion settlement with five big banks over abuses in their mortgage and foreclosure practices intend to use the money to close budget gaps. 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. According to KTAR, Arizona could benefit from U.S. Government’s push to help homeowners avoid foreclosure. 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. 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. President Obama is expected to announce a strategy to address the flagging housing market. His plan would allow for homeowners who are underwater, even those with less than stellar credit, to refinance their homes at lower rates and potentially reduce the principal balance owed. President Obama has turned his focus toward the housing market. How much help can we expect in Arizona? The Federal Reserve wants the government to take the lead in solving the housing crisis. Massachusetts Attorney General, Martha Coakley, announces she has filed a lawsuit against five of the nations largest banks. |
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