Homeowner Assistance Report Will Affect Loan Modification San Diego Homeowners
FHFA SUBMITS REPORT ON HOMEOWNER
ASSISTANCE TO CONGRESS
Washington, DC – Federal Housing Finance Agency (FHFA) Director James B. Lockhart submitted to:
Congress the latest report as a Federal Property Manager (FPM) detailing actions FHFA is taking to prevent unnecessary foreclosures. Section 110 of the Emergency Economic Stabilization Act of 2008 (EESA) directs Federal Property Managers to develop and implement plans to maximize assistance for homeowners and encourage servicers of underlying mortgages to take advantage of programs to minimize foreclosures. These programs will affect home loan modification San Diego homeowners.
“Fannie Mae, Freddie Mac and FHFA are actively working on foreclosure prevention, “said FHFA Director James B. Lockhart. “As this report shows, progress is being made in modifying loans but much more aggressive action is needed to reach more troubled borrowers,” Lockhart said. The FHFA realizes that more has to be done in the form of a home mortgage modification with a substanial number of troubled homeowners including loan modification San Diego homeowners facing a possible foreclosure or homeowners that are all ready in the foreclosure process.
By ultilizing a more aggresive approach thousands of troubled homeowners would be able to save their homes from foreclosure by modifing their mortgage loan terms, loan amounts and more importantly their home loan payments. The home loan modification San Diego program will benefit San Diego, Ca and all homeowners, especially those affected the most in the states of Florida, Arizona, Nevada and California.
The SMP Plan is to Maximize Assistance for Homeowners and Minimize Foreclosures.
Both Fannie Mae and Freddie Mac rolled-out the SMP on December 15th as scheduled. The SMP targets seriously delinquent borrowers and creates “affordable” monthly mortgage payments of no more that 38 percent ofthe household’s monthly income. Through this program Fannie Mae and Freddie Mac have a greater ability to quickly and effciently create sustainable monthly mortgage payments for troubled borrowers. Potentially hundreds of thousands more struggling borrowers including loan modification San Diego home owners wil be able to stay in their homes at an affordable monthly mortgage payment.
In a final note: Fanie Mae announced that it wil extend its suspension of evictions from Fannie Mae-owned single-family properties through February 28,2009. The suspension applies to all single-family properties including owner-occupied properties that have been foreclosed upon as well as foreclosed properties occupied by renters.
FHFA is a designated FPM in its role as conservator for Fannie Mae and Freddie Mac. Each FPM is also required to report to Congress about the number and type of home loan mortgage modification including loan modification San Diego, CA homeowners and the number of foreclosures during the reporting period. In the letter and monthly Foreclosure Prevention Report, the Agency reports on loan modifications and foreclosure activities of the Enterprises as of November 30, 2008. The most recent quarterly report, dated September 30, 2008, is also available on their website. Link:
