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REAL ESTATE DECISION SUPPORT
New program announced to aid homeowners
Publish date
09/06/2010
Source
USA Today
Main Category
Economy - US
Article Summary
The Federal Housing Administration has announced a new program for homeowners. To begin this week, it is to aid homeowners whose mortgage now exceeds the value of their homes by allowing them to refinance 90.0% of the original mortgage amount. To be backed by the government, it also allows investors of these instruments the choice of which mortgage owners in their portfolios will be allowed to participate, an option that is hoped to increase the likelihood of the investor to offer the mortgage borrower a reduced mortgage amount instead of foreclosure. However, this has been met with skepticism, since investors are not known to offer reduced mortgages unless the current mortgage meets or exceeds the current home value by 40.0%. Additionally, those interested can only qualify if their mortgage exceeds their current home value by at 15.0%.
