Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures and they now have until Dec. 31, 2012, to make a request for that review.
The Federal Reserve Board has joined with five other federal regulatory agencies in proposing a new rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.
NAR championed a coalition letter to House Leadership and the House Judiciary Committee urging support for Senate legislation reauthorizing the EB-5 regional center program.
On Aug. 15, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a proposal to implement new Home Ownership and Equity Protection Act (HOEPA) rules that expand the coverage of this statute and tightens the limits of what is considered a high cost loan.
Municipalities across the country have seized on a novel approach to help resolve the current underwater mortgage crisis: using their power of eminent domain to seize mortgage loans from private investors through condemnation.
The U.S. Department of Agriculture’s Single Family Housing Guaranteed Loan Program has issued an advisory for lenders that will also be of interest to REALTORS with buyers and sellers over the next several weeks.
The conservator of Fannie Mae and Freddie Mac sent a notice to the Federal Register announcing the acceptance of public comments on the restructure of performing loans through the use of eminent domain.
The Senate Finance Committee has crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through December 31, 2013.
The Senate passed S. 3245, which reauthorizes the EB-5 regional center program that allows foreign investors to channel investment funds into American businesses and developments for three years.
On Sept. 30, more than 900 communities who currently are eligible for housing programs under the Rural Housing Service in the Department of Agriculture become ineligible.