Subprime borrowers who can't afford a reset on their adjustable-rate mortgages and have less than 3% equity in their home could qualify for a five-year loan modification under a foreclosure prevention plan worked out by Treasury Department officials and mortgage industry executives that was slated to be unveiled Thursday.Under the plan, the starter rate on subprime 2/28 and 3/27 ARMs originated from Jan. 1, 2005, to July 31, 2007, that are due to reset before July 31, 2010, could be frozen for five years, a source said. It is understood that borrowers who have missed two monthly mortgage payments could still qualify for the streamlined loan modification that freezes the starter rate for five years.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
April 19 -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
April 19 -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
April 19 -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
April 19 -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18