Freddie Mac and the Strategic Housing Finance Corp. of Travis County (Texas) have announced a new lease-to-own homeownership program offered by Freddie Mac.The Lease Purchase Plus Program of Travis County, through a $35 million revenue bond program, is aimed at those who cannot buy a home due to credit problems or lack cash for the downpayment and closing costs. To participate, qualified residents work with the SHFC -- a nonprofit organization that offers counseling, education, and downpayment and closing-cost assistance -- to select a home in Travis County. The SHFC buys the house and leases it to the purchaser for up to 39 months, then provides counseling to ensure that the buyer is ready to assume the loan at the end of the lease period. By making timely lease payments and resolving credit issues during the lease period, the family can exercise the purchase option when the lease expires.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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