The Department of Veterans Affairs has identified 5,100 of its foreclosed properties nationwide that can be used to shelter victims of Hurricane Katrina.The VA is currently working with the Federal Emergency Management Agency and other organizations to house as many displaced persons as possible, according to Keith Pedigo, director of the VA loan guarantee program. "At this point, we are in the very early stages of identifying the people that we might be able to accommodate," Mr. Pedigo said. The VA also has 300 foreclosed properties in the states hit hardest by Katrina, but the department said it suspects that many were damaged in the hurricane and that it will be a while before inspectors can get in to make an assessment. Like the Federal Housing Administration, the VA has established a 90-day moratorium on foreclosures in the designated disaster areas and is urging lenders to exercise forbearance on VA loans. The VA has 116,000 guaranteed loans in Mississippi, Louisiana, and Alabama totaling $9.4 billion. The FHA has 203,000 insured loans totaling $13.5 billion in the three Gulf states.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
10h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
11h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
11h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
11h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28