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Federal Housing Finance Authority (view source)
Revision as of 10:59, November 15, 2008
, 10:59, November 15, 2008summary + quote
The '''Federal Housing Finance Authority''' is offering struggling homeowners a way to refinance their mortgages.
* The '''Federal Housing Finance Authority''', which took control of the mortgage giants in September, unveiled a rescue program that promises a faster turnaround for renegotiating loans at risk of foreclosure. To be put in place by Dec. 15, the program allows borrowers
*To be put in place by Dec. 15, the program allows borrowers who've missed at least three months' payments on their Fannie- or Freddie-owned home loan to apply for more affordable payments that cannot exceed more than 38% of their monthly gross household income. Banks administrating Fannie and Freddie mortgages can also lower interest rates to as little as 3%, extend the life of the loan up to 40 years or defer payments on the principal. [http://www.smartmoney.com/personal-finance/real-estate/freddie-and-fannie-fix-for-troubled-homeowners/]
who've missed at least three months' payments on their Fannie- or Freddie-owned home loan to apply for more affordable payments that cannot exceed more than 38% of their monthly gross household income. Banks administrating Fannie and Freddie mortgages can also lower interest rates to as little as 3%, extend the life of the loan up to 40 years or defer payments on the principal. [http://www.smartmoney.com/personal-finance/real-estate/freddie-and-fannie-fix-for-troubled-homeowners/]