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...balances on loans that are underwater," said John Taylor, head of the National Community Reinvestment Coalition of Bank of America's program shortly after it was announced. "The rest of the industry should follow suit." (Last week, the Obama Administration announced new programs to help homeowners whose mortgage balances exceed their home's value...
...hypersensitive about its image and extremely unlikely to let any split within its royal family become public. ADIA's holdings are unlikely to be affected, primarily because Abu Dhabi's wealth is still Abu Dhabi's wealth regardless of who manages its sovereign fund, and because its investments rarely exceed 5% stakes in any given company...
Under the new plan, unveiled Friday, March 26, banks will be asked to lower the principal loan balance for certain homeowners whose mortgages exceed the value of their homes. The loans would be refinanced as mortgages insured by the Federal Housing Administration (FHA), fully backed by the government. In the past, loan modifications under the $50 billion federal Home Modification Program (HAMP) involved primarily reducing interest rates or lengthening the term of the mortgage, and most did not entail a government guarantee. (See high-end homes that won't sell...
...will be used to provide subsidies to lenders and loan servicers who agree to write down at least 10% of a first mortgage; the combined value of first and second mortgages can be no greater than 115% of the current value of the home. The new monthly payment cannot exceed 31% of the homeowner's income. Investors in the loans would clearly take the up-front hit, but the risk of future default on the modified loan would be transferred to the government...
...Close the Medicare Part D prescription drug gap known as the "donut hole," which leaves beneficiaries without prescription drug coverage once their costs exceed $2,830 (in 2010), and doesn't kick back in until they spend $4,550 out of pocket. This provision, which would cost the federal government about $20 billion over 10 years, gradually closes the gap beginning in 2011, so Medicare Part D recipients will eventually pay no more than 25% co-insurance for name-brand drugs. In 2010, Medicare Part D enrollees who reach the gap will receive $250 rebate checks...