Word: mortgagees
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The Obama Administration is gearing up to play hardball with mortgage companies that only temporarily lower struggling homeowners' monthly payments. But as the drive to make more loan modifications permanent kicks off, there's a weightier question to ask: Can the government's $50 billion foreclosure-prevention initiative deal with...
The problem the Administration is out to tackle is related to the structure of the Home Affordable Modification Program (HAMP). The first three months of a mortgage rewrite are something of a probation period- and very few homeowners are making it out of that trial. More than 650,000 borrowers...
On Nov. 30, the departments of Treasury and Housing and Urban Development announced that they would no longer take kindly to mortgage firms that don't make modifications lasting. Teams of officials are headed to the nation's largest lenders for a closer look at what's going on, and...
The major difficulty now is the weak economy and rising joblessness. Under the U.S. government's plan, a modified loan payment must not account for more than 31% of a family's income. With unemployment north of 10%, in a growing number of cases, the mortgage isn't the problem...
And also recall that the stock market usually mirrors political and economic trends. When the future appears to be stable and certain, the market moves up. When unexpectedly positive events occur, like the Internet boom in the 1990s, stocks produce above-average returns. This decade, the surprises were mostly negative...