The California State Housing Authority has taken targeted measures to provide assistance to homeowners in financial hardship through the Hardest Hit Fund.
Like all states receiving help from HHF they have worked hard at developing innovative mortgage assistance programs targeted to the specific needs of their homeowners foreclosure assistance needs.
In addition to developing new programs they have adopted the approach of improving and expanding existing efforts and foreclosure prevention programs already in place.
California has decided to hyper focus borrower assistance resources towards aiding low to moderate income homeowners.
A core theme in the development and design of their approach is to ensure that their programs and the operations of their assistance efforts remain flexible and agile. This is in response to the success that the Obama home affordable mortgage assistance programs have had with the same approach.
To get the most bang out of their buck California foreclosure assistance efforts has put significant measures in place to have lenders, loan servicers, and PMI insurers to match their efforts dollar to dollar.
Related Articles
California Foreclosure Prevention Programs - Hardest Hit Fund Program
Showing posts with label subprime mortgage. Show all posts
Showing posts with label subprime mortgage. Show all posts
Sunday, March 20, 2011
Thursday, December 16, 2010
Amidst the Ash of Subprime
A New Borrowing Era - Post Subprime
Following the subprime mortgage crisis, and the political and economic changes that it has caused, will you be able to rely on your mortgage broker?
This is an important question for potential home buyers to ask themselves because mortgage brokers and lending agents were a cause of the mortgage and foreclosure crisis.
Irregularities in subprime lending have played a large role in the current economic crisis.
Many mortgage brokers that forced borrowers to forge documents and escalate income levels to enable borrowers to qualify for a mortgage that they weren't eligible for. Theses borrowers took a home loan that they could not afford.
As a result these homeowners were the first to fall behind and lose their home to foreclosure.
If you are planning to take out a mortgage and you are not a financial expert, you can and should seek financial advice from a professional.
Just the same you want to make sure that you have some basic knowledge
It is important for you to be aware of the terms and conditions you are agreeing to at closing. Borrowers that have fallen prey to misleading mortgage brokers could have easily avoided such mistakes by taking the time to understand the mortgage terms on their own.
Be careful and don't allow yourself to be taken for a ride that results in you losing your home through a mortgage foreclosure sale.
Following the subprime mortgage crisis, and the political and economic changes that it has caused, will you be able to rely on your mortgage broker?
This is an important question for potential home buyers to ask themselves because mortgage brokers and lending agents were a cause of the mortgage and foreclosure crisis.
Irregularities in subprime lending have played a large role in the current economic crisis.
Many mortgage brokers that forced borrowers to forge documents and escalate income levels to enable borrowers to qualify for a mortgage that they weren't eligible for. Theses borrowers took a home loan that they could not afford.
As a result these homeowners were the first to fall behind and lose their home to foreclosure.
If you are planning to take out a mortgage and you are not a financial expert, you can and should seek financial advice from a professional.
Just the same you want to make sure that you have some basic knowledge
It is important for you to be aware of the terms and conditions you are agreeing to at closing. Borrowers that have fallen prey to misleading mortgage brokers could have easily avoided such mistakes by taking the time to understand the mortgage terms on their own.
Be careful and don't allow yourself to be taken for a ride that results in you losing your home through a mortgage foreclosure sale.
Wednesday, July 28, 2010
HAMP Modifications Are Drying Up - Uh Oh?
I was reading over an article I saw on a proclaimed debt help resource for homeowners.
The article was on the stats and numbers pertaining to the HAMP modification performance to date.
I expected to see good numbers as I have been hearing good things amidst the never ending slue of finance blog posts that I read on the housing market.
At first I really did see some promising numbers. There was a few highlights to warm you up stating how much money everyone was saving through these modifications through Obamas homeowner help program.
Then the first data table looked pretty swell as well. At first but as I followed the dates down from May of last year to the turn of the decade and then the numbers just started to crawl.
The next data table was even worst in fact it was a bit horrifying. It was just month to month growth rates for the cumulative modifications and net new monthly modifications... it was bad. I almost want to believe those guys made the whole thing up... but he didn't.
I think the future is becoming bleaker suddenly and no one knows it yet.
I hope we are not as screwed as those damn data tables make me think we are.
At one point I thought maybe that the population of eligible homeowners was simply exhausted. This is not so. The Make Home Affordable Outreach effort are only increasing in intensity. More and more homeowners are being urged to check the basic qualifications of Obama's modification assistance program and to apply if eligible.
The article was on the stats and numbers pertaining to the HAMP modification performance to date.I expected to see good numbers as I have been hearing good things amidst the never ending slue of finance blog posts that I read on the housing market.
At first I really did see some promising numbers. There was a few highlights to warm you up stating how much money everyone was saving through these modifications through Obamas homeowner help program.
Then the first data table looked pretty swell as well. At first but as I followed the dates down from May of last year to the turn of the decade and then the numbers just started to crawl.
The next data table was even worst in fact it was a bit horrifying. It was just month to month growth rates for the cumulative modifications and net new monthly modifications... it was bad. I almost want to believe those guys made the whole thing up... but he didn't.
I think the future is becoming bleaker suddenly and no one knows it yet.
I hope we are not as screwed as those damn data tables make me think we are.
At one point I thought maybe that the population of eligible homeowners was simply exhausted. This is not so. The Make Home Affordable Outreach effort are only increasing in intensity. More and more homeowners are being urged to check the basic qualifications of Obama's modification assistance program and to apply if eligible.
Friday, March 5, 2010
Reform or Refrain - What Will Become of the Push to Reform the Financial Markets
It is no secret that the financial markets have not performed at there best. The free market by default will always be on the move, sometimes up, and sometimes down.
The last few years has been a bit skewed if we go by the history of the financial markets. We have not seen performance this low since the Great Depression.
Should the government reform the financial markets and current regulatory practices?
The federal government has already stepped in and bailed out or contributed to the financial stability of most of the large financial institutions and banks who are in large part the reason for the economic down turn of the economy. Just as the the government has reasoned that they needed to step in and aid the financial institutions so to do they believe that they need to step in and take a bigger presence as a government regulatory force in the broader financial markets and financial services industry. However as one might imagine there has been some negative feedback from the financial institutions and from many politicians.
Shouldn't the government step in and play a larger role given the fact that they already have stepped in the form of financial aid to these very same institutions? Many say yes. However just the many say no. The argument and rebuttal to this proposal is that regulators and the government will have a negative impact on the markets as they will increase artificial constraints and will increase the degree of uncertainty for investors.
This seems a fair argument as regulatory bodies will make mistakes as they are only human in the end. plus there is also room for the unseen and unintended consequences that seem to always pop up when Uncle Sam gets in the way and these blunders are not easily changed if they don't work. Plus it is arguable to say that the regulatory bodies have done a mediocre job thus far in enforcing the current line up of rules and regulations that are already in place for financial markets and the business world.
On the other hand there does seem to be a obvious problem with the markets at this given point and time. Also to be fair to the regulatory bodies such as the FED and the FDIC there are some loop holes that need to be fixed so that these guys can have the control they need over non bank deposit financial institutions whom leverage up to obscene levels and add systemic risk to the downside for everybody. Such institutions are not subject to the same liquidity or capitol levels that the typical savings and loan bank is held to. Thus these guys potentially can take things to far and as of now it seems as if they have.
Given these above notions I would like to hear what people think. Should there be added regulation to the world of finance?
If yes what do you think should be done?
The last few years has been a bit skewed if we go by the history of the financial markets. We have not seen performance this low since the Great Depression.
Should the government reform the financial markets and current regulatory practices?
The federal government has already stepped in and bailed out or contributed to the financial stability of most of the large financial institutions and banks who are in large part the reason for the economic down turn of the economy. Just as the the government has reasoned that they needed to step in and aid the financial institutions so to do they believe that they need to step in and take a bigger presence as a government regulatory force in the broader financial markets and financial services industry. However as one might imagine there has been some negative feedback from the financial institutions and from many politicians.
Shouldn't the government step in and play a larger role given the fact that they already have stepped in the form of financial aid to these very same institutions? Many say yes. However just the many say no. The argument and rebuttal to this proposal is that regulators and the government will have a negative impact on the markets as they will increase artificial constraints and will increase the degree of uncertainty for investors.
This seems a fair argument as regulatory bodies will make mistakes as they are only human in the end. plus there is also room for the unseen and unintended consequences that seem to always pop up when Uncle Sam gets in the way and these blunders are not easily changed if they don't work. Plus it is arguable to say that the regulatory bodies have done a mediocre job thus far in enforcing the current line up of rules and regulations that are already in place for financial markets and the business world.
On the other hand there does seem to be a obvious problem with the markets at this given point and time. Also to be fair to the regulatory bodies such as the FED and the FDIC there are some loop holes that need to be fixed so that these guys can have the control they need over non bank deposit financial institutions whom leverage up to obscene levels and add systemic risk to the downside for everybody. Such institutions are not subject to the same liquidity or capitol levels that the typical savings and loan bank is held to. Thus these guys potentially can take things to far and as of now it seems as if they have.
Given these above notions I would like to hear what people think. Should there be added regulation to the world of finance?
If yes what do you think should be done?
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