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Underwater Mortgage News

Obama Refi Plan News

Twelve Questions on Obama�s Refi Plan

�The Obama administration is revamping a program that�s designed to let more homeowners refinance their mortgages even if they don�t have any equity. This isn�t a new program, but instead attempts to turbo-charge an existing federal initiative called the Home Affordable Refinance Program. Here�s a look at some frequently asked questions��Read more

Obama, the Homeowner's Helper or Enabler?

�A Times editorial welcomed Obama�s latest refi proposal, saying that borrowers "need all the help they can get." But the public has mixed views of giving more relief to people who took on more debt than they could handle and now owe more than their homes are worth��Read more

Obama tests go-it-alone steps for U.S. economy

��I'm here to say to the people of Nevada, the people of Las Vegas: we can't wait for an increasingly dysfunctional Congress to do its job. Where they won't act, I will,� Obama told a small crowd of homeowners in front of the home of a family that he had visited to chat about aid for the housing market�� Read more

On the Road to Relief

�At long last, Fannie Mae and Freddie Mac, the government-run mortgage companies, have issued new rules to allow millions of underwater borrowers, who are current on their payments, to refinance their high-rate mortgages into lower-rate loans��Read more

CNBC Video: Obama�s New Refi Plan

Real Estate Market News

Shifting Confidence in Home Ownership: The Great Recession By Anat Bracha and Julian C. Jamison at the Federal Reserve Bank of Boston

�We find that younger respondents are relatively less confident about home ownership after larger declines, while older respondents are relatively more confident.�Read more

How to Stop the Drop in Home Values By Martin S. Feldstein

�Homes are the primary form of wealth for most Americans. Since the housing bubble burst in 2006, the wealth of American homeowners has fallen by some $9 trillion, or nearly 40 percent. In the 12 months ending in June, house values fell by more than $1 trillion, or 8 percent��Read more

Next Generation of Homeowners Are Freaked Out

�The younger you are, the more freaked out you are likely to be by the housing market crash�� Read more

Mortgage News

Negative Home Equity Surges, Weighing on Housing Recovery

�The number of borrowers who owe more on their mortgages than their homes are worth took a huge leap in the fourth quarter of 2010. A full 27 percent of borrowers are now �underwater� on their mortgages, up from 23 percent in the previous quarter, according to a new report from Zillow. Foreclosure moratoriums and falling home prices are to blame��Read more

Negative Equity Breakdown

�Here is some data from a recent congressional briefing by Mark Zandi, Chief Economist of Moody's Economy.com, and Yale Professor Robert Shiller��Read more

Five Major Banks May Be Required To Commit $15 Billion To Reduce Principal Balances

�Five major banks could be required to commit roughly $15 billion to reduce principal balances for struggling homeowners and modify loans in other ways under a proposed deal to settle allegations linked to the �robo-signing� scandal��Read more

B of A Proposes Loan-Forgiveness Deal

�Bank of America Corp. is having preliminary conversations about a home-foreclosure settlement that would reduce the amounts owed by some of its troubled borrowers in exchange for a broad release from legal claims against the lender, said people familiar with the talks��Read more

Strategic Default News

Shifting the Focus From "Strategic Default" to "Prudent Walkaway" By Nicholas Carroll in the Huffington Post

�Conclusion: when the writing is on the wall, the best plan is often a prudent walkaway � an escape to the future, equipped with enough cash to get there��Read more

PBS NewsHour Interview with Professor Brent White: It IS Moral to Walk Away

CBS News: Are Mortgage Walkaways Going Viral?

Short Sale News

Foreclosure News

Loan Modification News

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