The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!
- House and Home
Can the Housing Crisis Turn Around?
With the help of the FDIC, IndyMac has been working on a program to help those facing foreclosure keep their homes. This new program is working to keep monthly mortgage payments at 38% of a borrower's debt-to-income ratio, meaning they don't want the payment to exceed 38% of the borrower's total monthly debt. Prior to the bust, most of these people facing foreclosure had their mortgages at well over 50% of their monthly debt. No wonder they had trouble keeping up!
IndyMac is achieving this one of several ways: by lowering the interest rate, extending the life of the loan, deferring some principal to the final years of the loan, or some combination of the three. They've even been overnighting the forms to distressed homeowners so that it doesn't get lost in the jumble of junk mail. They simply open it, sign the forms, and return them with their first lower payment of the agreement.
Bank of America has also instituted a similar program. They'll be basing their payments on a 34% debt-to-income ratio and may be forgiving a portion of the debt. However, this seems to apply only to those who were initially held with Countrywide as Bank of America has settled with the state attorney general offices that sued Countrywide for predatory lending practices.
There is some opposition to having a streamlined program to help homeowners. The concern is that some people will get help that don't necessarily deserve it, and others feel lenders will balk at the idea of losing any money. However, senior council for government affairs at the Center for Responsible Lending says that the housing crisis is too big to worry about helping those who don't deserve aid. This program is the best idea out there to stop the bleed of the subprime lending fiasco, so it's worth a look.
What do you think? Could a systematic program among lenders help restore a little balance to the housing sector? Should the program include forgiving debt?
Celebrate this Christmas season with joy and gladness in your heart...
I would like to bring this to the notice of the public about how i met Funding Circle Loan PLC after i lost my job and been denied loan by my bank and other financial institution due to my credit score. I could not pay my children's fees. I was behind on bills, about to be thrown out of the house due to my inability to pay my rent, It was during this period my kids were taken from me by foster care. Then i set out to seek for funds online where i lost $3,670 that i borrowed from friends which i was rip off by two companies. Until i was referred to Funding Circle Plc by a very good friend, so if truly you are in need of a loan i advise you contact this Godsent lender via Email: firstname.lastname@example.org OR Call/Text +14067326622 and be free from scam' Jennie Cortez by name from United State
How My Marriage Was Restored Email: email@example.com
My Name is Cindy Diane currently living in Ohio, USA.. This is my testimony about the marvelous work Dr Eboehi did for me. My husband abandon me and the kids and went to stay with another woman who he just met. And the woman did spell on him so that he will never have nothing to do with me and my kids for that, my self and the kids has been suffering and it has been hell of a struggle, but I decide to do all means to make sure that my family come together as it use to, then I went on-line there I saw so many good talk about this spell caster called Dr Eboehi on his web site. So I had to contact him and explain my problem to him and in just 48hours as he has promised, my husband came home and his behavior was back to the man i got married to. I cant thank the spell caster enough for what he did for me, i am so grateful and i will never stop to publish his name on the internet for the good work he has done for me, once again thanks Dr Eboehi email: ( firstname.lastname@example.org ) .. You can contact him for any kind of problem i know he is there to help you. Website: Link