BankAtlantic and BankUnited have announced a moratorium on their foreclosure activities as they await the Obama Administration' recovery program for the housing market.
The Obama Administration's Homeowner Affordability and Stability Plan is aimed at lowering mortgage payments through refinancing or loan modification to help distressed homeowners and reduce the number of repo homes in the country.
The Obama Administration's commitment to reduce foreclosure properties is once again seen on its 'Making Home Affordable' mortgage rescue plan which aims to help millions of distressed homeowners avoid losing their homes to foreclosures.
In several of his television guest appearances, senior adviser David Axelrod provided insights on President Barack Obama's foreclosure prevention program.
President Barack Obama’s $75 billion foreclosure abatement plan has produced conflicting reactions due to its focus on helping only homeowners who are on the edge of losing their properties.
A U.S. mortgage funding company said that the number of its loan delinquencies facing foreclosed home auctions rose last month. It also reported that its loan investment portfolio dwindled last month.
Lobbyists of the financial industry are urging the Department of Treasury to reduce mortgage rates to stabilize the market and stop the surge of foreclosures.
The number of foreclosed new homes are expected to rise again as many creditworthy homeowners are finding it difficult to refinance mortgages. Industry experts said that banks are refusing to refinance mortgages to force borrowers to pay off their loans.
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