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Defiant Roy Moore Castigates Washington Post, Mitch McConnell at #StandWithRoyMoore Event

BIRMINGHAM, Alabama – On Thursday surrounded by supporters, former Alabama Supreme Court Chief Justice Roy Moore went on offense at an event titled #StandWithRoyMoore, with the media and Senate Majority Leader Mitch McConnell as his targets. Moore attacked The Washington

by Jeff Poor 16 Nov 2017, 1:30 PM PST 0

Obama mortgage plan

WATCH Netanyahu: Iran s Rejection of Israeli Aid for Earthquake Proves It Doesn t Care For Its Citizens

TEL AVIV The Iranian regime cares more about hating Israel then taking care of its own people which is why the Jewish state offered assistance in the wake of the earthquake, Prime Minister Benjamin Netanyahu said on Thursday.

by Deborah Danan 16 Nov 2017, 12:19 PM PST 0

Obama mortgage plan

Maxine Waters: I Inspire People By Calling for Trump s Impeachment

Thursday on Bloomberg, Rep. Maxine Waters (D-CA), said when she calls for President Donald Trump to be impeached, she inspires people. Waters said, Let me just say this I have learned over the years that I have been in this

by Pam Key 16 Nov 2017, 10:02 AM PST 0

Obama mortgage plan

Ricky Williams to Kaepernick: Move on From the NFL if You Aren t Wanted

Former NFL running back Ricky Williams said that it was time for Colin Kaepernick to move on from the NFL. I d rather be somewhere I m celebrated rather than where I m tolerated, Williams told TMZ Sports. If they don t want you, go do something

by Trent Baker 16 Nov 2017, 8:18 AM PST 0

Obama mortgage plan

GOP Sen Johnson: I Doubt Roy Moore Would Be Serving as Senator for Very Long, He Needs to Face That Reality

Thursday on CNN s New Day, Sen. Ron Johnson (R-WI) said if former Alabama Supreme Court Chief Justice Roy Moore won the special election for U.S. Senate he would not be serving for very long. Johnson said, The allegations sound pretty credible to me.

by Pam Key 16 Nov 2017, 8:12 AM PST 0

Obama mortgage plan

Fmr Gadsden Mall Manager on Roy Moore: To My Knowledge, He Was Not Banned From the Mall

In an appearance on Birmingham FOX affiliate WBRC6 on Wednesday, Barnes Boyle, who was the manager of the Gadsden Mall from 1981 to 1996, said he had no memory of former Alabama Supreme Court Justice Roy Moore being banned from

by Jeff Poor 16 Nov 2017, 7:47 AM PST 0

Obama mortgage plan

Allred on Whether Yearbook Signature Is Forgery: We re Not Addressing and Analysis Should Be Done in Professional Setting

Wednesday, on The Situation Room with Wolf Blitzer on CNN, Gloria Allred, the attorney for Roy Moore accuser Beverly Nelson, said that she s not addressing whether the yearbook signature her client put forward is legitimate, but will allow it to

by Breitbart TV 16 Nov 2017, 7:15 AM PST 0

Obama mortgage plan

NRCC Chair Stivers: I ve Asked Moore for My Money Back, I Believe the Women and Think Moore Should Step Aside

On Thursday s broadcast for CNN s New Day, National Republican Congressional Committee Chairman Representative Steve Stivers (R-OH), who attended a fundraiser for Alabama Republican Senate nominee Judge Roy Moore and donated money to Moore s campaign, stated he believes Moore s accusers, has asked for his

by Ian Hanchett 16 Nov 2017, 6:19 AM PST 0

Obama mortgage plan

Hillary: Calls for Investigation Into Me Personally Offensive It Would Be Abuse of Power Like In a Dictatorship

During an interview with Mother Jones released on Wednesday, former Democratic presidential nominee Hillary Clinton slammed Attorney General Jeff Sessions considering a special counsel to investigate her and President Trump urging the Department of Justice to investigate her as an abuse

by Ian Hanchett 15 Nov 2017, 8:12 PM PST 0

Obama mortgage plan

Hannity: Voters of Alabama Will Ultimately Decide on Moore, Not Me or Anyone Else

On Wednesday s broadcast of the Fox News Channel s Hannity, host Sean Hannity responded to the open letter Alabama Republican Senate nominee Judge Roy Moore wrote him in response to the ultimatum Hannity gave Moore on Tuesday to either clear up the inconsistencies in

by Ian Hanchett 15 Nov 2017, 7:28 PM PST 0

Obama mortgage plan

Dem Rep Gutierrez: I Think a Majority of Democrats Would Vote to Impeach Trump If There Was a Secret Ballot

On Wednesday s broadcast of MSNBC s All In, Representative Luis Gutierrez (D-IL), who signed on to an impeachment resolution against President Trump, stated that he thinks a majority of House Democrats would vote to impeach President Trump if there was a

by Ian Hanchett 15 Nov 2017, 6:41 PM PST 0

Obama mortgage plan

Dem Sen Gillibrand: If Disgusting Moore Elected, There Will Be an Outcry From Senators Who Do Not Want Him to Serve

Wednesday on MSNBC, Sen. Kirsten Gillibrand (D-NY) said if former Alabama Supreme Court Chief Justice Roy Moore wins the December 12 special election for U.S. Senate, there will be an outcry of members of the Senate who do not want him to serve.

by Pam Key 15 Nov 2017, 3:58 PM PST 0

Obama mortgage plan

Susan Collins: Ethics Committee Investigation Could Lead to Moore Expulsion

Wednesday on MSNBC s MTP Daily, Sen. Susan Collins (R-ME) said while she believes the Senate would have no choice but to seat former Alabama Supreme Court Chief Justice Roy Moore if he wins the special election in Alabama for U.S.

by Pam Key 15 Nov 2017, 3:50 PM PST 0

Obama mortgage plan

Roy Moore Lawyer Raises Questions About Accuser Account, Wants Yearbook for Handwriting Analysis

HOOVER, Alabama Wednesday at a press conference in front of the Alabama Republican Party headquarters, Phillip L. Jauregui, a Birmingham lawyer representing former Alabama Supreme Court Chief Justice Roy Moore s U.S. Senate campaign, questioned the account of one of

by Jeff Poor 15 Nov 2017, 3:44 PM PST 0

Obama mortgage plan

CNN s Raju: Source Close to POTUS Told Me It s Unlikely Trump Will Call on Moore to Drop Out

CNN Senior Congressional Correspondent Manu Raju reported that a source close to the president told him President Trump is unlikely to call on Judge Roy Moore to drop out of the Alabama Senate race. Raju said, President Trump himself has


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A former Chicago Tribune political reporter who advised Edwards during his 2004 presidential bid.

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Former executive director of the Democratic Congressional Campaign Committee and senior aide to House Minority Leader Richard Gephardt.

Former chief of staff to Senate Minority Leader Tom Daschle

A former finance director for the Democratic Senatorial Campaign Committee, raised more than $25 million in the first fundraising quarter of 2007.

A media strategist with close ties to Senate Majority Leader Harry Reid.

Campaign adviser and strategist

An “early state” expert who served as Iowa director of Vice President Al Gore’s presidential run

A former communications director at the Democratic Senatorial Campaign Committee

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Clinton administration official, sister of former Clinton press secretary Dee Dee Myers

Needed to Win: This refers to the total number of delegate votes needed by a candidate to win the party’s nomination.

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Supports abortion rights.

Supported Bush-backed immigration reform legislation, which would have increased funding and improved border security technology, improved enforcement of existing laws, and provided a legal path to citizenship for some illegal immigrants. Voted to authorize construction of a 700-mile fence along the U.S.-Mexican border.

Opposed use of military force in Iraq. Voted for war spending bill that would have withdrawn most U.S. troops by March 2008. Supports phased redeployment of U.S. troops. Opposed Bush’s plan to send additional troops to Iraq. Had once called for troop withdrawal to begin by the end of 2006.

Opposes same-sex marriage, but also opposes a constitutional ban. Supports civil unions.

Opposes Bush plan allowing workers to divert some Social Security payroll taxes into private retirement accounts.

Opposed extending 2003 Bush tax cut law through 2010. Supports eliminating marriage penalty and extending child tax credit. Supports scaling back capital gains and dividends tax cuts and re-examining tax benefits for the top one percent of earners.


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Obama claims Democratic victory

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‘Just another George Bush’

Obama: McCain ‘out of touch’

Obama discusses the economy

Obama: ‘We closed the gap’

Obama speaks on race

Obama fires up Virginia

Obama speech: ‘Yes, we can change’

Speech on the ‘American Dream’

Speech about Iraq

Middle class tax fairness

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A former Chicago Tribune political reporter who advised Edwards during his 2004 presidential bid.

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Former executive director of the Democratic Congressional Campaign Committee and senior aide to House Minority Leader Richard Gephardt.

Former chief of staff to Senate Minority Leader Tom Daschle

A former finance director for the Democratic Senatorial Campaign Committee, raised more than $25 million in the first fundraising quarter of 2007.

A media strategist with close ties to Senate Majority Leader Harry Reid.

Campaign adviser and strategist

An “early state” expert who served as Iowa director of Vice President Al Gore’s presidential run

A former communications director at the Democratic Senatorial Campaign Committee

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Chief operating officer

Clinton administration official, sister of former Clinton press secretary Dee Dee Myers

Needed to Win: This refers to the total number of delegate votes needed by a candidate to win the party’s nomination.

States won: This refers to CNN’s projected winner for each race until a final result has been determined. How CNN projects winners

Obama mortgage plan

Supports abortion rights.

Supported Bush-backed immigration reform legislation, which would have increased funding and improved border security technology, improved enforcement of existing laws, and provided a legal path to citizenship for some illegal immigrants. Voted to authorize construction of a 700-mile fence along the U.S.-Mexican border.

Opposed use of military force in Iraq. Voted for war spending bill that would have withdrawn most U.S. troops by March 2008. Supports phased redeployment of U.S. troops. Opposed Bush’s plan to send additional troops to Iraq. Had once called for troop withdrawal to begin by the end of 2006.

Opposes same-sex marriage, but also opposes a constitutional ban. Supports civil unions.

Opposes Bush plan allowing workers to divert some Social Security payroll taxes into private retirement accounts.

Opposed extending 2003 Bush tax cut law through 2010. Supports eliminating marriage penalty and extending child tax credit. Supports scaling back capital gains and dividends tax cuts and re-examining tax benefits for the top one percent of earners.


Barack Obama, obama mortgage.#Obama #mortgage


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“The IMDb Show” Premieres Friday, Nov. 17

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9 Things to Know About ‘Justice League’

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Gear up for Justice League with some fast facts about the movie and characters, including which three cast members also appeared in “Game of Thrones.”

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Will Obama s latest mortgage refinance plan help you? CBS News #mortgage #rates #today


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Will Obama’s latest mortgage refinance plan help you?

Will Obama’s mortgage refinance plan help you?

Dean Baker of the Center for Economic and Policy Research sits down with CBSNews.com deputy politics editor Corbett B. Daly to discuss the ins an.

President Obama on Monday announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments.

The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not enough equity in their home. Or they might be underwater–which means they owe more than their home is worth.

“Right now, some underwater homeowners have no choice but to refinance with their original lender – which some lenders refuse to do,” Obama said in prepared remarks.

“These changes will encourage other lenders to compete for their business by offering better terms and rates, and eligible homeowners to shop around for the best ones,” he added.

But how many homeowners will it really help? And will it be enough to jumpstart the still struggling housing market?

Dean Baker is the Co-Director of the Center for Economic and Policy Research here in Washington, spoke with CBS News and said if 800,000 borrowers are able to refinance, that would be “very good.”

That would be a big help to those borrowers, but probably not enough to make much of a difference in the overall economy, he added.

Despite the relatively modest effect, Mr. Obama and his team recognize the president needs to be seen on television everyday as someone “trying to solve problems, said Larry Sabato, a politics professor at the University of Virginia.

“It’s a smart approach and long overdue,” Sabato said, noting that the administration is “out of time” as the presidential election is just a year away.

“They realize that Obama probably can’t get a Mother’s Day resolution passed through Congress,” so he has to move ahead with incremental measures that help pockets of Americans.

Housing analyst Edward Pinto stressed that the plan would mostly help borrowers who owe less than their mortgage, despite the repeated talked from White House officials that it is aimed at so-called “underwater” borrowers.

“I think it’s important not to get expectations up too high,” said Pinto, a fellow at the conservative American Enterprise Institute and a vocal critic of Fannie Mae and Freddie Mac, the two government sponsored entities that are backing the loans eligible for refinance under the Home Affordable Refinance Program (HARP).

Pinto noted close to a million borrowers have gotten a HARP refinance loan since it was introduced two years ago, but only about 100,000 of them were borrowers who owed more than their house is worth. Without the HARP program, borrowers would have to owe less than 80 percent of the loan’s value to refinance, so the majority of borrowers who got new HARP loans were in that 80 to 100 percent range, Pinto said.

Even with the expanded program, “they are not going to help a million” more underwater borrowers, Pinto added.

2011 CBS Interactive Inc. All Rights Reserved.


Obama announces home refinance plan – The Washington Post #calculate #home #mortgage


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Obama announces home refinance plan

President Obama on Wednesday made his latest pitch to lift the nation’s beleaguered housing market, unveiling a series of proposals to help struggling borrowers reduce their monthly payments and to stem the continuing slide in real estate prices.

The centerpiece of the effort is legislation that would make it easier for homeowners who have been paying their mortgages on time to take advantage of today’s ultra-low interest rates, perhaps saving thousands of dollars a year. Millions of homeowners, including many who owe more than their properties are worth, have been unable to refinance.

White House officials estimated that the proposal, which requires congressional approval, would cost taxpayers between $5 billion and $10 billion. To offset that cost, Obama reprised his previous idea of imposing a new tax on the profits of financial firms. Republicans pledged to oppose the proposal.

To help the economy get more of a boost from low interest rates, Obama proposed that almost anyone who has a credit score above 580 and has been paying his or her monthly mortgage bill on time for the past six months be able to refinance. It wouldn’t matter under Obama’s proposal whether borrowers had government-backed mortgages or loans owned by banks and other private investors.

The only major limitation to the program would be on borrowers who own very expensive properties, relative to where they live. The maximums range from $271,050 to $729,750. A new program run by the Federal Housing Administration would be set up to refinance mortgages that are not backed by federal mortgage giants Fannie Mae or Freddie Mac.

The proposals are the latest in a long list of programs Obama has unveiled to address the problems facing homeowners. Almost all of the programs have fallen far short of their goals. Obama has acknowledged that his response to the housing crisis has not worked as well as he had hoped it would, and most economists say that the depressed housing market is one of the biggest drags on the economic recovery.

Still, Obama’s continuing push to provide aid to homeowners and boost housing prices draws a stark contrast with Republican presidential front-runner Mitt Romney, who has advocated a hands-off approach to the nation’s foreclosure epidemic. Obama, in his remarks, pointed to areas hit hard by the foreclosure crisis, including Las Vegas in the political battleground state of Nevada, where the next Republican presidential caucuses will take place.

“It will take more time than any of us would like for the housing market to recover from this crisis,” Obama said Wednesday at the James Lee Community Center in Falls Church. “But it is wrong for anybody to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom.”

On Tuesday, new data from Standard Poor’s showed that housing prices have fallen to levels not seen since 2003.

Republicans on Capitol Hill gave the president’s proposal a chilly reception.

“We have done this at least four times, where there is some government program to help homeowners who had trouble with their mortgages,” House Speaker John A. Boehner (R-Ohio) said. “None of these programs have worked and I don’t know why anyone would think this next idea would work.”

At the start of his term, Obama promised that up to 9 million homeowners at risk of foreclosure would receive aid through a broad refinance program or a mortgage modification program run through the Treasury Department. In the three years since then, fewer than 2 million have been helped.

“I’ll be honest — it didn’t work at the scale we’d hoped,” Obama said Wednesday. “Mortgage rates are as low as they’ve been in half a century, and when that happens, homeowners usually flock to refinance their mortgages. But this time, too many families haven’t been able to take advantage of the low rates.”

As part of his new plan, Obama also proposed encouraging borrowers who refinance their mortgages to take on shorter-term loans and direct the savings to rebuilding equity in their homes. As an incentive, the administration is willing to have the government pay the closing costs associated with refinancing — usually about $3,000.

The number of borrowers who might be eligible for the program is large: 3.5 million who do not have federally backed mortgages and 11 million who hold government-backed loans, according to administration officials. But previous estimates suggest that just a fraction of that population would take part in the program.

Christopher Mayer, an economics professor at Columbia who has gained attention for his mortgage proposals, said he’s “a big fan of what the president has proposed for refinancing government-guaranteed mortgages. The program really says for the first time everybody is eligible.”

But he raised concerns about the new FHA program that would refinance mortgages not already owned by the government. “I think it is taking a lot of risk for the government, and I think taxpayers have a legitimate question of whether they have already taken on a lot of risk,” he said.

Other steps announced Wednesday include a decision by the Treasury Department to triple incentives paid to banks in exchange for forgiving part of the debts owed by homeowners, as well as a program run by the Federal Housing Finance Agency to sell batches of foreclosed properties to investors, who would rent them out. That could restart housing activity and put a floor under housing prices in struggling communities.

Staff writer Brady Dennis contributed to this article.


Obama launches mortgage modification program – Apr #mortgage #calcultor


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Obama launches mortgage rescue plan

NEW YORK (CNNMoney.com) — The Obama administration’s loan modification program is finally underway.

The Treasury Department announced Wednesday the first six participants to sign up for President Obama’s plan. They include three of the nation’s largest banks: JPMorgan Chase (JPM. Fortune 500 ), which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo (WFC. Fortune 500 ), $2.9 billion; and Citigroup (C. Fortune 500 ), $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million.

Additional loan servicers will be added to the list over time, a Treasury spokesman said.

Several major servicers, including JPMorgan Chase and Wells Fargo, said they began modifying loans under the government initiative earlier this month. CitiMortgage signed up for the program on Monday and will start processing applications soon.

We view this modification program as yet another incremental opportunity for thousands of homeowners to preserve and maintain the dream of homeownership, Wells Fargo said in a statement.

Distressed homeowners and housing counselors have been eagerly awaiting the program’s launch since Obama first announced it on Feb. 18. However, it took weeks for the government to clarify the terms and for the financial institutions to update their systems and start accepting applications, frustrating many of those in trouble.

Billed as helping up to 9 million borrowers stay in their homes, the two-part plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers’ pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity. The government is allocating $75 billion to subsidize part of payment reduction, as well as provide thousands of dollars in incentives for servicers and borrowers to participate.

The Treasury Department said Wednesday it is capping the payments to servicers to allow more companies to participate. It is allocating $50 billion to the program, with Fannie Mae (FNM. Fortune 500 ), Freddie Mac (FRE. Fortune 500 ) and the Department of Housing and Urban Development providing the rest.

The modification plan calls for the servicer to reduce interest rates so that the monthly obligation is no more than 38% of a borrower’s pre-tax income, and then the government would kick in money to bring payments down to 31% of income. Servicers can also reduce the loan balance to achieve these affordability levels. The government will share in the cost, up to the amount the servicer would have received if it had reduced the interest rates.

Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify. Also, Treasury will not provide subsidies to reduce rates to levels below 2%.

It was not immediately clear whether the servicers must pay the incentives to homeowners and investors out of their funding share.

In addition to subsidizing the interest rates, servicers will use the Treasury funding to pay for incentives for themselves, homeowners and investors. The program gives servicers $1,000 for each modification and another $1,000 a year for three years if the borrower stays current. It will also give $500 to servicers and $1,500 to mortgage holders if they modify at-risk loans before the borrower falls behind.

Homeowners, meanwhile, will get up to $1,000 a year for five years if they keep up with payments. The funds will be used to reduce their loan principals.

The Treasury Department set the caps based on public data about the mortgages the servicers handle. Though the program mandates that servicers modify all loans that meet the requirements, the department feels the servicers will have sufficient funds to cover all troubled borrowers’ applications.

We’re confident we’ll have enough money, said Treasury spokesman Andrew Williams.

Separately, major servicers also recently started accepting applications under the refinance portion of the program.

First Published: April 15, 2009: 7:30 PM ET

These voices are based on interviews with American voters from the key swing states of Florida and Ohio. It’s part of a special report titled “Your money, your vote,” that will air on CNN on October 15. More

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Obama Said to Cut FHA Mortgage Insurance Premiums #mortgage #broker #license


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Obama Said to Cut FHA Mortgage Insurance Premiums

In an effort to expand homeownership among lower-income buyers, President Barack Obama plans to cut mortgage-insurance premiums charged by a government agency.

The annual fees the Federal Housing Administration charges to guarantee mortgages will be cut by 0.5 percentage point, to 0.85 percent of the loan balance, Julian Castro, secretary of the Department of Housing and Urban Development, said today during a conference call with reporters. Under the new premium structure, FHA estimates that 2 million borrowers will be able to save an average of $900 annually over the next three years if they purchase or refinance homes.

Shares of private insurers that compete with the FHA fell on the news, which Obama plans to discuss during a visit to Phoenix tomorrow.

“We believe this is striking a very good balance between being fiscally responsible and also enhancing homeownership opportunities,” Castro said.

‘Locked Out of Market’

The FHA has been increasing premiums since 2011 to offset losses caused by defaults on mortgages it backed after the housing bubble burst. Housing industry participants say the increases in annual fees, which are now at 1.35 percent of the loan balance, are squeezing buyers with modest incomes out of the market.

“Lots of people have been locked out of the market, particularly lower-wealth borrowers and borrowers of color, by the high prices at FHA,” said Julia Gordon, director of housing finance and policy at the Center for American Progress, a group affiliated with Democrats. The premium cut “does put homeownership within the reach of more people.”

The FHA estimates that 250,000 first-time homebuyers will enter the market after the premium reductions.

In addition to its annual premiums, the FHA also charges borrowers an upfront fee, which is currently set at 1.75 percent of the loan balance and is not slated to change.

‘Broken FHA’

Democrats and housing groups say reducing FHA fees will help the agency’s bottom line because it will boost the volume of lending, which declined when homebuyers had to pay more to obtain loans. A December study by the Mortgage Bankers Association said the premium increases had reduced the value of the insurance fund by $4.4 billion as higher costs drove away creditworthy borrowers.

Republicans have said premium cuts should be off the table because the agency’s insurance fund remains below legally required levels. House Financial Services Committee Chairman Jeb Hensarling said last month that “a broke FHA is a broken FHA.”

“This sounds like a move in the wrong direction,” said Mark Calabria, director of financial regulation studies at the Cato Institute, which supports free markets. “FHA has a portfolio of poor quality loans. This will end up costing the taxpayer considerably.”

The agency is required to keep enough cash on hand to cover all projected losses in its $1.1 trillion portfolio. The insurance fund required a $1.7 billion draw from the Treasury Department last year. In fiscal 2014, the fund posted its first positive balance in two years.

Shares Slide

The fund must also maintain a cushion of 2 percent of its value, a level it isn’t projected to reach until fiscal 2016.

Castro, who is scheduled to accompany Obama to Phoenix, said the fee cut would have a “marginal” impact on the insurance fund.

Radian Group Inc. which sells insurance to homebuyers, slid 5.5 percent to $15.62 at 1:53 p.m. in New York trading. MGIC Investment Corp. slumped 4.7 percent percent and Essent Group Ltd. fell 9.4 percent.

Radian climbed 18 percent last year after more than doubling in both 2012 and 2013 and had said it benefited as private companies gained market share from the government.

Mortgage insurance helps cover losses when homeowners default and foreclosures fail to recoup costs. The coverage is typically required when borrowers’ down payments are less than 20 percent of a home’s price.

The FHA had a 30 percent share of the mortgage insurance market in the third quarter of last year, down from about 69 percent in 2009, according to data from Inside Mortgage Finance. Private firms wrote 42 percent of the coverage in last year’s third quarter, and a government program for veterans accounted for most of the remainder.

Some Ginnie Mae-guaranteed securities backed by FHA loans also declined on concern that more borrowers will find it worthwhile to refinance, repaying debt that’s trading at higher prices at face value. Bonds with 3 percent coupons fell by 0.15 cent on the dollar more than similar-duration Treasuries as of 11 a.m. in New York, according to data compiled by Bloomberg, after typically outperforming government debt when bond prices have dropped in recent months.

Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE


Obama refinance mortgage rates and low 100% refinancing #reverse #mortgage #scam


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Obama refinance mortgage rates programs

As the American housing market continues to bounce along the bottom, the Obama Administration continues to adjust the programs that it offers under the Making Home Affordable banner. The original Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) had little impact on the problem of underwater borrowers. However, revisions to the HARP program and changes to the FHA, VA and USDA refinance programs now let almost every homeowner in America to take advantage of the Obama low mortgage rates.

The Problem: Why We Need Loans for Refinancing Mortgage 100% of Value and Above

Traditionally, mortgages required at least a 20 percent down payment. In other words, if you wanted to buy a $200,000 house, you would have to come up with $40,000 and the bank would lend you $160,000. While the bank expected you to pay your loan, they knew that if anything went wrong, they could take your $200,000 house, sell it at a discount, and still come out with their $160,000 back. Over the years, private mortgage insurance products made it possible for banks to lend you up to 100 percent of your purchase price. In this instance, they would give you $200,000, and if you defaulted on your home, they would get their $160,000 back by selling the home and get their $40,000 back from the mortgage insurance provider.

Today, so many homes have lost so much value that millions of homeowners now have the equivalent of $200,000 loans on $150,000 homes. Since the home has negative equity, no bank is willing to write a new mortgage on it since there is not enough value to make them whole if you do not make your payments. Many homeowners in this situation cannot make payments on their current loans, but could make the payments on their loan if they could just get the interest rate adjusted to today s lower levels.

In an attempt to solve this program, Washington has come up with new Obama refinancing program options to help homeowners. If you have a Fannie Mae, Freddie Mac, FHA, VA or USDA Rural Development loan that you took out before 2009, the odds are that one of these programs can help you. Furthermore, all of them let you take advantage of today s record-setting low interest rates.

HARP 2.0

As revised in February of 2012, the HARP program applies to most underwater Fannie Mae or Freddie Mac mortgages. This pool includes the vast majority of the American mortgages under $417,000 that are not part of the FHA, VA or USDA program. If you have an eligible loan and owe more than your property is worth, HARP is your ticket to taking advantage of today s low rates.

While individual lenders can impose their own more stringent rules, HARP is very generous. It allows you to refinance your existing mortgage without an appraisal regardless of what your home is worth. HARP loans typically require a credit score in the 600 s and require you to have six months of current payment history and no more than one late payment in the first year. A HARP refinance will also need to leave you better off in terms of reducing your payment, switching you from an adjustable to a fixed loan or putting you into a shorter-term fixed loan so that you can be debt-free more quickly.

Government Supported Programs FHA, VA and USDA

The popular low-down payment FHA loan has a refinance program for homeowners who owe more than their homes are worth. The FHA Streamline loan lets you take advantage of today s low interest rates with only three requirements. Your payment must go down by at least five percent, the loan you are refinancing must have been taken out on or before May 31, 2009 and you must have a 12 month record of on-time mortgage payments. If you can meet these standards you can take out a streamline with no review of your credit or FICO score, no income or employment review and no appraisal. FHA has even reduced their insurance premiums to help you get more savings from refinancing. FHA refinance rates are also extremely low.

The VA s Interest Rate Reduction Refinance Loan, usually called an IRRRL or Streamline. lets veterans and active-duty military personnel refinance their VA home mortgage. The VA does not require you to go through credit underwriting and does not require your home to be reappraised. You can include all of the costs in your loan, including the VA s 1.5 percent funding fee, and you can even borrow an additional $6,000 for energy efficiency upgrades to your home. To qualify for a streamline, all that you need to do is to lower your monthly payment or change from an adjustable to a fixed rate loan or from a 30 to a 15 year loan, even if your payment goes up.

Approximately 235,000 people in 19 states that carry USDA Direct 502 mortgages or Guaranteed Rural Housing mortgages on rural properties can take advantage of the USDA s streamline program. Like FHA, the USDA streamline just requires you to have a clean 12-month payment history and to refinance to a 30 year fixed rate mortgage with a rate that is at least one percent, or 100 basis points, lower than your current mortgage. Other than that, the USDA imposes no requirements. In other words, you can refinance regardless of the value of your home, the quality of your credit or your employment status.

These aggressive Obama mortgage programs put refinancing in reach for just about every American with a conforming mortgage of $417,000 or less. If you would like to lower your mortgage payment talk to a qualified lender about which program will work for you. They will let you know how much money you can save.