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Posted on Dec 21, 2022 in HARP Refinance

house
by reallyboring

On Either Side of the Atlantic a Common String of Thought is Running Through the Leaders – It is to Push the Job Problem Into the Backyard

Article by Anyele

One of the worst scourges afflicting the entire Western world is unemployment. In America about 14 million are without jobs, page millions of others are under-employed – either working part time or stuck with assignments that do not do justice to their skills. In some of the European countries the situation is worse. In Spain the unemployment is 21%. There are no signs of the situation improving. The tragedy is continuing.

All rational policy leaders will give the top priority to reversing this trend. But on either side of the Atlantic a common string of thought is running through the leaders is to push the job problem into the backyard. This is done very cleverly by sugar coating the bitter pill.

They need to be told that making up excuses not to put back the unemployed into work is neither prudent nor responsible. In fact it is a horrendous running away from responsibility.

What are the excuses being put forward? The recent report on the economy by OECD (Organization for Economic Cooperation and Development) stated, “The room for macroeconomic policies to address these complex challenges is largely exhausted”. The OECD liaison between the governments but it does not by itself initiate policies directly. It reflects the typical wisdom of the policy-elite of Europe. It advised the nations to “go structural” or to concentrate on long-term reforms that would make no dent on the present employment scenario. No suggestions were made of how the trend of unemployment could be reversed; it only highlighted the risks of moving away from conventional policies.

None is talking seriously about generating jobs. The Republican Party keeps harping on tax cuts and deregulation. The Obama government gave up talking about it nearly eighteen months ago.

Is anybody in power talking of jobs? None! But something should be done and can be done.

It is well to remember that the people are without jobs because they are lazy or because they lack skills. There is nothing wrong with the America workers. Only four years previously the unemployment figure was 5%.

At the heart of the trouble is the economy centred on the mortgage debt problems. The debt that was caused by the bursting of the housing bubble is persistently pulling back the economy and putting brakes on any actual recovery in the employment segment. Once this realization dawns that private debt is at the root of the problem then the solutions can be thought of along these lines.

About the Author

Anyele, has been working on usreoproperties with real estate owned properties, studying the foreclosures market and helping buyers in their purchases.

For more informaiton please visit here…

house
by Kevin Saff

Obama’s New Mortgage Refinance Plan

Article by Julie Jalone

President Obama announced a new plan to help home owners who want to take advantage of ultra-low mortgage rates and lower their mortgage payments by refinancing. The administration hopes changes to the Home Affordable Refinance Program will help about 1 million home owners qualify to refinance.

Here are more details about the newly announced changes to the program:

HARP: The Home Affordable Refinance Program started in 2009. It allows home owners to refinance at lower rates without having to meet the typical requirement of having at least 20 percent of equity in their home. Under current guidelines, buy more about many underwater borrowers have been ineligible for the program because their home values had to be no more than 25 percent below what they owed their lender. Also, health some home owners were unable to afford the closing costs and appraisal fees to participate.

Changes:

•The 125% loan-to-value cap, salve which prevented borrowers from refinancing if the value of their homes had tumbled, has been removed.•Borrowers will not need a new property appraisal if Fannie and Freddie have enough data in their automated valuation system to estimate the value of the property. This not only speeds up the refinancing process but also eliminates the appraisal fee.•Certain fees associated with the risk of the loan will be reduced. Those fees will be eliminated for borrowers who refinance their mortgages into a shorter-term loan such as a 20-year mortgage or a 15-year mortgage.•The program, which had been scheduled to expire in June 2012, has been extended through the end of 2013.•Those who bought a house as their primary residence but now hold the property as an investment will be able to refinance through HARP at an additional cost.•Lenders will be waived of certain liabilities on the original loans if they refinance those loans through HARP.

Eligibility:

•Home owners with loans backed by Fannie Mae or Freddie Mac can participate. (Home owners can visit: freddiemac.com/mymortgage or fanniemae.com/loanlookup to determine if their mortgage is owned by either). •Home owners must be current on their mortgage.

Start Date: The changes could take effect by Dec. 1. HARP also is being extended through 2013 to allow more home owners the opportunity to qualify.

Impact: Will it work? The administration hopes that by home owners being able to lower their monthly mortgage payments (with an average annual savings of ,500 expected), they’ll be more likely to stay current on their mortgage and avoid foreclosure. Also, the administration hopes that it will then free up household money to start spending more on other things, which could provide an overall boost to the economy.

In my opinion, the revised HARP requirements are a step in the right direction but the housing market needs much more than a refinancing plan designed to help 1 million homeowners. Where is the help for homeowners who are delinquent on their mortgages? What about unemployed homeowners? We need the administration to support easing of the current restrictive lending environment.

If you have any questions or comments about the revised refinance program, please send me an email to juliej@jalone.com.

About the Author

Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor serving the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author’s information and copyright must be included.

For more informaiton please visit here…


by Grumbler% – |

housing solutions

article by Alex Vitti

mortgage rates remain near lows for the coming year, visit this site while property prices are expected to remain flat, malady the Mortgage Bankers Association chief economist said on Tuesday.

And both are expected to do little to inspire someone to buy a house.

Right now, more about many tenants contents are still renting, Jay Brinkmann, chief economist for the group said, at the annual meeting of the MBA in Chicago this week. “As we see the first stories about rising prices, the market begins to pick up something,” he added said.Rates on the 30-year fixed-rate mortgage averaging 4.4% next year are expected, after averaging over 4.5% in 2011 , according to the MBA forecast. Prices are expected to climb to an average of 4.9% in 2013.

This expectation of low rates and low prices of what is to keep consumers remained stubborn.

“Consumers are pretty well in tune,” said Doug Duncan, chief economist for Fannie Mae, adding that “a good handle on the fact that prices will not rise anytime soon.”

The Housing Market is in its fifth year of a 10-year-adjustment of prices, Duncan said, informed the reporters at the meeting. He expects a 3% decline in prices from now until early next year, without fire sales, with prices flat the rest of 2012.

And that means another weak year for the mortgage industry.

total there is 0 billion in financing volume expected in 2012 – the lowest volume for the industry since 1997, according to the MBA. Originations are expected to reach 0.2 trillion in 2011. Next year, funding is expected to fall significantly, coupled with only a slight increase in mortgage to buy a house.

Of course, any prediction is these days with a number of limitations.

Europe may already be in recession, and the failure of Greece is a foregone conclusion, said Brinkmann. A recession could move across the pond to the United States into a mild recession, he added.

“When the economy goes into recession remain, prices would be lower for longer, but we do not anticipate that they would fall substantially. When the economy recovers quickly, could be faster even with the Fed’s operating Twist, longer-term rates” Brinkmann said.The road ahead

Despite rising uncertainty, could little things done to improve the housing market, said Mark Zandi, chief economist of Moody? s Analytics, who spoke during a MBA panel discussion.

“I do not think our problems are overwhelming. I think they are manageable and do not think we need a big thing, going to have to solve our problems. We just need a few things to do around the edge, and the case will be in a better place for a year, a year and a half from now, “Zandi said.

One of the ideas, the major discussion at the meeting was given was the government’s request for proposals on how to transfer foreclosed properties to rent. Read more: U.S. moves to sell, rent or lease 92 000 foreclosures

“This could really make a difference in prices … in markets where foreclosures are concentrated so high,” said Jared Bernstein, a panel member, former economic policy advisor . Vice President Joseph Biden.

The objective would be to take some of these distressed properties from the housing market, a need in some communities for several rental properties, while stabilizing property prices, he said.

Stabilizing property prices is key to the market back on track .. If prices stabilize and start to move north, you’ll see less of the 14 million borrowers who are underwater in default strategically.

About the Author

yellow pages

use and distribution of this article is subject to our Publisher Richtlinienwodurch the original author’s information and copyright must be included. more informaiton please visit here …

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