M********I
发帖数: 848 | 1 谁能给贴个全文。看看这些在水下的怎么refinance?
http://online.wsj.com/article/SB1000142405297020434610457663751
State and federal officials are pushing a plan that could help some "
underwater" borrowers get refinancing assistance in the latest government
bid to break a legal impasse with big banks over alleged foreclosure abuses
and ease problems in the housing market.
The proposal was raised in a meeting last week between government
negotiators and giant lenders as part of an effort to settle allegations of
questionable foreclosure practices. Discussions are still fluid and any
final outcome is uncertain. Talks between government officials and the banks
are expected to continue this week.
The plan under consideration would make refinancing available to ... | M********0
发帖数: 215 | 2 New Mortgage Plan Floated
Underwater Borrowers Current on Payments Would Get Help.
State and federal officials are pushing a plan that could help some "
underwater" borrowers get refinancing assistance in the latest government
bid to break a legal impasse with big banks over alleged foreclosure abuses
and ease problems in the housing market.
WSJ's Nick Timiraos has details of a proposed plan that would give mortgage
-holders who are underwater access to refinancing assistance. Photo by Joe
Raedle/Getty Images
.The proposal was raised in a meeting last week between government
negotiators and giant lenders as part of an effort to settle allegations of
questionable foreclosure practices. Discussions are still fluid and any
final outcome is uncertain. Talks between government officials and the banks
are expected to continue this week.
The plan under consideration would make refinancing available to some
borrowers whose houses are worth less than their loans, so long as they are
current on mortgage payments, according to people familiar with the matter.
Such borrowers typically aren't able to refinance because they lack equity
in their homes. The plan would apply only to mortgages owned by the banks.
It isn't clear how many of those borrowers would qualify for help. Around 20
% of all U.S. mortgages are owned by U.S.-chartered commercial banks; the
majority are held by investors in mortgage-backed securities.
The proposal would be part of a settlement with major lenders. Above, a bank
-owned home last week in Miami was given an updated 'for sale' sign.
.Federal officials have been trying to broker a settlement with the five
largest mortgage servicers—Ally Financial Inc., Bank of America Corp.,
Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co.
The plan is designed to win the support of California Attorney General
Kamala D. Harris, who bolted from talks between the banks, states attorneys
general and federal officials a few weeks ago. She had called a prior
version of the deal "inadequate." Without California's participation, it
will be difficult for the government to reach a settlement of $20 billion to
$25 billion that some state and federal officials have been seeking.
.As for the new plan, a spokesman for Ms. Harris said "we haven't seen any
such proposal."
Administration officials have viewed the broader foreclosure settlement as
an opportunity to increase the number of financially troubled borrowers who
receive principal reductions, which until now banks have granted only on a
limited basis, and to provide those at risk of foreclosure with other
assistance.
Home prices have fallen by nearly a third over the past five years, leaving
many homeowners owing far more than their home is worth, a problem that
threatens economic growth for years to come.
Three-quarters of all borrowers who are underwater, amounting to around
eight million homeowners, have "above market" rates and could reduce their
mortgage rate by at least one percentage point if they were able to
refinance, according to CoreLogic.
Housing and Urban Development Secretary Shaun Donovan joined two days of
discussions last week, the highest-profile Obama administration official to
participate in the talks, which also include state attorneys general and the
Justice Department.
While Mr. Donovan's involvement initially led banks to believe that final
decisions could be reached with state and federal officials, several bank
executives grew frustrated with what they saw as last-minute efforts to
change technical but important details that they believed had already been
settled, people familiar with the matter said.
Associated Press
California Attorney General Kamala Harris
.Friday's discussions became very heated at times, people close to the
negotiations say. Government negotiators "have no idea how frustrated the
banks are," said one person close to the banks.
An administration official conceded that the discussions have grown more "
intense" as banks and the government attempt to narrow remaining differences
, but characterized banks' concerns as part of the normal course of
finalizing a difficult negotiation.
Supporters of the refinance proposal say it would provide a boost to the
economy and benefit borrowers who have worked hard to stay current on their
loans, even though they owe more than their home is worth.
The refinance program would be particularly costly for banks because they
would be forced to give up expected interest income on loans for which
borrowers are current on their loan payments and, given their payment
histories, unlikely to default. Banks can't reduce rates on loans they don't
own because the result would be a net loss to the investor.
More
Developments: Supply vs. Demand: Why Is Housing Hurting?
."Nine months ago this would have been inconceivable," said one person
familiar with the banks' thinking.
Representatives of Ally, Bank of America, Citigroup, J.P. Morgan and Wells
Fargo declined to comment on the negotiations.
In a speech to the Mortgage Bankers Association last week, Mr. Donovan said
a settlement would help banks avoid "hundreds of different lawsuits with
varying degrees of success," while benefitting "struggling homeowners now,
not sometime in the future."
The administration's efforts to revive the housing market and aid distressed
borrowers have been overwhelmed by a sluggish economy and stubbornly high
unemployment. The government's loan-modification and refinance initiatives
have reached fewer borrowers than expected.
Under the new proposal, banks would refinance certain borrowers who are
current on their loan payments, but can't qualify for a traditional
refinance because they owe more than their homes are worth.
Many key details remain to be sorted out. It's not clear, for instance,
whether borrowers would receive a permanent rate cut or whether their rates
would be lowered for several years, then move higher.
Allowing more underwater borrowers to refinance could have an outsize impact
in California, which has more than two million underwater borrowers, more
than any other state, according to CoreLogic data. It's not clear how many
underwater borrowers are current on their loan payments or how many of their
loans are held in bank portfolios.
Journal Communitydiscuss..“ As long as it doesn't involve a reduction in
principal, this plan might work for the homeowners and for the economy.
”
.—Scott Horsburgh.
The new proposal has complicated discussions because the banks want a
broader release from additional legal claims in exchange for accepting the
refinance proposal, sources familiar with the negotiations say.
The two sides have differing opinions as to whether adding the refinance
component would increase the price tag for the deal, these people add.
The refinancing discussion is separate from a parallel effort by the Obama
administration to expand an existing federal program that allows homeowners
to refinance if they have little or no equity and their loans are backed by
Fannie Mae and Freddie Mac, the government-controlled housing giants.
The administration and federal regulators are preparing to unveil changes to
that program as soon as this month to remove technical barriers that have
blocked many eligible borrowers from participating.
Write to Ruth Simon at r********[email protected], Nick Timiraos at nick.timiraos@
wsj.com and Dan Fitzpatrick at d*************[email protected]
Corrections & Amplifications
A new government proposal calls for only refinancing assistance for certain
homeowners who are current on their mortgage payments but owe more than
their home is worth. This article incorrectly said it would include
principal reduction. | M********I
发帖数: 848 | 3 谢谢把全文贴这。
基本上这个plan对大多数人是没用的，因为大部分的贷款都卖到2级市场了。
倒是这段比较有意思：
The refinancing discussion is separate from a parallel effort by the Obama
administration to expand an existing federal program that allows homeowners
to refinance if they have little or no equity and their loans are backed by
Fannie Mae and Freddie Mac, the government-controlled housing giants.
The administration and federal regulators are preparing to unveil changes to
that program as soon as this month to remove technical barriers that have
blocked many eligible borrowers from participating.
现在的program只对2009年6月前买房的有效，不知道这个日子能不能往后延 |
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