w******y
发帖数: 8040 | 1 【 以下文字转载自 Living 讨论区 】
发信人: wsbioguy (postdog), 信区: Living
标 题: fangtuo zhongda lihao!
发信站: BBS 未名空间站 (Wed Mar 7 13:56:57 2012, 美东)
O8 new bailout is on its way ....
WASHINGTON (Reuters) - President Barack Obama announced on Tuesday a cut in
fees on many government-backed mortgages that he said could help millions of
homeowners refinance, part of an election-year push to boost the shaky U.S.
housing market.
Under the plan, a typical borrower with a loan backed by the Federal Housing
Administration could save a thousand dollars a year by refinancing into a
new FHA loan, the White House said. The fee reductions would be on top of
any savings from a lower interest rate.
Two million to three million borrowers would be eligible, although the White
House said participation would more likely number in the "hundreds of
thousands."
The step is the latest in a series by the Obama administration to aid a
depressed U.S. housing market and homeowners threatened by a rising tide of
foreclosures.
About 11.1 million Americans now owe more than their homes are worth.
"I'm not one of those people who believe that we just sit by and wait for
the housing market to hit bottom," Obama said at a news conference. "There
are real things we can do right now that would make a substantial difference
in the lives of innocent, responsible homeowners."
Obama, who faces re-election in November, introduced the cut in mortgage
fees alongside efforts to compensate members of the military who may have
been wrongfully foreclosed.
The lower fees being put in place would be available to borrowers seeking a
new loan through FHA's streamlined refinancing program, and even borrowers
who owe more on their mortgage than their homes are worth would be eligible.
Under the streamlined program, borrowers must be current on their payments
and income verifications, and appraisals are waived. The reduced fees
announced today would be available to borrowers who are refinancing loans
taken out before June 1, 2009.
BROAD BENEFITS FOR THE ECONOMY
Of the 5.4 million 30-year fixed-rate mortgages that the FHA backs, 3.2
million would not be eligible because they were issued after the June 1,
2009, cut-off date, according to Mahesh Swaminathan, an analyst at Credit
Suisse Group AG.
The reduced fees, though, should help enough homeowners that there will be a
positive ripple effect throughout the U.S. economy, according to Jaret
Seiberg, senior policy analyst with Guggenheim Securities.
"This should be broadly positive for housing and the economy by reducing
foreclosures and freeing up income for consumers to spend on other goods and
services," Seiberg wrote in a note to Guggenheim clients.
The biggest banks, such as Wells Fargo & Co. , Bank of America Corp (NYS:BAC
) and JPMorgan Chase & Co. (NYS:JPM), are likely to see an increase in
refinancing volume, which could mean higher income from fees related to FHA
mortgages, he wrote.
While mortgage rates are at historic lows around 4 percent, many Americans
lack the equity to refinance. Others are locked out by tight credit
conditions.
Obama has announced several changes to the administration's housing policies
this year to help borrowers, including an expansion of an existing mortgage
relief program that had failed to reach as many homeowners as hoped.
The latest plan, which does not need congressional approval, reduces the
cost of up-front FHA mortgage insurance premiums to 0.01 percent from 1
percent of a borrower's loan balance. It also cuts the annual fee for these
loans in half to 0.55 percent.
Many FHA borrowers have found refinancing prohibitive in recent years
because of increased insurance premiums. The administration has been raising
fees for FHA loans to shore up the agency's dwindling capital and shrink
its footprint in the market. The agency backs about a third of all new
mortgages.
MILITARY PERSONNEL TO GET RELIEF
The White House also announced more details about an agreement with mortgage
servicers to compensate people serving in the military and veterans who
faced wrongful foreclosure.
It said servicers will reviews thousands of foreclosures on properties owned
by members of the military and will pay those whose homes were wrongly
seized the amount of lost equity plus interest and $116,785.
The administration is also seeking refunds for military personnel who were
wrongfully denied refinancing.! |
|
