The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule, designed to protect financially distressed homeowners from mortgage relief scams has gone into effect.
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The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule, designed to protect financially distressed homeowners from mortgage relief scams has gone into effect. By John R Johnson In its attempt to stabilize the housing market by increasing investor confidence, Fannie Mae has tightened up a bit on its requirements for loans that it will buy. Since most lenders sell the loans they generate, and since Fannie Mae buys the majority of housing loans, they set the “gold standard”. If [...] The two main relief plans provided in the program Expanding Fannie Mae and Freddie Mac’s mortgage refinance guarantees to cover those with debt of 80% to 105% of the home’s value, previously they were limited to houses with 80% or less debt. Qualified homes with existing Fannie Mae and Freddie Mac loans may be refinanced at [...] Remarks by the President on the mortgage crisis Feb 18, 2009 Under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower’s income. This will enable as many as 3 to 4 million homeowners to avoid foreclosure with these modified terms of their mortgages. Treasury will [...] |
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