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“Subprime mortgage servicer and participant in this weeks meeting of the minds on Capitol Hill Ocwen Financial Corp. came out in vocal support of the Administrations push for all things modification.”
House Passes Foreclosure Rental Bill
The House of Representatives this week passed a bill that would authorize federally-insured depository institutions and banks to lease real estate-owned homes for a limited period of time up to five years.
The House approved HR 2529, the Neighborhood Preservation Act, in a voice vote Wednesday. The bills language allows banks covered through the Federal Deposit Insurance Corp. to lease back houses it owns through foreclosure.
Radar Logic: Dont Call It a Housing Comeback Yet
” While Radar Logic, in a special report published Wednesday (and available to download here), acknowledged the encouraging signs of stability in house prices, the real estate data and analytics provider remains wary of calling a bottom just yet.”
rate and term refis reduce mortgage payments by billions
“But these borrowers also accumulate principal faster than they would have with a higher-rate loan even after taking into account the longer terms of the new loans. In aggregate, second-quarter refinancers will have about $200 million additional principal paydown after a year than they would have under their old loans.”
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