Well, I attended a SFR certification class about a week ago. While it was informative, the instructor missed out some key facts about the new "guidelines". I think many agents/brokers left thinking the new rules will help because let's face it, who wouldn't be happy if the bank has to approve/disapprove a short in 10 business day, and have a standard flow of paperwork?
Well, it will help in some cases but the thing is, first of all, only homeowner who are unable to retain their home under the HAMP programe (Home Affordable Modification Program) are eligible for HAFA. On top of that, it does not apply to FHA or VA loans, even more, loans owned or guarnteed by Fannie Mae or Freddie Mac will have a "modified" version of this guideline in the coming weeks.
Click here to see HAFA program. Click here to see the 43 page "Directive"
The Wall Street Journal (click here for full story) is reporting that Apple is working on a new iPhone to debut in the summer and a second model for Verizon Wireless.
The people briefed on the matter said one of the new iPhones is being manufactured by Taiwanese contract manufacturer Hon Hai Precision Industry Co., which produced Apple's previous iPhones. The model that has CDMA capability, used by Verizon Wireless, is being manufactured by Pegatron Technology Corp., the contract manufacturing subsidiary of Taiwan's ASUSTeK Computer Inc., said these people.
Apparently, Pegatron is scheduled to start mass producing the CDMA iPhone in September.
An AT&T spokesman said, "There has been lots of incorrect speculation on CDMA iPhones for a long time. We haven't seen one yet and only Apple knows when that might occur."
President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers.
The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses.
The plan asks banks to write down loan balances to less than the value of the home. If there is both a first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.
The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.
Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/25/2010)