Notes from Charlotte County, Florida

Real Estate Related Provisions of the Homeowner Affordability and Stability Plan    - by Bill Richardson

FROM THE HOUSING BILL

Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs) will refinance the mortgages for 4-5 million homeowners with loans owned or guaranteed by the GSEs. The streamlined refinancing program is designed to help borrowers with loan-to-value ratios above 80 percent up to 105 percent.

$75 Billion Homeowner Stability Initiative to Reach up to 3 to 4 Million At-Risk Homeowners - The goal of the 3-year Homeowner Stability Initiative is to reduce the monthly payment of homeowners to affordable levels using $75 billion from TARP and the GSEs. The program will be available for home owner-occupants “at risk of imminent default” even if they are current in making mortgage payments, as well as those already delinquent. It will only apply to mortgages at or below the GSE conforming loan limits.

Bill Richardson is a District Sales Manager with The Keyes Company’s Boca Blue Lake Office.  He is a former President of the Realtor’s Association, a former Realtor of the Year, and currently a Director of both the Realtor’s Association of the Palm Beaches and The Florida Association of Realtors.

With questions or comments

call Mike Federau or Curt mellon.

- Your MLS Detectives Team -

www.MLSDetectives.com