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California Foreclosure Prevention Act takes effect
Jun 19, 2009

A California law is now in effect to give banks and homeowners more time to modify mortgages and prevent foreclosures. The California Foreclosure Prevention Act requires an additional 90-day period for certain loans to allow all parties to pursue loan modifications to prevent foreclosures. A mortgage loan servicer that has already used a comprehensive loan modification program may file an application for exemption from the additional 90-day period. Eligible borrowers are those who obtained first mortgage loans between Jan. 1, 2003, and Jan. 1, 2008, and occupy them as their principal residences. They also must not have filed for bankruptcy or contracted with businesses concerning the foreclosure.  For more information, click here.
Jun 19, 2009
5 Federal Agencies Propose Guidance For ROVs

Addresses reconsiderations of value (ROV) for residential real estate transactions. 

Freddie Mac Adds Affordable Housing Program For Native Americans

HeritageOne will increase access to affordable mortgages for tribal members living in tribal areas.

6 Federal Agencies Seek Comment On Proposed Rule For AVMs

The rule is intended to ensure the credibility and integrity of Automated Valuation Models.

FHA Proposes New Program To Help Struggling Homeowners

Legal expert questions whether agency has authority to implement the program.

Fitch Places Fannie, Freddie On Negative Ratings Watch

Ties credit rating to outcome of U.S. debt limit negotiations.

FHFA Director Strongly Defends New GSE Pricing Framework 

Tells House committee it’s “simply not true” that financially stronger borrowers are subsidizing others.