InfoAnda - Obama Announces Financial Incentives to Reduce Home Foreclosures

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Obama Announces Financial Incentives to Reduce Home Foreclosures Email Facebook Digg Twitter Buzz Up! ShareThis March 26, 2010 4:40 p.m. EST Topics: government, money and monetary policy, politics, business, executive (government), economy, business and finance, finance, institution, United States Tom Ramstack - AHN News Correspondent Washington, D.C., United States (AHN) - The Obama administration on Friday announced new incentives to help struggling homeowners refinance their mortgages with lower payments to avoid foreclosure. The foreclosure avoid program would provide banks with incentives to reduce the principal on underwater mortgages, or loans that are greater than the value of the homes they finance. In addition, unemployed homeowners could qualify for three to six months of lower mortgage payments while they look for jobs. “These program adjustments will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own,” a White House statement said. The new incentives represent an overhaul of the Home Affordable Modification Program, which members of Congress have criticized for helping very few of the homeowners who were supposed to benefit from it. The program was designed to help three million to four million homeowners avoid foreclosure through 2012. So far, the $75 billion Home Affordable Modification Program is credited with helping only 170,000 homeowners lower their mortgage payments. Even as Obama administration officials announced the new incentives, they acknowledged they would only marginally decrease the estimated 10 million to 20 million home foreclosures expected in the next three years. Nevertheless, Democrats said the foreclosure avoidance program would help both homeowners and the broader economy. Foreclosures have “had a general negative effect,” on the nation’s economy, said House Financial Services Committee Chairman Barney Frank (D-MA). “While clearly there are some people in trouble on their mortgages who bear some of the responsibility for their plight, this is not true of the unemployed who are fully deserving of this help,” Frank said. Costs of the incentive program would be shared between lending institutions and the federal government’s $50 billion Troubled Asset Relief Program housing program. The House Financial Services Committee has scheduled a hearing for April 13 to question financial executives from Bank of America, JPMorganChase, Citigroup and Wells Fargo about how they are cooperating in government programs to reduce foreclosures. The Obama administration’s new incentives require lending institutions to reduce monthly mortgage payments for unemployed workers to 31 percent of the homeowner’s current income for as much as six months. After the temporary period, homeowners whose monthly payments exceed 31 percent of their gross monthly income could qualify for permanently modified loans. Homeowners are eligible if they live in the homes they purchased, took out their mortgages before Jan. 1, 2009 and have loan balances less than $729,750. The new program also would allow more homeowners to do a “short” sale, which involves selling their homes for less than their loan balances. They also could transfer ownership of their homes to avoid foreclosure, which is called “deed in lieu of foreclosure.” “We can make a material difference” in helping struggling homeowners, Diana Farrell, an Obama economic adviser, said in a press briefing Friday. Bankers say the Home Affordable Modification Program has failed to meet its goals because few lending institutions will reduce monthly payments on at-risk loans unless they have financial incentives. Instead, they modify loan repayment rates. However, many of the borrowers then default on the modified loans. They say the Obama administration’s incentives announced Friday could give them a better reason to reduce the balances on at-risk loans. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. 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