Honolulu Qualifies for Fannie and Freddie’s New Treatment!

August 4th, 2008 categories: Mortgages & Financing, The Market

Here is more information on the recent Fannie Mae and Freddie Mac help to slow down foreclosures.

“The two U.S.-government-sponsored guarantors of home loans last week said they will increase fees they pay loan-servicing companies for “workouts” that prevent foreclosures. (Servicing companies collect loan payments and handle other administrative tasks.) Freddie also said it will give servicers more time to pursue such workouts.”

“In places with relatively quick foreclosure processes, Freddie said it will allow servicers as many as 300 days from the due date of the last payment to seek alternatives to foreclosure. This policy applies to Alabama; Alaska; Arizona; Arkansas; California; Georgia; Hawaii; Maryland; Michigan; Minnesota; Mississippi; Missouri; New Hampshire; North Carolina; Rhode Island; Tennessee; Texas; Virginia; West Virginia; Washington, D.C.; and Wyoming. Freddie said the new policy doesn’t apply in other states, where the foreclosure process normally takes more than 300 days.”
CLICK HERE TO READ THE ENTIRE WSJ ARTICLE
Today’s picture Koko Head was taken from the Super Ferry.

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