US launches mortgage plan to stem housing crisis

August 13th, 2009 Ginnie Mae top exec leaving for private sector jobWASHINGTON — The head of the government agency that packages federally backed mortgages into investments is stepping down for a new job, people familiar with his plans said. Joseph Murin, president of the Government National Mortgage Association, known as Ginnie Mae, is leaving his job this week after 13 months.

August 4th, 2009 Housing plan offered help to 15 pct of borrowersWASHINGTON — Only 15 percent of homeowners eligible for the Obama administration's $50 billion loan modification program have been offered help so far. In its first monthly progress report on the plan launched in March, the government on Tuesday detailed big disparities among the 38 companies that have signed up.

July 30th, 2009 New Federal Housing Administration loan assistanceWASHINGTON — Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's loan modification program, the government will announce Thursday. Effective Aug.

July 23rd, 2009 Report: Obama housing plan may fall short of goalWASHINGTON — The Obama administration's effort to persuade mortgage companies to lower payments for up to 4 million homeowners could fall short of its goal, according to congressional investigators. The Government Accountability office said Thursday the administration's projections that its loan modification plan could help 3 million to 4 million borrowers "may be overstated" because it's based on uncertain assumptions about the mortgage market and overall economic conditions.

July 15th, 2009 Obama housing nominee sworn in after delayWASHINGTON — The Obama administration's nominee for a key housing post was sworn in Wednesday, after being confirmed by the Senate last week. David Stevens, formerly president and chief operating officer of Virginia-based real estate brokerage Long & Foster, is now assistant secretary for the Department of Housing and Urban Development and head of the Federal Housing Administration.

April 28th, 2009 Obama administration expands housing aid planWASHINGTON — The Obama administration said Tuesday it is expanding its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers' bills on second mortgages. During the housing boom, lenders readily gave out "piggyback" second loans that allowed consumers to make small down payments or avoid them entirely.

April 28th, 2009 Treasury gives $121.8M to 12 banks under bailoutWASHINGTON — The Treasury Department has approved 12 more banks to participate in the $700 billion financial rescue program. The 12 institutions will receive a total of $121.8 million, Treasury said Tuesday, with about half going to Standard Bancshares Inc.

April 28th, 2009 Administration is set to expand housing aid planWASHINGTON — The Obama administration is expected to announce Tuesday that it is expanding its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers' bills on second mortgages. During the housing boom, lenders readily gave out "piggyback" second loans that allowed consumers to make small down payments or avoid them entirely.

April 6th, 2009 WASHINGTON - The US launched a new crackdown Monday on mortgage fraud that may have contributed to the country's worst housing downturn in decades. The US Justice Department, Treasury and other government agencies announced a joint effort to target bogus companies that have sprouted up offering mortgage refinancing and foreclosure help.

March 6th, 2009 WASHINGTON - Lenders are taking back homes in the US at a record pace as families can't afford mortgage payments, a industry report said Thursday indicating the country's housing crisis deepened further at the end of last year. The Mortgage Bankers Association (MBA) said 3.3 percent of all mortgage-holders were in foreclosure at the end of 2008 - up 126 percent from a year ago - and 7.88 percent were behind on at least one monthly payment.

February 18th, 2009 WASHINGTON - US President Barack Obama said Wednesday he hopes to keep between seven and nine million homeowners out of foreclosure, using $75 billion to stabilize a housing crisis that is at the heart of the country's deepening recession. Obama unveiled plans offering aid to homeowners struggling to pay their mortgages, to relax rules on mortgage refinancing and to help neighbourhoods raise property values by renovating already foreclosed properties.

February 17th, 2009 WASHINGTON - US President Barack Obama Wednesday unveiled a mortgage relief plan in an effort to prevent more Americans from losing their homes. The plan is expected to help between seven million and nine million American families to avoid foreclosure, said the president in an address in Mesa, Arizona.

January 26th, 2009 WASHINGTON - Fannie Mae, the giant mortgage company under federal control, is to ask for up to $16 billion in federal money to stem massive losses from the mortgage default crisis. The request for an estimated $11-16 billion aims to keep the largest source of US home loan funding alive, and would be its first withdrawal under a programme established last year to keep it and Freddie Mac afloat.

December 31st, 2008 WASHINGTON - Mortgage rates for 30-year-fixed home loans in the US fell for the ninth straight week and to their lowest level in 37 years, according to a report released Wednesday by financier Freddie Mac. The rate dropped in the final week of December to 5.10, down from the 5.14 rate the previous week, Freddie Mac said.

December 29th, 2008 KOLKATA - India's apex housing finance institution, the National Housing Bank (NHB), expects housing finance companies to reduce lending rates, a top company official said here Tuesday. 'As we have reduced rates, we expect housing finance companies to reduce rates and pass on the benefits to consumers,' NHB chairman and managing director S.