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No Federal Bailout for B&C.(bad credit loans)(subprime loans)
WASHINGTON -- The chairman of the Senate Banking Committee and the ranking Republican member last month ruled out any type of government bailout for delinquent subprime borrowers.
But while the senators made their proclamation at a news conference here, Fannie Mae and Freddie Mac pledged billions of dollars in resources to help subprime borrowers who are behind in their payments or soon may be.
Freddie committed $20 billion to refinancing troubled subprime borrowers, with Fannie saying it might offer assistance on more than 1.5 million loans.
Fannie CEO Daniel Mudd said he could not offer a specific dollar amount at this time but told Mortgage Servicing News the GSE would get the word out to troubled consumers through residential servicers.
Mr. Mudd said the loans in question have average balances of $150,000.
He noted that while some loans should be easy to refi, there is a second group of borrowers who will need "a significant" restructuring and there is a third that "a solution won't work for."
Fannie Mae will relax its underwriting standards to help refinance homeowners who are facing imminent payment shock due to adjustable-rate subprime mortgages.
- FHA Reform Bill Could Help Distressed Subprime Borrowers.
- News wire article from: Mortgage Line July 10, 2007 700+ words
...adjourns for its August recess. Senate Banking Committee chairman Chris Dodd, D...hundreds of thousands" of distressed subprime borrowers if Congress passes an FHA reform...officials maintain they could help more subprime borrowers if Congress passes a reform bill...
- JPMorgan Chase Supports Senate Banking Committee's Statement of Principles for...
- Press release article from: Business Wire May 1, 2007 700+ words
...NYSE: JPM) today announced its support of the U.S. Senate Banking Committee's Statement of Principles as guidance for companies servicing the mortgages of subprime borrowers. "Sen. Christopher Dodd has focused the country's attention...
- Defining 'Subprime' Borrowers.
- Magazine article from: Origination News Sichelman, Lew August 1, 2007 700+ words
...best terms. But just who are these subprime borrowers we keep hearing about? And why are...According to the MBA, moreover, most subprime borrowers are making their house payments on...current. Yes, the default rate for subprime borrowers is much higher than that of prime...
- GSEs offer new products to help troubled subprime borrowers.(Briefing...
- Magazine article from: Mortgage Banking May 1, 2007 700+ words
...programs and steps to help troubled subprime borrowers. [ILLUSTRATION OMITTED] Freddie...stable financing alternatives for subprime borrowers, while fellow GSE Fannie Mae unveiled...what they are already doing to help subprime borrowers facing financial difficulties, according...
- Bush Wants FHA to Help Refinance Troubled Subprime Borrowers.
- News wire article from: Mortgage Line Collins, Brian November 20, 2007 700+ words
...Housing Administration to provide subprime borrowers with a refinancing option...program so it could serve more subprime borrowers. Now they want FHA to throw a lifeline for drowning subprime borrowers. "We are considering a way...
- Bush Wants FHA to Help Refinance Troubled Subprime Borrowers.(United States....
- Magazine article from: Mortgage Servicing News Collins, Brian October 1, 2007 700+ words
...Housing Administration to provide subprime borrowers with a refinancing option...program so it could serve more subprime borrowers. Now they want FHA to throw a lifeline for drowning subprime borrowers. "We are considering a way...
- Borrower Profile: Mr., Mrs. America. (subprime borrowers)(Brief Article)
- Magazine article from: American Banker TIMMONS, HEATHER November 5, 1997 700+ words
Subprime borrowers are more middle-of-the-road...survey. But overall, incomes of subprime borrowers are lower than those of the nation as a whole. More than 75% of subprime borrowers have household incomes of less than...
- Subprime borrowers pay cards first.
- Newspaper article from: Orange County Register (Santa Ana, CA) June 23, 2007 700+ words
...Not any more -- at least not for subprime borrowers. A new study by Experian, the Costa...information services company, shows that subprime borrowers are now paying their credit cards...may be that financially-strapped subprime borrowers can make the minimum payment to keep...
