[Occupymendocino] New Fannie Mae program to help homeowners avoid foreclosure

[Linda Jupiter]

Hi, all,
I just called Andy Wilson (his number is below) and he said that the  
website in the email below is bogus. It's true; if you look it says  
"fanniernae" not "fanniemae" in the URL.
He did give me some good advice for a friend of mine who's in  
foreclosure.
If someone is current with their mortgage payments and it's a Fannie  
or Freddie Mac loan, they should call 1-800-7FANNIE for help.
If he or she is delinquent or behind in mortgage payments, go to  
knowyouroptions.com and thru the website you can get help for a refi.
Hope this is helpful.
Linda



On Sep 13, 2012, at 10:43 AM, Laurie York wrote:

>>> September 13, 2012
>>>
>>> Fannie Mae Launches New HomeRight Community Relief Program
>>> New Guidelines Streamline Housing Market Recovery and Relief to  
>>> Borrowers
>>>
>>> http://fanniernae.com/portal/about-us/media/corporate-news/2012/5820.html
>>> Andrew Wilson
>>>
>>> 202.752.5168
>>>
>>> WASHINGTON, DC – Today, Fannie Mae (FNMA/OTC) announced that it  
>>> will launch HomeRight, a three point community relief program  
>>> designed to help more homeowners avoid foreclosure and improve  
>>> community and housing market stability. As the weak housing market  
>>> continues to be a burden on overall economic recovery, this new  
>>> program will address the factors inhibiting market stabilization,  
>>> such as negative equity held by many homeowners and the large  
>>> quantity of vacant and REO properties held in Fannie Mae and other  
>>> lenders' portfolios.
>>>
>>> Through participation in the Home Affordable Modification Program  
>>> - Principal Reduction Alternatives (HAMP - PRA), as well as Fannie  
>>> Mae's new pilot program HomeRight, servicers will be required to  
>>> write down mortgages owned by Fannie Mae to reflect their current  
>>> market value. As recent Fitch Ratings analysis shows, using  
>>> principal reduction (PR) to reduce loan-to-value ratio (LTV)  
>>> increases the borrowers' ability to pay, and the re-default rate  
>>> is significantly lower for loans modified with principal  
>>> reduction, compared with loans modified only with payment  
>>> reduction options. Principal reduction will also help create more  
>>> demand in the housing market, as having equity in the home allows  
>>> for young families to trade up to bigger places, and for empty  
>>> nesters to downsize more easily.
>>>
>>> HomeRight will also address the growing backlog of REO properties  
>>> by implementing new initiatives designed to reduce the number of  
>>> vacant homes on the market, balance the decline in home values,  
>>> and provide stability to displaced homeowners affected by  
>>> foreclosure. Homeowners who were foreclosed on between 2007-2011  
>>> will have the option to buy back their former home -- or, if  
>>> unavailable, a comparable home in the same neighborhood -- at its  
>>> current market value. Lease options will also be implemented for  
>>> those unwilling or unable to explore homeownership. These lease  
>>> options will also be extended to current homeowners facing  
>>> foreclosure who wish to remain in their home, but can no longer  
>>> afford to own. A new help desk and call center will be created to  
>>> help administer this new program and ensure its efficiency.
>>>
>>> Finally, through the HomeRight program, Fannie Mae is working with  
>>> non-profit and community organizations dedicated to providing  
>>> affordable housing to the growing number of displaced families  
>>> facing homelessness. These organizations will be provided grants  
>>> to be used in the rehabilitation of homes in distressed markets,  
>>> which once completed will be turned over to those communities to  
>>> provide long term affordable housing options.
>>>
>>> These new initiatives will continue Fannie Mae's goals of  
>>> fostering a liquid, efficient, competitive, and resilient national  
>>> housing finance market, while protecting the American dream of  
>>> homeownership and stable housing options for all.
>>>
>>> Fannie Mae exists to expand affordable housing and bring global  
>>> capital to local communities in order to serve the U.S. housing  
>>> market. Fannie Mae has a federal charter and operates in America's  
>>> secondary mortgage market to enhance the liquidity of the mortgage  
>>> market by providing funds to mortgage bankers and other lenders so  
>>> that they may lend to home buyers. Our job is to help those who  
>>> house America.
>>>
>>
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