Loans, Debt & Credit - View Single Post - Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners

Dette · 09-29-2008, 12:38 PM

These are the three sections that pertain to Homeowners:

Section 109. Foreclosure Mitigation Efforts.
For mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs. Allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. Requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer.

Section 110. Assistance to Homeowners.
Requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures. Requires federal entities to work with servicers to encourage loan modifications, considering net present value to the taxpayer.

Section 124. Hope for Homeowners Amendments.
Strengthens the Hope for Homeowners program to increase eligibility and improve the tools available to prevent foreclosures.

09-29-2008, 12:38 PM	#8 (permalink)
Dette Member Join Date: Jul 2008 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners These are the three sections that pertain to Homeowners: Section 109. Foreclosure Mitigation Efforts. For mortgages and mortgage-backed securities acquired through TARP, the Secretary must implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs. Allows the Secretary to use loan guarantees and credit enhancement to avoid foreclosures. Requires the Secretary to coordinate with other federal entities that hold troubled assets in order to identify opportunities to modify loans, considering net present value to the taxpayer. Section 110. Assistance to Homeowners. Requires federal entities that hold mortgages and mortgage-backed securities, including the Federal Housing Finance Agency, the FDIC, and the Federal Reserve to develop plans to minimize foreclosures. Requires federal entities to work with servicers to encourage loan modifications, considering net present value to the taxpayer. Section 124. Hope for Homeowners Amendments. Strengthens the Hope for Homeowners program to increase eligibility and improve the tools available to prevent foreclosures.