Foreclosure relief in sight?
Posted January 24, 2012
Mortgage rates were flat again today, with Mortgage Market forces focusing on the adjournment tomorrow afternoon from the Fed’s Meeting – and the minutes which arise from that meeting. Greek uncertainty –which had been helping with keeping mortgage rates low – seemingly has lessened its impact on the global markets for now – primarily due to the size of the debt in question as it relates to European/Global wealth, and the fact that this will not surprise the markets at all… remember that it’s the market unknowns and uncertainties which tend to have a bigger influence on market movements versus the actual event in many cases…
Discussion out of Washington is pointing to a potential deal with the five largest US Mortgage Servicers as it relates to the foreclosure process. A $25 Billion fund is being seriously discussed as a way to help bring monies back to consumers who have been impacted by the foreclosure process – potentially helping to reduce principal in some cases – and in other cases, monies could be used to compensate homeowners who were put through an inaccurate foreclosure process.
I’ll keep you posted once any solid details have actually been finalized.