Obama extends mortgage refinancing program
July 1, 2009 L' administration Obama élargit its programme of refinancing of prêts hypothécaires to allow to the borrowers hard touchés by the fall in the prices of houses à to take part. The borrowers whose prêts are now a value going jusqu' à 125% of the value of their house are now acceptable à to refinance their houses within the framework of the plan of prévention of the Obama preclusion has annoncé in Février. Previously, the était limit of 105%. déménagement the reconnaît that the prices of the houses in many fields are tombés so far many people have été excluded from the program. Some 67% of propriétaires à Las Vegas – one of the districts more touchés and oà ¹ the residences Secrétaire Shaun Donovan has annoncé l' expansion Wednesday – owe more their houses are worth. More d' a borrower on five are now under l' water, with houses in certain régions of California and Florida to lose more than 50% of their value, according to Zillow. COM, a real Web site. Some 20 million clean people houses is worth less than their hypothèque.  “To make président it accessible plan contributes déjà much more than any other initiative of preclusion précédente and with l' d' announces; aujourd' today we go étendre his portée even more loin" , déclaré Donovan has. How much people will be tirées with the program aujourd' today, remains however a question, d' as much more than the rates hypothécaires is à the rise. persons in charge of l' administration n' do not have an estimate. Refinancings of time à to launch Some 20.000 prêts have été refinancés à this day, according to Département of Trésor. L' initiative gives up à l' requirement that the propriétaires have stockholders’ equity d' at least 20% à their residence, allowing them to benefit from the fall of the rates d' aujourd' today. The propriétaires still owe répondre à d' others critères, in particular in étant à day in their payments and having prêts which are the propriété or supported by Fannie Mae or Freddie Mac. l' expansion of Wednesday: residences with a value of 200.000 dollars and the prêts hypothécaires as large as $ 250.000 can be still qualified. Previously, these borrowers could not prêts dépassant 210.000 dollars. The program, however, has été slow à démarrer. The borrowers complained that the banks are not l' approval of their requests. Mortgage Bankers Association the week dernière has baissé its prévisions for 2009 of the assemblies, because less refinancings made than this qu' they had prévu. The group said only 13.000 have été effectuées in the three months après the launching of the plan. L' administration has prévu that the borrowers of 4 million à 5 million hypothèques would be facilitée. A person in charge of Trésor has annoncé Tuesday that the figure appliquées à those which would be acceptable, not nécessairement those which take part. persons in charge of l' administration does not lay out d' a figure actualisé of the number of people would be acceptable or to take part now that the critères have été élargies. The remontée récente of the prices of hypothèques has émoussé of the services of the régime, thus. Réserve fédérale has été l' purchase of titles adossés à the hypothèques ones and Treasurys à long run with an aim d' to lower the rates. It has travaillé during a certain time. Tariffs reaches a hollow of 4. 84% on April 28, but are now à 5. 45%, according to Associates SAS. As the rates hypothécaires have été of l' order of 6% these dernières années, refinancing of range à semi-5% être the sorrow cannot, has déclaré Keith Gumbinger, vice-président of SAS Associates. A propriétaire d' hypothèque 200.000 dollars à 6% would see économie d' approximately $ 64 one months s' it refinancée à 5. 5%, and this, before the expenses of clôture.  “Rate d' intérêt is enough low to justify d' to enter the process? At it says. L' l' announces; administration intervenes the même day as an industry group has indiqué that the request for refinancing has chuté of 30% the week dernière. In addition to the rates plus élevés, the rise of the chômage contributes à the fall. The borrowers of prêts Freddie Mac, which to refinance by their current service provider can apply immediately, but those which want to pass through another prAator must await jusqu' at October 1. Those which have hypothèques Fannie Mae must use their current backers and d' to await jusqu' at September 1. A deuxième left the program allows the acceptable borrowers who are in défaut – or à risk – réduire their payments monthly à not more than 31% of their income before impôt. That can help those which do not make à as much their employment or which has monthly payments, they cannot gérer. The propriétaires, the réparateurs and the investors prêts hypothécaires can receive the inciting ones to encourage them à to take part in the program. The banks have étendu more than 200.000 modification offers of the procès, according to Département of Trésor. The propriétaires must make three monthly payments à time before the modification is made permanent.