April 2016

Found 2 blog entries for April 2016.

The Subprime Lending Reform Bill which was signed by Gov. David Patterson and is supported by the New York Sate Association of Realtors, has succeeded in changing the state’s foreclosure laws. This bill, which was signed in August 2008, implements a series of reforms to prevent another crisis in the future.
Lenders must give homeowners at least 90 days warning prior to initiating foreclosure proceedings and provide them with a list of local, state approved housing counselors.
Lenders must meet with those who have defaulted and face foreclosure along with making a “reasonable and good faith” effort to determine whether an applicant can repay a loan.
Consumer protection requires loan brokers to act in the borrower’s best interest and offer loans that are best

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Rates on a 30 year mortgage fell last week to 4.78% causing homeowners to refinance and prodding new home buyers into the market.

Although Chase Bank repots a backlog in refinance applications, a 60 day lock is being offered so consumers don’t lose out on the rates.

Banks have noticed a spike in mortgage applications as well. Since home values have come down along with rates, people have more buying power.

These low rates push more people to buy homes and add access to additional cash flow.

The historically low mortgage rates are a result of the $750 billion the Federal Reserve pledged to Fannie Mae and Freddie Mac to buy mortgage backed bonds.

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