First American CoreLogic estimates that the typical underwater homeowner will not begin to surface until late 2015 to early 2016. It's an even longer stretch for some of the most depressed markets, where the company says the typical borrower in negative equity may not experience positive equity until 2020 or later. Of the markets studied, the Washington D.C. area is expected to return to positive territory first, while homeowners in Detroit will have the longest duration of negative equity.
The administration announced Monday that it is expanding its initiative to provide funding for state housing finance agencies to develop their own localized mortgage assistance programs. A second round of funding, totaling $600 million, will go to five additional states: North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. Last month, $1.5 billion in aid was allocated to be divided between California, Nevada, Arizona, Florida, and Michigan.
Mortgage fraud remains a major problem in many U.S. cities, but the fight against it is growing. Last week, representatives of the Financial Fraud Enforcement Task Force met in Phoenix for the second of a series of Mortgage Fraud Summits, marking an important step in the task force's collaborative effort to combat mortgage fraud and protect American homeowners. The U.S. attorney general has allocated nearly $8 million in federal funding for mortgage fraud enforcement.
The U.S. Department of the Treasury announced Monday that it is ready sell off its 27 percent ownership stake in Citigroup. The Wall Street bank was one of the biggest bailout recipients among financial institutions, and the government is expected to turn a pretty penny for its efforts to keep Citi afloat - a net of more than $8 billion, according to preliminary estimates. Treasury said it plans to fully dispose of its 7.7 billion shares of Citigroup common stock by the end of the year.
| | |
DSNews.com
Comments
Post a Comment