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Bond yields are clearly reacting to stock market sentiment...
Federal Financial
Regulatory Agencies Issue Statement in Support of the "Making Home
Affordable" Loan Modification Program
The federal bank, thrift, and credit union regulatory
agencies encourage all federally regulated financial institutions that service
or hold residential mortgage loans to participate in the "Making Home
Affordable" loan modification program.
Guidelines for the program were announced today by the Treasury
Department.
The Treasury Department previously has indicated that
institutions receiving financial assistance in the future under the Financial
Stability Plan established under the Troubled Assets Relief Program will be
required to implement loan modification programs in accordance with the
Treasury Department's guidelines.
The agencies strongly support the program's goal of
promoting sustainable loan modifications for at-risk homeowners that
appropriately balance the interests of homeowners, servicers, and
investors. The federal bank, thrift, and
credit union regulatory agencies worked closely with the Treasury Department in
developing the guidelines.
By providing servicers and holders of eligible residential
mortgages with incentives to modify loans at risk of foreclosure, the program
will promote sustainable alternatives to foreclosures on owner-occupied
residential properties. These incentives should help make affordable loan
modifications more attractive than foreclosure.
The program also provides incentives for homeowners whose mortgages are
modified to remain current on their mortgages after modification. Taken together, these incentives should help
responsible homeowners remain in their homes and avoid foreclosure, thereby
easing downward pressures on house prices in many parts of the country and
averting the costs to families, communities, and the economy from avoidable
foreclosures.
Secondary Marketing Managers and Capital Markets Desks, if you are interested in subscribing to the same fixed income and mortgage market data we use:
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