Rock, Meet Hard Place

If you have a mortgage and were displaced by Katrina, or are a lending company...

The federal government and its sponsored mortgage investment companies, Fannie Mae and Freddie Mac, which guarantee or own most U.S. mortgages, have taken measures to give borrowers more time. Shortly after Katrina hit, they announced the now-expiring 90-day moratorium on all loans in the affected area and gave companies the option of delaying payments up to a year on a case-by-case basis.

Last week, the Department of Housing and Urban Development instructed lenders who provide federally insured mortgages to low- and moderate-income home buyers to extend additional relief to Katrina and Rita victims and told lenders to refrain from moving ahead on any foreclosures until Feb. 28. Yesterday, Freddie Mac announced a similar order and also said it is modifying existing policies to expedite further mortgage relief, while Fannie Mae asked its lenders to refrain from reporting hurricane-related delinquencies to credit reporting agencies. Also yesterday, federal and state financial regulators encouraged lenders to provide flexible repayment terms to borrowers affected by the storms.

That followed a meeting on Tuesday by a group of bankers, consumer group representatives and regulators from several federal banking agencies. According to officials who attended the private meeting, consumer groups pressed for an automatic one-year stay of mortgage payments, late fees, penalty interest and adverse credit reports for all victims in the declared disaster areas. Payments could resume sooner if the property is not significantly damaged or if the homeowner has a job and has received insurance payments covering the damage.

The article talks about there being no hard rules governing this.  Of course there wouldn't be, as nothing like this has ever been seen before.  The very poor will likely be screwed the hardest out of this deal.

PS - I've had some other things to deal with since Monday, sorry for the delay.

Comments

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How are the poor being screwed by being given more time?

[Cowcharge]

Also, can you call them poor if they can afford to buy a house? I don't consider myself among the poor, although I don't expect to ever be able to afford my own home.

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