Two good news stories on the national front that are worth sharing this morning. Story 1: Senate Defeats Mortgage ‘Cram-Down’ as Democrats Balk The U.S. Senate rejected a measure that would let bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the legislation would increase…
Tag: principal
HUD pushes for principal reduction up to 30%
(I didn’t want this story to get lost in the midst of all the headlines the past few days.) From the National Mortgage News headlines: “The Department of Housing and Urban Development is seeking expanded loss mitigation authority allowing the principal amount of an FHA-insured mortgage to be reduced by up to 30% to help…