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New Proposals Being Consider To Help Homeowners With "Overpriced" Homes

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Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Negative Amortization Certificate

A more modest plan is being developed by John M. Reich, director of the Office of Thrift Supervision, the agency that regulates savings and loan companies.
His plan, still in rough form, would create a voluntary system under which mortgage lenders would reduce debt and monthly payments to reflect the diminished sales value of a home.
It would take the remainder of the mortgage as a “negative amortization certificate,” a lien that the investor could recoup if the house were later sold for its original mortgage value or higher.
In an interview, Mr. Reich said he hoped that most of the old mortgages would be replaced by cheaper mortgages insured through the F.H.A.
It isn’t a bailout,” Mr. Reich said. “It is a market-driven solution.”

Right.. and that GMC Yukon is NOT a Chevy Suburban or Tahoe.
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