Foreclosure prevention programs over the past seven years have shaped the way the mortgage servicing industry and homeowners interact and make accommodations. The U.S. Department of the Treasury, the U.S. Department of Housing and Urban Development, and the Federal Housing Finance Agency released a white paper designed to guide future loss mitigation and reflect on the lessons learned from the implementation of these housing recovery programs, according to an announcement from the departments.
In the report it has been noted that 10.5 million modification and mortgage assistance arrangements were completed between April 2009 and the end of May 2016 due to the government programs and private sector efforts and additionally, Making Home Affordable and other crisis-era homeowner assistance programs according to the report, resulted in improved homeowner engagement in the loss mitigation process as well as new guidelines for the types of loss mitigation options offered to homeowners and standardized procedures for how such products are provided.
In the wake of national presidential conventions and debates conducted over controversial topics to better inform voters as these candidates move closer to the election in November, one of the topics hardly touched in these discussions has been the housing market and its reform. Chief Economist for Redfin, Nela Richardson, believes that there are four things these candidates need to keep in mind to quote make the housing market great again; ignoring Mortgage Finance Reform, connect affordability to mobility, increase building, and remembering the “Rust Belt”.