Lenders initially offered a three-month grace period following the storm but that period is ending and banks are looking for their money.
Shaun Donovan, the U.S. Secretary of Housing and Urban Development, said that families who are rebuilding and have FHA loans can put off making their mortgage payments for another 12 months.
There was a time when shopping for groceries, clothing, medicine, and taking care of banking meant four different stops, now everything, including a slew of financial services is available under one roof.
With a couple of simple fixes from Congress, billions of dollars could be put into the economy by allowing middle class families to refinance their mortgages and by keeping student loans at market rates.
The federal government sued one of the nation’s largest privately held mortgage brokers, saying its decade-long fraudulent lending practices cost the government hundreds of millions of dollars and forced thousands of American homeowners to lose their homes.
With mortgage giants Freddie Mac and Fannie Mae bound for oblivion, many new players have come out out on to the field.
Investor fear is closely tied to the declining housing market and alarming unemployment rate. New Jersey has been hit hard and many homeowners wonder if they’ll be able to sell their homes.
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