Is foreclosure mediation a positive or a negative for lenders? An open letter from Connecticut’s Congressional delegation to the Federal Housing Finance Authority (FHFA) provides sound evidence that it’s a financial positive for lenders to participate in a well-functioning mediation program. FHFA, which regulates Fannie Mae and Freddie Mac , is proposing to increase guarantee fees for mortgages in Connecticut, Florida, Illinois, New Jersey, and New York, stating that laws and procedures enacted in those states have extended the foreclosure process and increased the costs of foreclosure on Fannie Mae and Freddie Mac. (more…)
Posts Tagged ‘Connecticut’
Counting Up the Costs and Benefits to Lenders of Foreclosure Mediation
Jennifer Shack, November 19th, 2012Articulated Purposes and Objectives for Foreclosure Mediation Programs
Just Court ADR, September 6th, 2011Foreclosure mediation and mitigation programs began appearing in local, state, and national contexts in response to the foreclosure crisis. As the crisis persists, more states have adopted or are looking to adopt such programs as a way to ensure borrowers (more…)
