CitiMortgage Said To Bring About Home Rental Program as Foreclosure Alternative

As I walked into the office this morning I saw Robert sitting at his desk. He was staring at his computer with his cup of coffee in his ever so desirable mug with a picture of his family on it. I approached Robert and asked how his morning is going, he said it was find and told me that there was news regarding told CitiMortgage. He said CitiMortgage told the public about the launch of their Home Rental Program, which is a system with the purpose to give an alternative to foreclosure and perhaps give eligible borrowers to stay in their houses.

Carrington Capital Management LLC is managing the system and CitiMortgage and Carrington brought about this system as a pilot.

With this system, the eligible borrower gives title of the house to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P. A lease will then be brought about for the home with a reasonable monthly payment.

Lease payments will be determined by local market rates but are expected to be lower than the borrower’s mortgage obligation. Carrington will work with borrowers to establish a length for each lease.

The system will be tested in 6 of the biggest-hit markets to determine its effectiveness. The areas are the following Arizona, California, Texas, Florida, Nevada, and Georgia. Carrington will seek contact to property owners who are eligible.

In order to qualifyfor the system, homeowners must: Live in the Home; owe more than their home is worth; be delinquent for one hundred twenty days; and not have the ability to get an affordable loan modification while still having the resources to give their rental payments. Also, home owners must have a loan in the pilot portfolio serviced by Carrington.

To implement the system, CitiMortgage has changed the ownership of debts in its portfolio through the sale of over one hundred fifty million dollars in loans to the Carrington/Oaktree partnership.Hopefully this will help the housing recover quicker.

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Poll: Voters Overwhemingly Favor Financial Reform Laws

Lake Research Partners released the results of an opinion poll showing that financial reforms enacted in recent years remain popular with potential voters.

In light of events leading to 2008’s financial meltdown, potential voters seem to overwhelmingly favor financial reform laws designed to prevent abuse. Nearly three-quarters (73 percent) of respondents favor the Dodd-Frank financial reforms, while only 20 percent expressed disagreement. The support for Dodd-Frank crosses party lines-Republicans were found in favor by a 20-point margin, while Independents and Democrats supported the law by margins of 50 and 83 points, respectively.

When asked about states’ rights, two-thirds of voters said they support a state’s right to pass and enforce strong consumer protections and to prevent federal law from overriding any regulations.

The majority (60 percent) of voters actually expressed favor for more government oversight, while 73 percent support tougher rules and enforcement.

“This poll shows that American voters broadly and strongly support ball Wall Street reform and the CFPB,” said David Mermin, pollster and partner at Lake Research. “And they strongly favor specific components of the CFPB. After hearing arguments in support and in opposition, voters across party lines solidly favor the reform law.”

Among other findings: More than nine in 10 (93 percent) of respondents expressed favor for the policy that established more mortgage and foreclosure protections for service members; almost the same percentage (92 percent) favor a policy that requires banks, mortgage lenders, credit card companies, and student loan and auto lenders to provide clearer explanations of rates, terms, and fees.

In addition, two-thirds of voters agreed that the Consumer Financial Protection Bureau (CFPB) is a necessary entity. When asked whether or not companies under review by CFPB should be allowed to operate without the bureau’s oversight, 63 percent of respondents said CFPB should remain in charge.

The opinion poll was commissioned by AARP, the Center for Responsible Lending (CRL), Americans for Financial Reform (AFR), and the National Council of La Raza (NCLR). CRL director of federal policy Gary Kalman said the results didn’t shock him in the least.

“Bipartisan support among voters should be no surprise: Who hasn’t been hurt by the economic downturn? People get that common sense oversight could have prevented it,” he said.

By: Tory Barringer 07/18/2012

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