Monday, June 27, 2011

Home Loan Principal Write Downs Practically Non Existent.

Bloomberg story HERE.  Story says:
..[For Hardest Hit fund program write downs].. Fewer than 300 Californians have applied. Nevada has completed just 114 principal reductions and Arizona just three, according to state officials.
A year-old Federal Housing Administration effort that pays lenders to write down second liens and refinance underwater debt has drawn only 207 takers so far....
..banks wrote down principal on fewer than 5,000 loans in the fourth quarter of 2010..

Originally created and posted on the Oregon Housing Blog.

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