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The City of Richmond has sent offer letters to roughly 32 mortgage servicers and trustees requesting that it be allowed to buy underwater home loans at reduced prices. If the servicers balk, city officials say they will seek to seize the properties through eminent domain.
July 30 -
The strengthening economy helped, but the improvement in credit quality was also aided by the sale of poor-performing loans to servicers that are outside the federal banking system.
June 27 -
The nation's largest home lender is ramping up marketing of a credit card that has helped customers eliminate $50 million of mortgage debt.
June 5
Wells Fargo (WFC) is offering Cleveland homebuyers $3.7 million in down-payment assistance.
Eligible homebuyers can apply for a $15,000 grant to purchase Cleveland-area homes as part of Wells Fargo's CityLIFT(SM) program, the company announced Tuesday. The program is a collaboration with NeighborWorks America, a nonprofit that promotes affordable housing.
The CityLIFT program is a nationwide effort to provide $170 million in financial assistance to homebuyers in 20 cities hit hard by the housing crisis. It was launched as part of a 2012
To qualify for down-payment assistance, applicants must earn no more than 120% of the median Cleveland-area income. They are also required to commit to staying in the property for at least five years and attend an eight-hour homebuyer education session with Neighborhood Housing Services of Greater Cleveland, a NeighborWorks affiliate.
"Cleveland was one of the cities most deeply affected by the housing crisis and while today mortgages are available at historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment," Kim Smith-Moore, program manager with Wells Fargo Home Mortgage, said in a
CityLIFT programs have helped almost 3,900 borrowers buy homes. Participating cities include Newark, N.J.; Las Vegas, Nev.; and Baltimore, Md.
