Investors Urge Broad Solutions for Foreclosures

by Tayeb Realty Group on April 17, 2010

The Association of Mortgage Investors (AMI) reacted to Thursday’s news that foreclosures hit record highs by commenting that this was an indication that the causes of homeowner defaults aren’t being addressed.

In a statement, the organization said: “Any solution will be incomplete if it does not give homeowners a way to reduce debt payments on all of their obligations,” including not just mortgages, but other kinds of loans and credit card payments as well.

AMI urged:
• All modifications should include the requirement for income verification.
• Second liens and other loans should be aggressively modified.
• Servicer conflicts must be addressed.
• Debt to income ratios must be examined and adjusted for all borrowers.
• AIM supports reducing principal for underwater home owners, but the program must be clearly defined.

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Source: Association of Mortgage Investors (04/15/2010)

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Article by Tayeb Realty Group

Hello and welcome to New York Real Estate Access, your exclusive source of insightful information and updates about the real estate market in New York. This service is brought to you by Tayeb Realty Group of Realty Executives, a team of passionate, enthusiasts specializing in the New York real estate market. We want to hear from you. Do you have a question(s) about the real estate market? Is there a topic you would like to hear more about? Some people are bound to have great things to say, while others might have a few choice of words based on their personal experience. Either way, we want to hear it! John & Raja Tayeb, Tayeb Realty Group | Realty Executives Today 32-56 Steinway Street | Long Island City, NY 11103 Tel: 917-379-6364 Fax: 718-932-1181 tayebgroup@aol.com New York Real Estate News, View and Updates!

Tayeb Realty has written 281 articles on this blog.

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Investors Urge Broad Solutions for Foreclosures — New York Real Estate #business #realestate #real_estate #finance #newyork #new_york #economy « New York Real Estate Access | Blog: April 17, 2010 at 2:47 PM

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Investors Urge Broad Solutions for Foreclosures