FHFA announces a mortgage modification progam. Details are here. More here. Time will tell if this is just more hoopla.
Citigroup announces a moratorium on foreclosures in certain circumstances:
It said it won’t begin a foreclosure or complete a foreclosure sale on a home on which it owns the mortgage so long as the borrower wants to stay in the home, which is his or her principal residence; “is working in good faith with Citi, and has sufficient income for affordable mortgage payments.”
What does “sufficient income for affordable mortgage payments” mean? If the income is not sufficient, how can the payments be affordable? And if the payments are not afforable, is it really because the income is not sufficient? So…. okay, perhaps I am overthinking it.
In other news, the Filene’s project at Downtown Crossing is not the only local contruction project that is now stalled.
And finally, when discussing the state of the economy, it appears that more and more people are using the “D” word.
