By Carrie Bay | 07/27/2011
Bank of America has agreed to participate in Keep Your Home California's principal reduction program, the California Housing Finance Agency announced Wednesday. Principal write-downs offered under the state-run program are part of a $2 billion, federally funded effort to help hard-hit families remain in their homes and ease the California foreclosure crisis. Bank of America has been engaged in a pilot of the principal reduction program since February, and is now moving into full participation.
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By Carrie Bay | 06/08/2011
The California Housing Finance Agency said Wednesday that 20 mortgage servicing companies are now participating in the state's "Keep Your Home California" program to help families avoid foreclosure. The $2 billion program is funded with federal dollars from the U.S. Treasury's Hardest-Hit Fund. All of the six largest servicing companies in California are participating in at least one of the program initiatives, with one taking part in the principal reduction effort.
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By Heather Hill Cernoch | 09/10/2010
The California Housing Finance Agency (CalHFA) has partnered with the Federal Housing Administration (FHA) to offer a fixed rate, 30-year FHA-insured mortgage to low- and moderate- income California families who purchase their first home. Benefits include below-market interest rates and affordable down payments. CalHFA says many first-time homebuyers cannot meet the loan requirements of conventional lenders and its new program will help open the door to homeownership for California families.
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