President Barack Obama announced two measures Tuesday to expand housing relief to military members and borrowers with loans backed by the Federal Housing Administration (FHA).
The two efforts offer a mix of private sector payments and federal intervention. Obama said in a speech Tuesday that he was unwilling to “sit by and wait for the housing market to hit bottom,” likely a reference to past remarks from Republican rival Mitt Romney, who is battled Rick Santorum in Super Tuesday primary elections.
Major lenders including Bank of America, JPMorgan Chase, Ally Financial, Citigroup and Wells Fargo will review foreclosures involving military service members and veterans since 2006 and provide compensation equal to the lost value of their homes, plus interest and an additional $116,785, if the foreclosures are found to be improper. READ MORE …
About The Staten Island Board of REALTORS® (SIBOR)
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and visited online at http://siborrealtors.com.