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Over half of 1.3 million homeowners who sought help through Obama’s foreclosure alternative programs have become program drop-outs.  Only 449k homeowners have received permanent modifications under HAMP.  Now, thanks to Fannie Mae, even fewer borrowers will qualify to modify their loan.

Fannie Mae has announced that they will no longer allow unemployed homeowners to count their jobless benefits as income on their loan mod application starting November 1.  This comes on the heels of the Treasury Department not allowing unemployment…

RISMEDIA, July 3, 2010—FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,” said Christopher Gardner, founder…

According to “cure-rates” measured by a credit-rating firm, Fitch Ratings Ltd. borrowers are 24% LESS likely to cure their default than they were 5-7 years ago. Only 6% of homeowners who end-up in default try to cure the default, meaning that they pay the back-payments to prevent foreclosure. Reasons for the lower cure-rate range from homeowner “walk-away” attitudes in response to falling home prices, high unemployment rates, and over-extended credit. To make matters worse, the ridiculous lender backlogs and delays…