- POLICY ACTIVATIONS
Are you interested in becoming a homeowner but don’t know where to begin? The Virginia Housing Development Authority and local nonprofits are offering free homeownership education classes throughout December 2012 in the Northern Virginia area. Homeownership education classes cover topics including credit issues, personal finances, home inspections, and the role of lenders and real estate agents. In addition to helping home buyers understand the home buying process, the completion of a homeownership education class is now required of all borrowers before applying for a VHDA home loan. Attend one of the many free sessions below to learn about the advantages of homeownership.
The City of Alexandria recently released its draft Housing Master Plan for public review and comment. The Housing Master Plan is intended to guide future preservation and enhancement of affordable housing opportunities, community diversity, and economic sustainability in Alexandria. In developing the Plan, the City held a series of 15 public meetings; a bus tour of the City’s affordable housing stock; and an allocation exercise that gave residents and other stakeholders the opportunity to consider future housing needs and locations.
For an “At A Glance” overview of the Plan, additional information on the Housing Master Plan process, and extensive background information on affordable housing resources, please visit the Housing Master Plan webpage at alexandriava.gov/HousingPlan
National Mortgage Settlement Monitor, Joseph Smith, released the latest report last week on the progress made by the five major mortgage servicers – Bank of America, Citi, GMC/Ally, JP Morgan Chase, and Wells Fargo – that are part of the settlement. Like the previously released report, Mr. Smith notes in a statement that this new report is not required by the settlement, but is an attempt to be proactive in providing information to consumers about the progress of the settlement. The report covers the period of March 1st to September 30th.
Nationally, $26B in relief has gone to over 309k borrowers. Just over $13B of the relief has been in the form of short sales, and $2.55B has been (first lien) principal reductions. As a result, the settlement continues to be scrutinized by advocacy and other groups looking for the groundswell of principal reductions expected as a result of the settlement.
Locally, just over 13K borrowers have received $980M worth of relief, $485M of that in short sales versus $114M in principal reductions.