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LoanWell America -- Reverse Mortgage Specialists

Learn about reverse mortgages and how LoanWell America is helping seniors. This originally aired on Fox Business News, 3/29/2009

FAR recycles collateral in next defaulted reverse mortgage bonds

Finance of America’s next offering of bonds backed by defaulted reverse mortgages includes a larger percentage of loans from a 2017 transaction that was recently collapsed.

Nearly 67% of the loans in the $309 million loans and repossessed properties backing FASST 2019-HB1 were recycled from FASST 2017-HB1, according to Moody’s Investors Service. This collateral has been inactive for a significant period of time without re-performing or successfully liquidating. While reverse mortgages are insured by the Federal Housing Administration, claims are capped. The FHA only reimburses two-thirds of foreclosure costs and attorney fees, for example.

As a result, a long liquidation timeline could result in a larger percentage of liquidation losses being non-reimbursable by insurance.

Another weakness in the new transaction is the high concentration of loans backed by properties in Puerto Rico (23.9%), which present additional risks due to the continuing effects of Hurricane Maria, the poor state of the Puerto Rico economy and housing market, and the difficulty of resolving delinquent tax issues and foreclosing on these properties.

“If children aren’t getting the attention they need, they will create different behavior to get it”, with Kristen Sieffert and Dr. Ely Weinschneider

(FAR), Kristen Sieffert is responsible for growth and innovation in Finance of America’s reverse mortgage business. Under Kristen’s leadership, FAR has become the second largest GNMA issuer of reverse mortgages, the largest wholesale lender in the industry and an employer of choice for more than 300 professionals across the country. FAR’s HomeSafe® suite is the most comprehensive proprietary reverse mortgage offering in the industry and is a key driver of the organization’s commitment to help people get to work on retirement. Prior to her role as president, Kristen served as FAR’s Chief Operating Officer. Before joining FAR in 2012, Kristen served as acting president for San Diego-based EquiPoint and vice president for operations at One Reverse Mortgage. Kristen began her reverse mortgage career in 2004 with Financial Freedom Senior Funding Corp. She earned a bachelor’s degree at University of California, Los Angeles (UCLA) and in 2018 was accepted as a member of the San Diego Coastal Chapter of the Young Presidents Organization (YPO).

If you are against the bailout are any of these 12 House reps yours? They may change to yes vote?

Rep. Rodney Frelinghuysen (R-N.J.)

According to one senior GOP aide, Frelinghuysen was a yes but reversed his vote at the last minute.

Well none of them are mine thankfully.

Here is the alternative plan my Congressman, and the Ohio Representative are proposing instead.

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