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Homeowners who cannot pay a mortgage get a deferral option

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Homeowners who cannot pay a mortgage get a deferral option

Many difficult homeowners who delay their mortgage payments through a so-called patience program will get a new payment option, which allows them to make payments that are missed when the home is sold or the loan period expires, the Federal Housing Finance Agency said Wednesday.

The deferral option applies to homeowners who have mortgages supported by two government-controlled mortgage companies controlled by FHFA: Fannie Mae and Freddie Mac.

Under the CARES Act stimulus law, borrowers with government-supported loans – through the Federal Housing Administration, Department of Veterans Affairs, US Department of Agriculture, Fannie Mae or Freddie Mac – have the right to defer mortgage payments up to years if they have financial difficulties related to coronavirus pandemic.

Most homeowners have government-backed loans and millions have signed up to be patient. But there is great confusion about how borrowers will make up for the payments they have missed.

Consumer advocates say some mortgage companies have incorrectly told borrowers that they must repay all missed payments at once once the patience period ends or have made unclear comments that cause stressed consumers to think that’s the problem. Government agencies insist that borrowers with government-supported loans do not have to pay at once, and there are several payment options.

In a statement, FHFA Director Mark Calabria said the additional suspension option “responsibly simplifies options for homeowners while providing additional equipment for mortgage officers.”

Under that option, after the patience period ends if the borrower with a loan supported by Fannie Mae or Freddie Mac is unable to make payments on top of their original mortgage payments, a suspension must be offered starting July 1, according to the FHFA.

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Fannie Mae and Freddie Mac had previously announced the suspension option, but at that time the soldier said there was no need to offer it until next year.

The new option, which is similar to the one offered by FHA, keeps the borrower’s original monthly mortgage payment the same. When a loan ends, such as at the end of 30 years or when a homeowner sells their home, missed payments must be paid at once. In the case of refinancing, missed payments will be added to the new loan principal.

Before the suspension option, borrowers who can only make their original monthly payments may have received loan modifications. That will keep mortgage payments the same as extending loans, which stands to increase the total amount to be paid by the borrower.

If after the patience period the borrower is still unable to pay their original mortgage payments, loan modification is available that will reduce monthly payments by extending the term of the loan. The modification has a limit on how far payments can be reduced, so someone who never gets back a job can still lose their home.

Asset Mortgage Bankers. President Robert Broeksmit said the suspension options for Fannie Mae and Freddie Mac would “ease the burden on homeowners.”

A group of public lawyers, including Atty California. General Xavier Becerra, wants the regulator to go further. They say that mortgage servants already seem overwhelmed by the surge in patience requests and doubt that companies can effectively evaluate borrowers for various payment options.

In a letter to the FHFA, the attorney general requested that the agency ask officers to automatically handle missed payments until the end of the borrower’s loan in the form of monthly payments – so that a 30-year loan, for example, becomes a 30½-year loan if someone loses six months.

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Then, if people still need help, more complicated modifications can be considered, the attorney general wrote.

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Prize for the Portuguese. Andre Silva is Champions League Player of the Week

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Prize for the Portuguese.  Andre Silva is Champions League Player of the Week

BUTndre Silva won the competition and became the best player of the week in the Champions League, informed UEFAthis Thursday.

The former Porto striker scored in Jota’s 3-1 victory over Celtic Leipzig, scoring a brace in a match that was signed after his Portuguese compatriot equalized.

In addition, Andre Silva also provided the assist for Nkunku, scoring the first goal of this Wednesday’s game in which huge show of foreign fans.

In addition to the Leipzig striker, Di Maria (Juventus), Bellingham (Borussia Dortmund) and Di Lorenzo (Napoli) also fought in the fight for the prize, but it was the Portuguese who managed to smile after voting for the third round of the competition, the famous This Thursday is the fair.

Read also: Diogo Costa and Andre Silva named to Champions League Team of the Week

See also: Andre Silva among the nominees for the title of the best player of the week in the Champions League

See also: double dose. Andre Silva returned to celebrate and sentenced doubts

See also: Andre Silva took advantage of Hart’s colossal mistake and responded to Jota’s goal

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Eternal Portuguese deja vu – Renaissance

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Eternal Portuguese deja vu - Renaissance

At the end of the summer of 1972, exactly half a century ago, SEDES – Associação para o Desenvolvimento Económico e Social (the most famous reformist think tank during Marseilles) issued a document for the country entitled “Portugal: The country we are, the country we want to be “. The Marseille spring had already turned into autumn: Américo Thomas had just been re-elected, the colonial war had dragged on, repression had intensified, and an economic crisis was already brewing. Seeing the general frustration, and at the same time willing to go against it, the signatories of CEDES began by asking “Where will we be and how will we be in 1980?” to criticize the obstacles that overshadowed Portugal in the early 1970s.

Among the “problems that are getting worse without a solution”, emigration stood out, indicating the country’s inability to offer better living and working conditions to those who left; the growing inflationary process, reflected in the cost of living; the inevitability of economic integration in Europe when the country is not ready for international commercial competition; “disaggregation of regional economies” with “continuous depopulation of municipalities and regions” within the country; or “deterioration of public administration” when the government fails to promote a “prestigious, moralized, revitalized and efficient public sector”. “No one will have any difficulty,” continued the text, “to add to a new list of urgent questions that seriously endanger national life, about which much has been said and which, year after year, continue to wait for a sufficient solution.” Therefore, “the prevailing feeling in the country” in contemplation of the recent past and present could not but be “annoyance at urgent battles, the need for which was endlessly discussed, at decisions that were changed or postponed, and at rejected goals” or which were not clearly formulated ” .

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Between “untapped resources” and/or “lack of organizational and decision-making capacity” there was “widespread anxiety” stemming from the inevitable observation that “we are very far from the results that we could achieve thanks to the progress of the Portuguese and Portugal”. This was the macro goal of the reformist, humanist and liberalizing technocrats that SEDES brought together. “Ultimately,” they reminded Marcelo Cayetano, “the real obstacle can only be associated with the low political priority of economic and social development in our country.” So, in short, there was an urgent need to “radically change our economic, social and political way of life”, since “a national balance based on general anemia, repression and weakening of various participants” is unsustainable and pernicious.

SEDES did not know that the Estado Novo would fall in April 1974, that democracy would come in 1976, and Europe from the EEC (after EFTA) in 1986 of repression, finally gained the freedom that was discussed between the lines of the 1972 manifesto ., there would be conditions for solving (almost) all economic and social problems of development and cohesion.

Fifty years have passed since this manifesto, and almost the same number has already been in democracy. However, if we compare the above quotes with the Portuguese present, the feeling of deja vu is indescribable. SEDES wondered what the country would be like in 1980 and is wondering today (in its recent study “Ambition: Doubling GDP in 20 Years”) where we will be in 2040. It may be a replay of a sad fate: knowing (some) where to go, but never getting there!

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Algeria interested in Portuguese companies investing in renewable energy – Observer

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Algeria interested in Portuguese companies investing in renewable energy - Observer

Foreign Minister João Gomes Cravinho met this Wednesday with his Algerian counterpart Ramtan Lamamra, who expressed interest in Portuguese companies investing in Algeria’s solar and wind energy.

Speaking with Lusa, João Cravinho also said that for 2023 it was decided to hold a “high-level meeting chaired by the prime ministers” of the two countries, a meeting to be held in Algiers, in addition to the state visit of the President of Algeria. Algeria to Portugal.

The Portuguese foreign minister said today’s visit to Algeria, where he was with Ramtan Lamamra, whom he has known since 2005 when he was ambassador to Lisbon, is “based on old knowledge”, but also a visit to a country that “does not to be a neighbor”, shares “a lot of fears”. “Not being a neighboring country, it almost shares many concerns about the region, the Mediterranean, the European Union’s relationship with Africa and the Arab world. It was important for us to talk about what we can do together as part of the geopolitical and geo-economic transformation,” he explained.

João Cravinho stressed that the issue of Russia’s invasion of Ukraine was a factor “which could not but be the subject of dialogue”, and also added that “geo-economic issues related to energy, renewable energy sources and the opportunities that come with the digital transition” also were on the table.

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“While Algeria is a major exporter of fossil fuels, it is also a country with huge potential in terms of solar and wind energy. We have very qualified companies in these areas, and the Algerian side has expressed interest in [ter] Portuguese investors in these areas,” the minister said.

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The official said that it would be a matter of working with the Portuguese Agency for Investment and Foreign Trade (AICEP), with the Secretary of State for Internationalization, as well as with a sectoral ministry, namely the Ministry of Environment and Climate Change. A “high-level meeting chaired by the prime ministers” of the two countries is scheduled for 2023, a meeting to be held in Algiers, in addition to the Algerian President’s state visit to Portugal.

“We have a very busy calendar between the two countries. Now we will try to organize a mixed commission, where technical specialists from both countries will gather,” he said, stressing that there are “14 legal documents that are practically finalized and will be signed” in 2023.

João Gomes Cravinho was on a visit to Algiers today to assess bilateral relations in the economic sphere, as well as in terms of cooperation, language and culture, and to discuss international issues.

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