HfHCFCHabitat for Humanity of Coastal Fairfield County (Bridgeport, CT)
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Are there risks inherent in selling mortgages and, if so, how might HFHCFC protect itself against those risks?
Concerned that ever escalating assessed property valuation could push some owners into serious financial difficulty, HFHCFC has negotiated a covenant to be included with the deed of sale that restricts the use of the home to low income housing for a period of 40 years.
HFHCFC had been incorporating silent mortgage covenants into all its mortgages for several years but there were still a substantial number of older mortgages that did not include it.
Given the small size of the HFHCFC portfolio, it was unlikely the mortgages would be appropriate for the large scale government MBS programs.
At the end of 2005, HFHCFC had granted 92 mortgages worth $6.
In the case of all of mortgage sales, HFHCFC guarantees payment so that if the borrower is delinquent or in default, HFHCFC is responsible for making timely payments to the holder of the mortgage.
HFHCFC also has borrowed against mortgages under Accelerated Asset Recovery (AAR) run by Habitat for Humanity International (HFHI) in Washington DC.
There were also other financial institutions on the HFHCFC Board.