Sun West Mortgage Company Inc. (SWMC) achieved another milestone as it successfully completed the securitization of Hope for Homeowners (H4H) mortgage bonds.
Federal Home Administration (FHA) introduced the H4H program as a result of the Housing and Economy Recovery Act of 2008. The objective of this product was to help distressed homeowners refinance their mortgages into safer and sustainable FHAinsured mortgages by writing down the principal of the loan amount to an affordable level.
Pavan Agarwal, executive vice president, Sun West Mortgage Company, said, "Since the announcement of the product in October 2008, SWMC has invested heavily in building its infrastructure to support the product. The combination of a secure GNMA vehicle and the FHA's mortgage insurance provides Americans with a chance to retain their homes. The lack of liquidity in the secondary market for this product has been a major impediment to its expansion. Sun West is proud to be a liquidity provider for this product."
The CUSIP IDs of the most recent bond issues were 36202FC38 and 36202FC20.
About Sun West Mortgage Company Inc.
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Sun West Mortgage Company, Inc. is licensed by the Department of Corporations under the California Residential Mortgage Lending Act and holds a California Finance Lender License (603 0119) and a Corporation Real Estate Brokers License (00793885). Refer to www.swmc.com to see where SWMC is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303, Gridley Road in Cerritos, CA 90703; Toll Free: (800) 453-7884.¬†All Sun West programs are subject to change without notice.