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by CareyBot

A privately owned New York-based direct lender, Lend America, says it's finalizing a transaction that will help a "major financial institution" refinance up to $1 billion of its portfolio of residential mortgages into the FHA's HOPE for Homeowners loan guarantee program.Lend America announced a specialized HOPE for Homeowners outreach program to help institutional investors, such as Wall Street banks and hedge funds, recapture principal from non-performing loans.The Melville, N.Y.-based company, which is licensed in more than 40 states, claims it's in negotiations with several other financial institutions to help them refinance troubled assets.Many types of loans, current and delinquent, are eligible for refinancing under the HOPE for Homeowners program -- including conventional ...