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  2. Mortgage 411
    3. (Page 6)

Mortgage 411

Warnings of Mortgage Meltdown Were Ignored

According to a review of regulatory documents by the Associated Press, the Bush administration ignored multiple warnings of impending financial meltdown during the last five years and didn’t follow through on federal regulator’s proposals for tighter regulations. In 2005, federal bank regulators proposed new guidelines for banks writing risky loans. They proposed a cap on […]

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Fannie/Freddie-Ban on Foreclosures!!

Freddie Mac and Fannie Mae Announce Ban on Foreclosures Until Jan. 2009 Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will take place during […]

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Loan Company Tries Cutting Mortgage Principal

 At least one loan servicing company is retooling mortgages to lower the loan balance as well as the rate in order to keep borrowers in their homes. Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer. Ocwen has […]

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Another Short Sale WIN!!!

Great news! We have another short-sale win, this time in  Westview! While it’s been a 10mths struggle to get the bank to come around- it’s also been 10 months of preventing an owner from being foreclosed on!! I’m very excited about this win as I have seen many agents attempt to negotiate short sales in the past […]

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Reintroducing FHA under 580!!!

Reintroducing FHA under 580!!!  Just in, I received information from a mortgage officer on this program. If your credit score is 550-580 there is now a mortgage plan for you! As per my mortgage officer :”Read the guides as they are different than the regular FHA guidelines. They need 5% of their own money seasoned […]

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JPMorgan Chase Freezes Foreclosures!!!

“In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase (JPM) announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any […]

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McCain, Obama Solidify Stands on Housing

Both presidential candidates have announced plans to help voters deal with the challenging housing economy. Here are their ideas as posted on their election websites: Sen. John McCain: Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments. Reform financial and lending systems to prevent a […]

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Attention Prospective HomeBuyers

HomeSteps will pay up to 3.5%** Buyers Closing Cost Offer Buy a HomeSteps Home and save! HomeSteps will pay up to 3.5%** of the purchase price in closing costs for all offers presented on HomeSteps homes between October 23, 2008 and January 31, 2009. With our generous offer, homebuyers save money with each qualified closing! […]

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Atlanta Pro Busted for Mortgage Fraud

An Atlanta real estate practitioner was sentenced Friday to 14 years in federal prison for mortgage fraud. Joseph Sterling Jetton, the 61-year-old owner of Precision Construction Co. in Woodstock, Ga., was ordered to pay $11.2 million in restitution on charges of conspiracy, bank fraud, wire fraud, and money laundering. According to the Department of Justice, […]

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McCain Mortgage Buyout Proposal Rouses Critics

Presidential contender Sen. John McCain stepped into a political hornet’s nest Tuesday night when he proposed that the U.S. Treasury department “buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes at the diminished value of those homes.” In subsequent explanations, McCain’s economic adviser Douglas Holtz-Eakin said McCain […]

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