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  2. Plan

Plan

Federal Housing Rescue Plan Launches

The Obama Administration’s program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place. Six of the nation’s largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, […]

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Foreclosure Plan Doesn’t Reach Everyone

Not everyone was a winner under the program to help troubled homeowners announced Wednesday by the Obama administration. The refinancing plan does nothing for people whose mortgages have dropped substantially in value because it’s limited to borrowers who owe no more than 5 percent more than their home’s current value. Borrowers who are severely underwater […]

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McCain Wants to Buy Up Bad Mortgages

Republican presidential candidate John McCain proposed during Tuesday night’s debate using $300 billion of the $700 billion of the financial bailout money to buy up bad home mortgages, instead of rescuing the financial markets. “I would order the secretary of the Treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at […]

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Real Estate News: Foreclosure Plan

Foreclosure Plan Will Be Greeted With Questions Treasury Secretary Henry Paulson will unveil a plan on Thursday to forestall foreclosures and ease the housing recession. The release of plan’s details will coincide with the release of data from the Mortgage Bankers Association that show that homes in foreclosure hit record levels in April through June, […]

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