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Thursday, 10 July 2008 12:36 |
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HUD Secretary Steve Preston recently discussed the next phase of FHASecure along with pending housing legislation. Since the introduction of FHASecure in late August of 2007, 260,000 families have refinanced with FHA along with hundreds of thousands who will receive refinancing before the end of th year. Starting July 14th, FHASecure will assist families who have missed up to three monthly mortgage payments over the previous 12 months or have experienced temporary economic hardship. For additional information on FHASecure and the housing legislation bill currently moving through the Senate, click Read More... |
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Wednesday, 09 July 2008 12:48 |
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Governor Arnold Schwarzenegger signed Senate Bill 1137 into law, allowing California borrowers to see more foreclosure relief by forcing lenders to contact troubled borrowers and attempt workout solutions before initiating the foreclosure process. Should the foreclosure process ensure, under SB 1137, tenants now have twice the amount of time to find new residence. With a foreclosure rate 2.6 times the national average, one in every 183 California households received a foreclosure filing during the month of May. For additional information, click Read More...
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Wednesday, 09 April 2008 13:22 |
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House Financial Services Committee Chairman Barney Frank announced today the committee will hold a hearing on the economic, mortgage, and housing rescue plan he announced last week. The April 9 hearing will include federal regulators, academics, economists and representatives of cities and communities that are being negatively impacted by high numbers of foreclosures. Witnesses will be asked to discuss the proposal and to provide suggestions to the committee. Mr. Frank has pointed out publicly that we are in uncharted territory in the challenges to our economy, and he has been seeking input from a wide variety of experts on this subject. This hearing is part of that process. For more information, click Read More... |
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Monday, 07 April 2008 13:01 |
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Carrington Mortgage Services, Citi, GMAC RESCAP/Homecomings Financial, HSBC Finance Corp., Ocwen Financial Corp., Option One Mortgage, Saxon Mortgage Services, Select Portfolio Servicing and Litton Loan Servicing have signed compacts with Governor Ted Strickland of Ohio in which they agreed to focus on the basic tenants of loss mitigation. As part of the compacts, all nine servicers agree to modify loans as much as possible, creative incentives for staff members to preserve loans through modification, and to report all loss mitigation activity to the Ohio Department of Commerce. For additional information and the full article from DSNews.com, click Read More... |
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Friday, 28 March 2008 14:10 |
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A statewide program designed to help homeowners has grown, with the addition of 1st Advantage, Members Alliance Credit Union, National Bank of Commerce in Berkley, and Town Stone Financial as participating lenders, according to Illinois Governor Rod Blagojevich. The initiative is fueled by more than $300 in funding provided by participating lenders, most of which will be used to move solid qualified borrowers into safer loan products. In conjunction with the program, Governor Blagjovich is asking for new legal criteria that will allow borrowers a 60-day grace period to prevent a pending foreclosure while effective loss mitigation solutions are being developed. For additional information, click Read More... |
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Loss Mitigation
