mortgage meltdown: Foreclosure Phoneathons Popping Up Nationwide To Combat Mortgage Meltdown - 06/04/08 05:01 PM
The foreclosure epidemic continues to sweep across the United States in a rapid fashion as prices on homes are being forced downward 9.72% as a national average. Fannie Mae offices in Virginia opened a foreclosure call center today, and by 10am, they received over 270 calls. Kexington KY, Denver, CO, Phoenix, … (0 comments)
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mortgage meltdown: Mortgage Meltdown Has Banks and One Major Home Builder Looking For Answers - 06/03/08 11:52 AM
It is no surprise that the banking sector is feeling the pinch right now, amidst a massive nationwide credit crunch, among thousands of new monthly foreclosures and credit card defaults. Standard and Poor recently has downgraded the entire banking sector because of their massive writedowns against credit losses for mortgages and … (0 comments)
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mortgage meltdown: FHA Bill Passes Senate Vote 19-2 - 05/21/08 01:33 PM
An answer to the foreclosure epidemic made some serious headway on Tuesday, as the Senate banking committee voted 19-2 in favor of the FHA bailout program which is proposed to lend $300 billion dollars from the FHA over the next five years, mainly for people that are underwater on their mortgage. … (2 comments)
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mortgage meltdown: FHA Bailout Program Voted On Today By Senate Banking Committee - 05/15/08 11:40 AM
Today the Senate Housing Committee will be voting on a final version of the FHA Bailout program that will prevent 500,000 foreclosures, and fund over $300 Billion in new loans over the next five years. The plan is designed to help homeowners who are upside down on their mortgage, allowing them … (1 comments)
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mortgage meltdown: Foreclosure Epidemic Causing Homeowners To Burn Their Houses Down - 05/13/08 08:10 AM
Foreclosures across the country are continuing to rise, as Congress is continuing to find ways to continue the mortgage meltdown. Thousands of foreclosures pop up every month across the United States, however there is even a far worse trend appearing to rear its ugly head. Just in the past few weeks, … (1 comments)
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mortgage meltdown: Fannie Mae Chalks UP 3rd Quarterly Loss of 2.2 Billion...However Remains Optimistic - 05/06/08 05:02 PM
Mortgage financing giant Fannie Mae posted its 3rd straight quarterly loss today of 2.2 billion dollars, mainly because of fair market value losses in residential housing across the United State. Fannie Mae also reduced its quarterly dividend by .25 cents, which will free up $390 million for the company annually. CEO … (0 comments)
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mortgage meltdown: Countrywide Home Loans Downgraded To "Junk" Credit Rating By Wall Street Analysts - 05/05/08 01:32 PM
Countrywide home loans got downgraded on Friday to a credit rating of "junk" by wall street analysts. Bank of America recently agreed to buy into Countrywide stock, and help them reorganize debt not to exceed $25 billion. The reality however, is that Bank Of America will be holding the portfolio of … (3 comments)
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mortgage meltdown: Foreclosure Containment Postive With Proposed "Short Pay" FHA Loan - 05/02/08 06:05 PM
On Thursday the House Committee approved a new method of handing the foreclosure crisis, entitled "short-pay" loans. This will enable the homeowner to negotiate a payoff with their current lender to accept less then what is owed. The government sponsering entity on this is the Federal Housing Adminstration (FHA), and will … (1 comments)
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mortgage meltdown: Mortgage Interest Rates Slide Down As Loan Programs Become Harder To Qualify For - 04/22/08 01:29 PM
Since late 2006, over 250 banks have went out of business due to the subprime meltdown, and inability to sell their wholesale mortgage notes to wall street investors. Add in defaults, foreclosures, and forebearances, and banks continue to feel the hurt, with having to service these mortgage notes. But a 30 … (0 comments)
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