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Foreclosures in California Will Be Reduced!
Good News for Real Estate is here! Finally there is hope for Homeowners with adjustable real estate loans...keep reading!
Happy Thanksgiving! There is some good news for those facing Foreclosure in Real Estate for the Sacramento area and all over California for that matter.
This week, Governor Schwarzenegger met with 4 of the largest loan servicers who are servicing subprime loans. The Governor asked these loan servicers to voluntarily agree to NOT adjust mortgage rates on their subprime loans which constitute 25% of their real estate loans.  California rates twice the National Average in Forecosures. This is having quite an impact on our economy here in California.
The four lending loan servicers that Gov. Schwarzenegger met with are:
Countrywide Financial Corp. GMAC Mortgage Litton Loan Servicing Home Eq Servicing  Sad to say that this does not come in time for many who have lost their homes. Governor Schwarzenegger had this to said, " with this type of cooperation from loan servicers, we can save tens of thousands of people from being added to the foreclosure lists."
In March 2008, it was predicted that the peak of Foreclousre was to hit California due to loans adjusting to a much higher rate,  but now with Gov. Schwarnenegger stepping in, this may save many of those homeowners who ... more

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