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housing legislation: President Obama's 'Homeowner Stability Initiative' - 02/18/09 02:02 PM
President Obama announced a plan today designed to help millions of homeowners around the country. While final details and rules & regulations will not be announced for two weeks, we learned some details today. The plan is scheduled to begin March 4.
Some homeowners will be able to refinance their existing mortgages, only on owner-occupied properties. There are several criteria they must meet. Owners must be current on their mortgage payments, must have a conforming loan (less than $417,000) that is owned or guaranteed by Fannie Mae or Freddie Mac, and apparently must owe more than 80% of their home’s value. … (0 comments)

housing legislation: Stemming the foreclosure crisis: MA Attorney General's plan - 01/27/09 11:55 AM
Massachusetts Attorney General Martha Coakley, together with several State Senators and Represenatives, has filed two pieces of legislation aimed at reducing foreclosures and negating some of the negative effects of abandoned properties as a result of foreclosures.
What is Ms. Coakley’s hope? According to the AG website,
“We hope that this legislation can provide for Massachusetts some relief while we wait for action at the national level. The effects of the housing crisis have rippled through all sectors of our economy, and until we tackle the underlying problem of the subprime lending crisis, no bail out package, no matter how big, … (0 comments)

 
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John Morrison - Boston area real estate - Exclusive Buyer's Agent, CBR

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