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Obama Moves Forward with Foreclosure Prevention
I found this article to be very interesting and thought I would throw it out tehre and see what some of your thoughts are:
Last Wednesday, February 1, President Obama announced the details of a plan to help homeowners refinance their mortgages in hopes of bolstering the housing market.
According to the U.S. Department of Housing and Urban Development, this proposal will allow buyers to save an average of $3,000 a year by refinancing into loans backed by the FHA, if they are current on their mortgage. The plan is estimated to cost between $5 billion and $10 billion, which Obama plans to cover by pressing a fee on large banks.
“I want to commend the administration for recognizing that more can be done to get our housing market on track. The programs announced today will give lenders and other stakeholders additional tools to help borrowers and foster a renewed confidence in our real estate finance system,” said David H. Stevens, President and CEO of the Mortgage Bankers Association, in a statement issues on February 1. Stevens went on to note that the MBA believes a single national set of standards can help provide confidence and certainty in the real estate ... more

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