| Homeowners to share future appreciation in exchange for discounted loans |
| Pub Date: Wed, 23 Jul 2008 10:00:00 EST |
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As the current housing crisis has proved, this country is in the largest economic crisis since the Great Depression. Millions of homeowners are facing the loss of their home and many are left on the street. The Hope for Homeowners Act of 2008 is designed to address the current crisis and the epidemic of predatory subprime mortgages during the housing boom. The Hope for Homeowners Act will create a temporary voluntary program within FHA to back mortgages insured by the FHA to distressed borrowers. FHA-approved lenders will be able to refinance distressed loans at a large discount for owner-occupants who are at risk of losing their homes to foreclosure. The homeowners, in turn will share future appreciation with FHA. One of the goals of this program is to avoid foreclosures and to restore confidence and get the markets flowing. |
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| Lenders standards are getting higher |
| Pub Date: Tue, 22 Jul 2008 10:00:00 EST |
| The housing and mortgage crisis has been responsible for many changes going on in the economy. As early as a few months ago, borrowers with a FICO score of 700 were usually eligible for the lowest mortgage rates. [...] read more |
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| Selecting a reverse mortgage lender |
| Pub Date: Mon, 21 Jul 2008 10:00:00 EST |
| There are many things to think about if you are considering a reverse mortgage loan. One of the most important steps is selecting the appropriate reverse mortgage lender. [...] read more |
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| Seniors protected with new bill for reverse mortgage |
| Pub Date: Fri, 11 Jul 2008 10:00:00 EST |
| The financial services industry is worried about a Senate housing bill introduced by Sen. Claire McCaskill (D-Mo). In the bill is a provision that would prevent providers of reverse mortgages from selling borrowers another investment for the proceeds of the loan. [...] read more |
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| Mortgage insurance industry in trouble |
| Pub Date: Wed, 09 Jul 2008 10:00:00 EST |
| Mortgage insurance is very important part of the housing market, as it allows Americans to buy a home with less money down. It is required by the lender when borrowers can’t afford the traditional 20% down payment, just in case they default on their payments. [...] read more |
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| Federal Reserve reports on government intervention for the housing crisis |
| Pub Date: Tue, 08 Jul 2008 10:00:00 EST |
| A Federal Reserve study released Monday states that large-scale government intervention in the US housing crisis would be counterproductive and prevent a "necessary" correction in home prices. [...] read more |
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| Extra cash options for seniors |
| Pub Date: Mon, 07 Jul 2008 10:00:00 EST |
| If you are over 62 years old, own your home, and need extra cash for whatever reason, you have a few options. One option is to sell your home and downsize to a smaller home. By moving to a smaller home, the amount you pay on property taxes and insurance will probably reduce. [...] read more |
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| No more 5 percent down in troubled real estate areas |
| Pub Date: Wed, 02 Jul 2008 10:00:00 EST |
| Since earlier this year, Fannie Mae and Freddie Mac established a policy which penalized buyers in troubled real estate markets with 5% higher down payments. [...] read more |
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