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“A Senate amendment based on Congressman Ron Pauls successful House bill to audit the Federal Reserve was blocked by the Senate yesterday evening on procedural grounds, as Jim DeMint slammed the Fed for refusing to disclose where trillions in bailout funds had gone, while a top Obama administration advisor called for a second stimulus package to be prepared.”
Housing finance records another rise
“Australia’s love of housing investment keeps picking up, defying the slow economy, with another rise in the number of home loans taken out.”
Bucking the mortgage modification trends
Mortgage modifications are supposed to be a win-win situation. Homeowners lower their monthly payments and get to keep their homes. Mortgage lenders, minimize loss by allowing the homeowner to hold onto their property than they would if the property went into foreclosure. The community benefits because instead of an empty property, they have neighbors. According to a new report from the Boston Federal Reserve Bank, lenders arent buying it. At least one bank, First Federal Bank of California, is.
Just released figures for May 2009 indicate that First Federal Bank of California, a subsidiary of FirstFed Financial Corp., has modified nearly $1 billion worth of home mortgages enabling more than 2,000 California families to avoid foreclosure. Perhaps more significantly 81 percent of homeowners whose mortgage have been modified by the bank are current on their monthly payments.
Beazer Homes Agrees to Pay $53M to Settle Mortgage Fraud Charges
“In the most blatant case of mortgage fraud disclosed to date, Atlanta-based Beazer Homes USA Inc. has agreed to pay a total $53 million to settle a U.S. Dept. of Justice lawsuit.
The suit could have triggered criminal prosecution against the 41-year-old homebuilder and possibly put it out of business, sources in a position to know tell Real Estate Channel.”
Low Prices, Rates Spur California Home Sales
” After a two-year downturn, California home sales have increased 27% through the end of 2008 and beginning of 2009, spurred by low home prices, mortgage rates and a belief that rates will increase in the near future, according to a survey by the California Association of Realtors (CAR).”
Mortgage Refinancing For Underwater Borrowers Now Available
” The Obama administration is furthering its efforts to jumpstart the credit and real estate sector by widening and softening the requirements for home loan borrowers to qualify for mortgage refinancing relief. The specific requirement that has been modified is the percentage of the home loan you must own before you can apply for mortgage refinancing aid.”
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