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Archive for December, 2010

22,000 mortgage foreclosure modifications resulted in higher payments

22,000 mortgage foreclosure modifications resulted in higher payments

New testimony on Capitol Hill shows that nearly 22.000 homeowners facing foreclosure wound up with larger monthly bills after getting a loan modification. All national banks and their operating subsidiaries — including their mortgage servicing operations — are regulated by the Office of the Comptroller of the Currency, a part of the Treasury Department. According […]

Posted in: Foreclosures
Mortgage rates rise for third week

Mortgage rates rise for third week

Mortgage interest rates reached 4.46 percent for 30-year fixed-rate loans last week, according to Freddie Mac, an increase of .06 percent. Last year at this time the same loan was priced at 4.71 percent. The latest Freddie Mac weekly interest rates show that 15-year fixed-rate financing averaged FRM 3.77 percent, down from 4.27 percent a […]

Posted in: News
Foreclosure discount now 32% — have home values hit bottom?

Foreclosure discount now 32% — have home values hit bottom?

Foreclosed properties now represent 25 percent of all home sales nationwide, properties which are selling at a 32-percent discount according to the latest report from RealtyTrac. The problem represented by distressed properties is that they hold down the values of nearby homes. If a house down the street is selling for a third off, or […]

Posted in: Foreclosures
Obama fed pay plan to swell mortgage foreclosures

Obama fed pay plan to swell mortgage foreclosures

The White House plan to halt federal pay increases in 2011 and 2012 is a textbook example of the wrong idea with the wrong marketing plan, one which will unfortunately increase foreclosures nationwide. To start, the White House explains that “because of the irresponsibility of the past decade, the President inherited a $1.3 trillion projected […]

Posted in: Foreclosures