2/8/2011 11:43:00 AM
FED SAYS COMMERCIAL MARKET LESS RISKY
The risks in commercial real estate loans and securities have “been reduced” and are not expected to threaten the overall health of the financial system, the U.S. Federal Reserve says. "It appears that worst-case scenarios are becoming increasingly ...
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2/8/2011 11:41:00 AM
BANK of AMERICA LAUNCHES NEW FORECLOSURE UNIT
Bank of America Corp. is splitting its mortgage business into two units in order to get a better handle on the flood of foreclosures. Bank of America’s new unit, Legacy Asset Servicing, will be charged with resolving issues involving faulty paperwork ...
Views: 165
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2/8/2011 11:39:00 AM
MORE SENIORS HAVE REVERSE MORTGAGE REGRET
More than 30,000 U.S. home owners are facing foreclosure after defaulting on their reverse mortgages. Reverse mortgages are a type of home-equity loan only available to home owners 62 years old or older. These home owners tapped into the equity of their paid-off ...
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2/8/2011 11:38:00 AM
FORECLOSURES SOAR AMONG MILITARY FAMILIES
The number of foreclosure filings in 2010 among veterans, active-duty troops, and reservists rose 32 percent over 2008, reports RealtyTrac, a foreclosure research firm. More than 20,000 of the military members who took out special government-backed mortgages ...
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2/8/2011 11:36:00 AM
HOME OWNERSHIP OFFERS PLENTY OF TAX BENEFITS
While renting offers zero tax breaks, buying a home offers several tax benefits that can make homeownership more affordable. Real estate professionals need to be careful in providing detailed tax advice to clients to avoid lawsuits, but you can ensure clients ...
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2/4/2011 2:29:00 PM
FORECLOSED HOME OWNERS FACE COURT ALONE
Unable to pay high legal fees, more foreclosed upon home owners are opting to go to court to represent themselves in their foreclosure hearings. About 20 states require a judge’s approval for foreclosures--home owners last opportunity to plea their case ...
Views: 135
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2/4/2011 2:26:00 PM
PROPOSAL TO CURB PRIVATE TRANSFER FEES
U.S. regulators are proposing a new rule to ban Fannie Mae and Freddie Mac from acquiring loans where home buyers are charged private transfer fees. Private transfer fees, also known as “capital recovery” frees, are inserted by developers for newly-built ...
Views: 114
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2/4/2011 1:43:00 PM
TWO COUNTRYWIDE EXECS AGREE TO A $6.55 M SETTLEMENT
The State of California reached a $6.55 million settlement with two former Countrywide executives in a high-profile lawsuit filed by the state regarding predatory lending practices. Former Chief Executive Angelo Mozilo and Countrywide President David Sambol ...
Views: 124
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2/4/2011 1:40:00 PM
NAR PRAISES FHFA'S PROPOSED TRANSFER FEE RULE
The National Association of REALTORS ® applauded the Federal Housing Finance Agency (FHFA) for moving ahead with a proposed rule to restrict government-sponsored enterprises Fannie Mae and Freddie Mac and the 12 Federal Home Loan Banks from investing in ...
Views: 124
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2/4/2011 1:37:00 PM
GOP SEEKs TO END GOVERNMENT CONTROL OF GSEs
House Republicans say it’s time to end the government’s control over Fannie Mae and Freddie Mac, which were placed in government control in September 2008. "Congress must take immediate measures to minimize this cost and ensure taxpayers are ...
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