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February 2, 2012
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On Wednesday, President Obama continues to roll out plan to help homeowners refinance their mortgages, from high interest rate loans into low interest rate mortgages. This proposal will allow millions of borrowers, but only those current on their mortgage, to save to an average of $3000 a year by refinancing into FHA-backed loans.
The administration estimates the cost will fall somewhere between $5 billion to $10 billion and will not add to the mammoth debt. Unlike other plans, this one will require the U.S. Congress to approve it. To pay for his plan, the president proposes Congress charge large banks a fee.
Some critics already predict the plan will not make it out of the House.
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Updated 3 days ago
While big bank and regulator negotiations continue, government officials have assembled a comprehensive mortgage meltdown task force.
On Friday, U.S. Attorney General Eric Holder and Department of Housing and Urban Development Secretary Shaun Donovan announced the formation of the "Residential Mortgage-Backed Securities Working Group" aimed at developing new mortgages for those who are still struggling and buying and selling mortgages to distribute the risk.
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Updated 4 days ago
After receiving a string of good news regarding housing indicators in the past few weeks, the U.S. Census Bureau and HUD recently released statistics that show new-home sales for the year came in at a paltry 302,000 units for 2011.
The number not only represents a decline of 6.2% below 2010 sales, but the figure represents the lowest number of home sales in any one year since the government began tracking home sales nearly 50 years ago.
Furthermore, for December 2011, single-family home sales dropped 2.2%, to 307,000 units on a yearly basis. This falls below the projection of 321,000 units put out by the market analyst firm Briefing.com. Compared to the annual rate of home sales in December 2010– 329,000 units annually, sales actually declined 6.9%.
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Foreclosure and Bankruptcy
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