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senate foreclosure bill

President Obama’s Foreclosure Prevention Plan Explained

by Moe Bedard

For those of us that pay attention to the world of home loan workouts there was a great deal of anticipation leading up to President Obama’s speech today.

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Financial Crisis: “Silver Bullets” for Toxic Mortgages?

by Moe Bedard

The Obama Administration is floating a proposal that would allow the government to directly buy more loans from servicers of mortgage-backed securities

With the financial crisis quickly becoming President Obama’s primary burden, his Administration has intensified its efforts to stem the rising tide of foreclosures in order to solve the root cause of the difficulties. On Feb. 11, Treasury Secretary Timothy Geithner and Shaun Donovan, Secretary of the Housing & Urban Development Dept., met with community groups and key stakeholders in the banking industry to gauge support for a potential program that would allow the government to directly buy whole loans from servicers of mortgage-backed securities (MBS) in order to modify them—and keep more borrowers in their homes.

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Congress takes up foreclosure relief plans

by Moe Bedard

Now, as Congress prepares to authorize the second $350 billion in spending for the program, Democratic leaders are pressing for changes that would expand beyond the banking industry, which has been the primary beneficiary of the program.

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The Housing Circus: American Tax Payers Bail Out Fannie Mae & Freddie Mac

by Moe Bedard

Please watch this 1 minute video on the truth behind the Freddie Mac and Fannie Mac bail out.
Housing Circus: Why Should You Bail Out Fannie Mae & Freddie Mac?

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Plan to Help Hundreds of Thousands of Homeowners Faces Senate Vote

by Moe Bedard

The mortgage scandal plagued, and Senate will have a test-vote today on housing foreclosure rescue program. The Federal Housing Administration (FHA) would provide $300 billion in new, cheaper mortgages for struggling homeowners who otherwise would be considered too financially risky to qualify for government backed, fixed-rate loans.
A plan that will help hundreds of thousands of homeowners avoid foreclosure is drawing support [...]

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