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From the monthly archives:

March 2010

New Foreclosure Prevention Plan Announced

by John TayebMarch 30, 2010 Foreclosures

President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers.
The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses.
The plan asks banks to write down [...]

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Health Care Reform Bill Passes

by Raja TayebMarch 30, 2010 Real Estate Trends 2010

The U.S. House of Representatives voted Sunday to approve health care reform legislation designed to provide coverage to more than 32 million uninsured Americans.
After the bill was signed by President Obama Tuesday, it was sent back to Congress for a package of “fixes,” which tacked-on student financing reform, stopping private banks from originating student loans [...]

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U.S. Urged to Keep Role in Mortgages

by John TayebMarch 26, 2010 Foreclosures

The U.S. government should maintain a role in supporting the residential-finance market but not under the public-private ownership structure of Fannie Mae and Freddie Mac, Treasury Secretary Timothy Geithner said at a hearing on the future of the companies.
The government already has provided more than $125 billion to Fannie Mae and Freddie Mac to help [...]

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Applications to Purchase Homes Rise

by Raja TayebMarch 26, 2010 Housing Market News Update

Mortgage applications for purchases of homes rose 2.7 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey. However, refinancing activity decreased as rates rose.
On an unadjusted basis, mortgage applications increased 2.8 percent. They declined 15 percent compared to the same week a year ago.
The [...]

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Housing Costs Too High for Public Sector

by John TayebMarch 26, 2010 Foreclosures

Housing is still too expensive for most people employed in public service jobs, the Center for Housing Policy found in a study released Wednesday.
The study, which analyzed costs in more than 200 markets and wages in 60 occupations, concluded that nurses, teachers, police, and other key workers don’t make enough to afford either a median-priced [...]

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BofA Debuts Plan for Underwater Mortgages

by Raja TayebMarch 25, 2010 Foreclosures

Bank of America will announce a program Wednesday to allow underwater borrowers to systematically reduce the principal they owe over five years, as long as they stay current on payments.
The program targets borrowers who owe more than 120 percent of their home’s worth.
BofA is also expected to reduce principal balances on “payment option” ARMs with [...]

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Sunbelt Growth Slows Down

by John TayebMarch 25, 2010 Housing Market News Update

Boomers are staying put, close to where the jobs – or at least the potential for them – are instead of moving to the Sunbelt, according to U.S. Census figures released Tuesday.
The census shows that the growth of traditional retirement destinations slipped from 3.1 percent between 2000 and 2007 to 1.7 percent between 2007 and [...]

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Fed Says Keeping Rates Low Is Key

by Raja TayebMarch 25, 2010 Foreclosures

The economy remains in a slump, motivating a Federal Reserve official, who is said to be President Obama’s favored candidate for vice chair of the Fed, to say that keeping interest rates at record-low levels is important.
Janet Yellen, head of the Federal Reserve Bank of San Francisco, said in a recent speech that the Fed [...]

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HUD Attorney Clarifies Add-on Fees

by Raja TayebMarch 24, 2010 Foreclosures

Add-on fees have been a source of confusion since a U.S. District Court last year ruled that these fees violate federal law when the bill doesn’t detail specific services for which the fees are being billed.
Recently, Helen R. Kanovsky, general counsel for HUD, released some more detailed guidance about the court ruling. She wrote:
Commissions may [...]

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Spring for a Bathroom Makeover

by John TayebMarch 24, 2010 Home Renovations

Potential buyers may walk away if bathrooms are outdated and unappealing. Here are some low-cost ways to give the facilities a facelift:
• Scrub-a-dub-dub. Give everything, including drawers and cabinets, a deep cleaning.
• Paint the walls. Remove aging wallpaper and paint the space with a bright semi-gloss shade made for use in the bathroom.
• Replace aging [...]

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