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Low-credit borrowers aren’t the only people who’ll pay a price for the rising number of mortgage defaults. Ordinary homebuyers will take a hit as well, through higher fees at closing. Fannie Mae and Freddie Mac, the government-sponsored companies that back 40 percent of American mortgages, have decided to impose a new fee of one-quarter of …

Congress, White House debate solutions to help people keep their homes By John W. Schoen Senior Producer MSNBC As Congress and the White House continue to work toward solutions to help embattled homeowners, home foreclosure filings took a big jump in the third quarter, according to the latest data from real estate Web site RealtyTrac. …

I found this article on MSNBC and thought it was worth sharing… The financial markets are pretty skittish these days as banks and other mortgage lenders continue to report big losses from mortgage loans gone bad. But in any market, one person’s loss is often another person’s gain. So where did all those “losses” from …

Financially stressed homeowners have options instead of just moving out It’s the toxic fallout from the “subprime meltdown”: More and more Americans are losing their homes to foreclosure. Sadly, many could escape this fate if they’d just talk to their lenders. Instead, they hunker down and hope against hope that something will happen before the …

Reform legislation The Expanding the American Homeownership Act, H.R. 1852, known as FHA Reform or FHA Modernization, was approved by the U.S. House Financial Services Committee on May 3, 2007. The bill now awaits a vote by the full House of Representatives. It will enable the FHA to reach more prospective borrowers and allow millions …

YOU WORKED HARD FOR HOMEOWNERSHIPThe Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive. We provide mortgage insurance on loans made by FHA approved lenders throughout the United States and its territories. FHA insures mortgages on single family, multifamily and manufactured …

This is such good news I decided to include it here in it’s entirety! How FHA Could Help Borrowers Refinance and Avoid Foreclosure By Deborah Solomon RISMEDIA, August 27, 2007- (The Wall Street Journal Online)–As the subprime-mortgage crisis ripples through the broader housing market, the Bush administration is eyeing an often overlooked federal mortgage insurer …

Start building credit early. Last week I had to do something that I really didn’t like. I had a young couple come to me wanting to buy their first home. They were so excited, and so was I. Until we hit a snag, and not just a little one. They didn’t have a great credit …

Mortgage Broker vs. Loan Officer When you’re looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the …

I recently read an article on CNN Money that was so important because it is going to help so many people. It was about a new piece of legislation that Bush signed that makes PMI deductible for many homeowners. Here it is… A $40 billion tax bill signed into law Wednesday by President Bush extends …