Number of permanent modifications increases by 45 percent
WASHINGTON, DC – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration’s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings...
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Real Estate And Mortgage News
- FHA Hires Compliance Manager to Oversee Inventory of 'HUD Homes'Contract designed to reduce risk and increasing return on resale of property […]
- HUD Launches Website to Gather Public Comment on First-Ever LGBT Housing Discrimination StudyOnline 'suggestion box' seeks to inform HUD on design of historic research […]
- HUD Statement on the Revised Implementation Plan of Westchester County, New YorkLast year, HUD, Westchester County, the U.S. Attorney's office, and members of the community all worked together to agree to a settlement that promotes fair housing and civil rights while investing money in Westchester County. We have seen two versions of the implementation plan and, while the County has worked to improve it, there is still work to be d […]
- "Neighborhood Stabilization Boot Camp" to Draw Top Officials from 12 Cities and The Obama AdministrationBOSTON - Dozens of local officials from 12 of the regions hit hardest by the housing crisis are meeting at Harvard University March 14 -16 to develop new strategies for stabilizing neighborhoods that experience large numbers of foreclosures. […]
- NAR Calls for Affordable Disaster Insurance Policy(Mar. 10) Charles McMillan, immediate past president of NAR, told Congress that it must improve affordability of property insurance for natural disasters. […]
The Economy
- Manufacturing and Trade Inventories and SalesU.S. total business sales for January 2010 were $1,046.9 billion, up 0.6% from last month. Month end inventories were $1,310.2 billion, virtually unchanged from last month. January 2010: +0.6 % Change in sales December 2009: +1.0 % Change in sales […]
Loan Modifications
Housing Starts
NEW RESIDENTIAL CONSTRUCTION IN FEBRUARY 2010
BUILDING PERMITS
* Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 612,000. This is 1.6 percent (±1.0%) below the revised January rate of 622,000, but is 11.3 percent (±1.8%) above the February 2009 estimate of 550,000.
* Single-family authorizations in February were...
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National Flood Insurance
Madison, Wisconsin — The National Flood Insurance Program (NFIP) had its roots in the 1800s as the country recognized the federal government must play a leading role in controlling and responding to floods.
Two previous chronological articles traced the evolution of a National Flood Insurance Program from its origins in a Supreme Court ruling of...
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Flood Protection And Insurance
* Did you know that you have to purchase flood insurance seperately from your homeowner’s insurance policy?
* Did you know flood insurance only covers up to $250,000?
* Did you know flood insurance does not cover anything in your basement?
Partnership To Encourage Flood Safety
As one of the snowiest winter seasons in many years yields to...
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Neighborhood Stabilization Boot Camp
BOSTON, MA – Dozens of local officials from 12 of the regions hit hardest by the housing crisis are meeting at Harvard University March 14 -16 to develop new strategies for stabilizing neighborhoods that experience large numbers of foreclosures.
The Boot Camp will convene teams of government officials, nonprofits and real estate firms from...
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Proactive Disaster Homeowner’s Insurance Policy
Washington, DC — U.S. policy toward natural catastrophe risk is largely reactive and a comprehensive, forward-looking national natural disaster policy is needed, the National Association of Realtors® said in testimony to two House panels today.
Charles McMillan, immediate past president of NAR, told Congress that it must improve affordability of property insurance for natural disasters.
“NAR,...
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Low Rates Help Make Home Buying More Affordable
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010, down from last week when it averaged 5.05 percent. Last year at this time, the...
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Fannie Mae Gives 3.5 Percent Seller Assistance
Incentive Part of Ongoing Effort to Stabilize Neighborhoods
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who...
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Homeowner Mortage Help
Freddie Mac is a company that helps fund mortgages. From the start to finish, we ask the same questions:
Do our credit policies and mortgage practices advance responsible lending?
The principles drive our business. They also reflect the public mission in our congressional charter. And together, they have led Freddie Mac to take on a greater...
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Real Estate Hardest-Hit Fund
WASHINGTON, DC — The Obama Administration released the next steps in the recently announced Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“HFA Hardest-Hit Fund”).
On February 19, 2010, President Obama announced additional funding for innovative measures to help families in the states that have been hit the hardest by the aftermath...
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Avoiding Foreclosure
Contact Your Lender to Avoid Foreclosure
Many people avoid calling their lender when they have money troubles. Most of us are embarrassed to discuss our money problems with others or believe that if lenders know we are in trouble, they will rush to collection or foreclosure.
Foreclosure is expensive for lenders, mortgage insurers and investors. HUD/FHA,...
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Alert: Mortgage and Loan Modification Scams
WASHINGTON, DC – The U.S. Department of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, today announced the launch of PreventLoanScams.org.
“ Homeowners at risk of foreclosure can be easy prey for home loan modification scammers. Often, dishonest individuals lure vulnerable homeowners into foreclosure rescue scams by making false promises. Scammers...
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Greater Philadelphia Region
- Philadelphia Gun ViolencePHILADELPHIA – The Philadelphia Gun Violence Task Force today announced the arrest of as many as 34 suspects accused of illegal gun trafficking, straw purchasing and other firearm offenses. Attorney General Tom Corbett, Philadelphia District Attorney Seth Williams, and Philadelphia Police Commissioner Charles Ramsey said the arrests are part of an ongoing ef […]
- Classic Stone Tudor Home in Wynnewood PAFOR IMMEDIATE RELEASE Andrea Robbins, REALTOR, with Re/Max Executive Realty in Bryn Mawr PA presents a Classic Stone Tudor in Wynnewood, PA. Look No Further! Charming straight thru center hall stone Tudor home situated on a .23 acre landscaped property . Generously proportioned rooms, sun filled interior, 15 yr young country kitchen, formal living & dini […]