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| | New bill seeks reduction of foreclosure through declaring bankruptcy |
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| | A new bill is introduced in Congress to prevent foreclosure by simply making the owner declare bankruptcy. But the bill, if signed into law, will only apply to vacation homes and not to residences. The bill aims to condone at least 25 percent of one's mortgage balance if you declare yourself as bankrupt with supporting proof of course. |
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| | Macquarie is new lender to Edmonton mortgage broker |
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| | Macquarie is added to the list of lenders of Edmonton-based mortgage broker First Foundation, Inc. Based in Australia, Macquarie zero downpayment mortgages, investment mortgages, high ratio mortgages and the newly-conceived self-employed mortgages |
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| | GE's mortgage loan provider arm in UK shines |
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| | As the United States is possibly heading to a recession, conglomerate GE's mortgage loan provider arm in the United Kingdom, First National Direct 2U, continues to be bullish. In fact, it has just been accredited as one of the lenders of leading direct mortgage loan provider Paradigm Mortgage Services. First National Direct 2U also offers secured lending, general insurance, protection, among others. |
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| | Countrywide Financial stripped from stock exchange shortlist |
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| | Here’s a little bit of good news in the economic front. Countrywide Financial was removed from the naked threshold short list in NYSE, NASDAQ and AMEX after they have successfully delivered outstanding shares last January. Congratulations! |
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| | New Hampshire expected to be least affected in foreclosure |
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| | The United States government is expecting New Hampshire to have the least number of homes to be foreclosed this year. There are only a total of 2,700 homes expected to be foreclosed this year in New Hampshire and or the lowest among the 50 states in the country. Hardest hit will be Arizona, Michigan, Nevada, Rhode Island, Connecticut and Massachusetts, in that order. New Hampshire being on the bottom of the list is largely attributed to its lowest unemployment rate. |
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| | Now is the time for reverse mortgages |
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| | In these times of economic uncertainty, now is the time to settle for a reverse mortgage especially if you have just retired. In reverse mortgages, you never get to pay your lender until after you have died. That’s good news indeed. |
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| | Third party loan provider extends mortgage contract with Wells Fargo |
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| | As President Bush recently signs into law the economic stimulus package which includes expanding the ceiling of jumbo mortgage loans, third party loan provider Fidelity National Information Services has extended its outsourcing mortgage contract with Wells Fargo. No other details were released in the development. Kudos! |
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| | 6 subprime mortgage lenders band together to extend foreclosure |
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| | The six leading subprime mortgage lenders in the United States, which account for 50 percent of the market, are banding together to help ease the subprime mortgage crisis - they want to extend the deadline of homes set to be foreclosed in 30 days. The six subprime lenders are Countrywide Financial,
Citigroup, JP Morgan, Wells Fargo, BA and Washington Mutual. They will first send a letter via regular mail to the intended recipient and then the recipient must contact a toll-free number informing his subprime lender that he or she would like to avail the scheme. Exempted from this bonus are properties which are abandoned as well as those used as businesses. |
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| | Countrywide Financial to expand ceiling of loans |
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| | After President Bush has signed into law the economic stimulus package, Countrywide Financial is now obliged to grant so-called jumbo loans to its customers. Countrywide Financial estimates that 735,000 people will avail of this scheme. |
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| | Federal Home Association to expand borrowers base |
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| | In whatever way it can, Congress is expected to allow more people to be granted loans by the Federal Housing Administration. The Federal Housing Administration is the agency of the government which grants mortgages to people with credit problems. This is indeed a relief for all of us. |
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