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SENATE REJECTS CRAM DOWN MEASURE

SENATE REJECTS CRAM DOWN MEASURE The U.S. Senate gave a thumb down to bankruptcy judges adjusting mortgage terms to help borrowers avoid foreclosure.   This is a victory for banks and credit unions that said the legislation would increase loan costs.  The vote count was 51-45, with 12 Democrats being part of the 51 opponents to the measure.  The measure needed 60 Read More

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TARP MONEY NOT MOVING FORWARD. SURPRISE! SURPRISE!

TARP MONEY NOT MOVING FORWARD. SURPRISE! SURPRISE! According to Wall Street Journal and the Treasury Department the largest bank recipients of U.S. government aid are offering less credit to businesses and consumers. In a monthly snapshot of lending by the 21 largest banks receiving Troubled Asset Relief Program (TARP) funds, the Treasury said credit being offered Read More

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MORTGAGE MODIFICATION LAWMAKERS CONTINUE TO WORK ON CRAMDOWN LEGISLATION

MORTGAGE MODIFICATION LAWMAKERS CONTINUE TO WORK ON CRAMDOWN LEGISLATION According to Congress Daily after weeks of negotiation, a compromise may have been reached which will give bankruptcy judges greater power to modify the primary mortgages of chapter 13 debtors. The Senate compromise would mandate that if a lender offered a modification through the Obama plan or Read More

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INCREASING NUMBER OF OLDER BORROWERS FACE FORECLOSURE

INCREASING NUMBER OF OLDER BORROWERS FACE FORECLOSURE Many older homeowners on low fixed incomes are now facing foreclosure, say legal-aid advocates and AARP attorneys, because they were often fraudulently sold loans they could never afford, the Wall Street Journal reported today. Many of these homeowners had lived for decades in their home and had built Read More

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BANK OF AMERICA RAISES INTEREST RATE!!

BANK OF AMERICA RAISES INTEREST RATE!! Bank of America Corp. is raising interest rates on as many as four million U.S. credit card customers who carry a balance, becoming the latest bank to crack down on people who don’t pay off their bill every month, the Wall Street Journal reported today. Starting with June account Read More

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SURGE IN MORTGAGE DELINQUENCY

SURGE IN MORTGAGE DELINQUENCY The Mortgage Bankers Association (MBA) reported today that the number of homeowners falling behind on their mortgages or already in foreclosure surged during the fourth quarter, according to the Washington Post today. About 7.88 percent of mortgage loans were delinquent during the quarter – a new record, according to MBA – Read More

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