Important New Developments in Mortgage News

Passing along some links (below) to mortgage news as published by Mortgage News Daily, a source of current information for REALTORS® like myself.  These are major changes affecting consumers and homeowners here in Sylmar and the rest of the United States. I highly recommend that you read these important stories. I’m sure more will be reported in the major media in the coming days.

Another Big Bank Moves to Assist Homeowners and Itself
“Tue, 11 Nov 2008 07:32:32 EST
Citigroup has joined Morgan Stanley Chase, the Federal Deposit Insurance Corporation (FDIC,) and a few other large banks in initiating an aggressive program to mitigate foreclosures of single family homes. The bank said on Monday that it is putting a moratorium on both initiating new foreclosures and on completing the legal process against homeowners who are currently moving toward foreclosure.”
(Click link above to read the whole story)

Paulson Unveils Phase Two of TARP
“Wed, 12 Nov 2008 09:17:48 EST
Delivering an update to the Troubled Asset Relief Program (TARP), U.S. Treasury Secretary Henry Paulson said that purchasing troubled assets – the original intention of the $700 billion rescue package – is not an effective use of the program.”
(Click link above to read the whole story)

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Filed under Foreclosure Info, Lending information, Mortgage news, Sylmar, Uncategorized

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