Fannie Mae, the mortgage buyer seized by regulators, plans to tap emergency U.S. capital for a fourth time this year, bringing its draws of taxpayer money to $60 billion as the company sees no immediate end to its losses. Fannie Mae will seek $15 billion in Treasury Department financing after posting an $18.9 billion...
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Freddie Mac, the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a “prolonged deterioration” in housing. Increases in the value of securities Freddie Mac held over the period helped buoy its net worth,...
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In Butler County, Ohio, more people are asking for help, and in return, their homes are staying off the auction block. Neighborhood Housing Services of Hamilton homeownership counselor, Don Gardner, says the office has seen more than 400 people on the verge of losing their home this year. That’s almost double the number of...
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Hillsborough County, Florida, needs a focused response to the foreclosure crisis to avert further harmful impacts to individuals, families and communities. There are at least 2,341 homes in foreclosure in Hillsborough. This means that 1 out of every 220 families is losing their home. Recent reports by RealtyTrac, the nation’s online source for foreclosure...
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Bank of America, widely recognized as the most uncooperative lender in short sale negotiations, has recently partnered with California-based Equator (REOTrans) to electronically process short sale transactions. Bank of America is using the Equator short sale platform to streamline the short sale process through better communication, faster approvals, and quicker sales. Criticized for its...
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In early April, Jeff Franson refinanced his mortgage, switching it from Chase to SecurityNational Mortgage Co. On a sunny Saturday in early October, as he was mowing the front lawn of his Mokena home, a process server drove up and handed Franson papers that showed Chase was planning to foreclose on his home. Franson...
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