The Federal Reserve Bank of St. Louis has released a short guide regarding a consumer’s rights when his home equity line of credit has been frozen or reduced by the lender. The tips underline the lender’s responsibility to give...
Read MoreForeclosure resales accounted for 50.1% of all resales recorded in the second quarter of 2009, down from 57.8% in the first quarter of 2009, but still up from 40.1% one year ago. Lenders are reporting a backlog in processing...
Read MoreFirst-time homebuyers looking to become homeowners during this “buyer’s market” are running headlong into a flood of speculators looking to make a quick buck from flipping cheap property. First-timers, who are mostly relying on...
Read MoreThe annual number of mortgage defaults in the prime housing strata rose from 1% to 4% as job losses from the down economy put stress on so-called “safe”-borrower homeowners. Roughly 56% of the 3.3 million mortgagees in...
Read MoreThe US Treasury Department’s Comptroller of Currency and Office of Thrift Supervision reported a 176% increase in short sales nationally from the 1Q 2008 to 1Q 2009, from 5,523 in 1Q 2008 to 17,036 in 1Q 2009. The numbers of...
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