Metas
Real Estate News 04/28/08
COUNTRYWIDE
Consumer advocates claim Countrywide has not been responsive enough to homeowners struggling to make mortgage payments, and that Bank of America needs to do more when it takes over the troubled lender. The Fed is currently investigating the allegation, as it must do under the law, to make sure consumers wouldn’t be harmed by the takeover. This should help with getting prompt responses for possible short sale situations as well.
FHA
New government data shows that claims on Federal Housing Administration mortgage insurance, which is backed by the government to prevent foreclosures, rose by 61 percent last year compared to five years ago. These payoffs allowed more than six in 10 homeowners who defaulted on FHA-insured loans to stay in their homes.
BUYERS AND SELLERS
It’s a good time to buy a home while inventory is high, mortgage rates continue to stay low and sellers are willing to negotiate. However, squeezed by high prices for gasoline, food and other products, worried about their jobs and rattled by talk of a recession, buyers are wary of large purchases right now.
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