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A quick primer on Bank Owned Properties.
| Mortgage Type | Today | Last Week | Change |
| 15 Year Fixed | 5.507% | 5.873% | -0.366% |
| 30 Year Fixed | 5.618% | 6.075% | -0.457% |
| 1 Year ARM | 4.497% | 4.460% | 0.037% |
| 3/1 Year ARM | 4.833% | 4.776% | 0.057% |
| 5/1 Year ARM | 5.048% | 5.007% | 0.041% |
The foreclosure crisis is touching all and sparing none. Many might think that the foreclosure related financial crisis is about jumbo New York based financial bodies falling or about credit default, mortgage backed securities and the wild ups and downs of the New York stock exchange. (read the full entry)
Foreclosure rescue plans are being hampered by multiple causes – the most important being the pivotal role of the voluntary participation of lenders. Another big hurdle is the securitized mortgages and the negligible role of servicers to modify loans. (read the full entry)
Nationalized mortgage giants Fannie Mae and Freddie Mac are offering holidays from foreclosures till 2009. This will temporarily bring some relief to besieged house mortgage borrowers. Banks have realized that accepting lower payments is a better alternative to proceeding with foreclosure. (read the full entry)
Many are looking upon the FHA (Federal Housing Administration) as a saviour for foreclosure problems. The prime task of the FHA today is to encourage first time buyers to purchase houses. Anybody can apply with down payments as low as 3% of the value of the house. The standards are lenient taking into account the income of the borrower. (read the full entry)
All around the country alarm signs are there – the administration is again courting foreclosures by encouraging dubious firms to issue new mortgages backed by FHA. Either the corridors of power are ignorant or choose to be so to allow a rerun of the foreclosure in the near future. (read the full entry)
Daily updated foreclosure news.