Archive of posts tagged Obama

Obama’s Investigative Unit: Absolving Iniquities or Slowing Progress?

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New York Attorney General Eric Schneiderman has reportedly been designated a co-chair of President Obama’s newly announced investigative team to probe the mortgage industry for past misconduct. In his State of the Union address this week, Obama announced the creation of “a special unit of federal prosecutors and leading state attorneys general” to examine the …

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Three mortgage mistakes to avoid

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The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year. Against this backdrop, it’s really …

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President Obama on Loan Modifications

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President Obama has made a public call for mortgage lenders and servicers to provide struggling homeowners with longer-term modifications and principal reductions when it fits the situation. Referring to the American taxpayers’ bailout of the banking system, which the president described as probably the most unpopular thing the government has ever done, Obama said, “[W]e …

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Fannie Mae & Freddie Mac to close down?

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Home Runs? Government announces plans to “wind down” Fannie Mae and Freddie Mac Responding to financial losses and market distortions caused by mortgage giants Fannie Mae and Freddie Mac, the Obama administration sent Congress a plan to “wind down” the two government-owned secondary lenders over several years, “shrink the government’s footprint in housing finance, and …

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