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Author Archives: Kerri Panchuk

White House Spokesperson Defends Subprime Plan

A press conference with reporters briefly turned into a question and answer session about President George W. Bush’s subprime bailout plan when a reporter asked whether the new plan violates the principles of a free-market by saving borrowers who took out risky loans.

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NeighborWorks? America Applauds Bush?s Subprime Plan

The subprime rescue plan introduced by President George W. Bush on Thursday has drawn both criticism and praise from organizations and mortgage industry professionals. NeighborWorks® America is in favor of the plan—which will allow subprime borrowers who are timely with teaser rates on subprime mortgages to either re-modify the terms of their existing ARM loans, stay with their current interest rates for five years, or move into the FHASecure loan program.

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MBA Delinquency Survey: Delinquency Rate Hits Record High

The Mortgage Bankers Association (MBA) released its National Delinquency Survey this week, which shows the U.S. delinquency rate on one-to-four unit residential properties increasing 47 basis points between the second and third quarter of 2007—making 5.

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Bush Officially Announces Rate Freeze for Certain Subprime Loans

President George W. Bush announced Thursday a foreclosure prevention plan in which 1.2 million subprime borrowers will have the opportunity to either refinance into existing loans, move into FHASecure loans, or remain in current loans with their interest rates frozen for five years.

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Fannie Mae Braces for Further Market Instability

Fannie Mae, one of the nation’s largest government-sponsored enterprises (GSEs) and mortgage lending companies, said Wednesday that it’s issuing $7 billion in non-convertible preferred stock in one or more offerings this month and has plans to reduce the company’s quarterly common stock dividend beginning with the first quarter of 2008 by 30-percent.

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Guardian Preservation Services? Mold Fighting Enzyme

In the REO business, the word mold usually conjures up images of a company having to pay beaucoup bucks to renovate a home infested with the not-so-likeable material. But Dick Mason, chief executive officer of Tinley Park, Illinois-based Guardian Preservation Services, LLC says the process doesn’t have to be a difficult one.

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President Bush Calls Mortgage Industry Complex

During a press conference this week, U.S. President George W. Bush told reporters the administration has been working on the subprime crisis since August and that the complex structure of today’s lending market  has made the process of developing solutions a slow one.

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Sale of Option One is Off

The sale of Option One Mortgage Corp., a subsidiary of H&R Block, to an affiliate of Cerebus Capital Management L.P. is no longer an option for the mortgage lender. In a press release issued Tuesday, H&R Block said it has officially terminated the purchase agreement signed by both companies on the grounds that the seller and purchaser could not agree on how to restructure the sale in light of all that’s occurred in the mortgage market.

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First American First Lien Outsourcing Names New COO

First American First Lien Outsourcing, a member of The First American Corp. family of companies, has named Tyron Miller chief operating officer. Miller, who brings more than 22 years of experience in mortgage banking and financial services, will oversee the company’s technology product divisions and first lien outsourcing.

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Law firm Launches Subprime Group

With countless legal issues surfacing around companies and individuals impacted by the subprime crisis, the law firm of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has formed a Subprime Practice Group to focus on legal matters created during the subprime mess.

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