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Author Archives: Kerri Panchuk

Mortgage Contracting Services Adds Quality Assurance Division

Tampa, Florida-based Mortgage Contracting Services is taking its property preservation and inspection services to another level with the addition of a new internal quality assurance department. The new division was created in response to an increase in workload, which has prompted the company to pick up the pace when managing assets in the field while also ensuring the integrity of the process remains at its highest quality at all times.

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Senator Clinton Officially Pushes for a Foreclosure Moratorium

United States Senator and 2008 presidential hopeful Hillary Rodham-Clinton (D-New York) officially rolled out her stance on the foreclosure crisis when she issued a statement Monday asking the administration and mortgage industries to push for a 90-day foreclosure moratorium on subprime owner-occupied homes.

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Treasury Secretary Rolls Out Three-Point Subprime Plan

U.S. Treasury Secretary Henry Paulson on Monday told an audience at the Office of Thrift Supervision National Housing Forum that his office has worked with the financial services sector to develop a three-point plan for addressing the problems that are expected to arise when more subprime mortgages hit rate resets within the next few years.

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Boston Fed Chief: Foreclosures Will Get Worse Before Better

Eric Rosengren, president and chief executive officer of the Federal Reserve Bank of Boston, said in a speech Monday that new research suggests the foreclosure crisis will get worse before it gets better, but added our forecast is quite dependent on how far house prices fall.

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Subprime Fallout Leads to Job Creation at BofA

The subprime fallout has led to a renewed interest in FHA and VA loan products, prompting Bank of America to create a new division that will support 150 jobs in Dallas, Texas. The employees staffed in these positions will handle fulfillment operations related to government loans.

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Is a Loan Rate Freeze in the Works?

While U.S.Treasurer Anna Escobedo Cabral asserted Friday that the Treasury and the Department of Housing and Urban Development (HUD) are doing all they can to aggressively prevent foreclosures and reach out to borrowers, reports surfaced Friday suggesting that the White House and government officials are currently working with lenders to implement a freeze on certain loan interest rates.

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