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Author Archives: Kerri Panchuk

Texas Attorney General Asks Lenders to Prevent Foreclosures

Texas Attorney General Greg Abbott has asked three of the state’s top lenders to implement foreclosure prevention measures to help borrowers thwart the threat of default when $600-billion worth of subprime adjustable-rate mortgages hit rate resets in Texas next year.

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Mortgage Production Profits Decrease

The Mortgage Bankers Association (MBA) released its annual cost study this week, which shows mortgage banking production profits falling in 2006 to an amount as low as negative $50 per loan, a stark contrast to the positive $258 per loan profit experienced in 2005.

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Street Resource Group, Inc. Forms Investor-Centric Action Group

Street Resource Group Inc., a technology and consulting company that services mortgage warehouse lenders, announced this week the formation of the Investor Issues Committee%{=text-decoration: none;}—%a group that aims to tackle the many challenges mortgage warehouse lenders and investors face in today’s marketplace.

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Foreclosure Filings Drop Slightly in September

Foreclosure filings in the United States dropped a slight 8-percent between the months of August and September, but remained 99-percent higher when compared to the number of filings recorded during September of last year, according to RealtyTrac’s September 2007 U.

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HUD, Treasury Partner With Mortgage Servicers

The private and public sectors converged on Wednesday when U.S. Treasury Secretary Henry M. Paulson Jr. and Secretary Alphonso Jackson with the Department of Housing and Urban Development (HUD) announced a new alliance, called HOPE NOW, in which both agencies agreed to partner with leading mortgage servicers to prevent home foreclosures.

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