Refinancing and purchasing of homes into adjustable rate mortgages became popular when rates reached their lowest in 2003. When interest rates started rising in 2004 lender’s shifted to interest only loans and option arms, a product that was once reserved for investors.
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There’s been a lot of talking about it from lenders and government agencies, but there hasn’t been a lot of it going on.
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When other areas of the US seem to be having trouble with their housing market, there maybe good news for Northeast Arkansas.
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Jeffrey Allen Herald, 49 of Phoenix Arizona, was indited on October 19th on two counts of fraud and artifices and one count of theft for providing unlicensed legal and mortgage services.
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The decline in home sales for Anchorage Alaska wasn’t particularly evident until spring of this year. This seems a little late since much of the country began to see sales slipping as early as the second half of 2005.
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Huntsville Alabama was just ranked Alabama’s most affordable residential real estate market by Coldwell Banker’s 2007 Home Price Comparison Index. Coldwell Banker compares 2,200 sq ft four bedroom homes in 317 different cities.
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William Pool, St. Louis Federal Reserve President, said today that the recent US housing boom was fueled by subprime developments in the securities markets. “This cycle was really quite different and the boom was driven by the growth of the subprime market and the securitization of those markets,” Pool said during a policy conference hosted by the St. Louis Fed.
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After several years or record levels of commercial real estate investment, with soaring rents and building prices, the market has cooled off since the summer. With rising concerns of the credit market many recent acquisitions have dried up
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Angelo Mozilo, Countrywide’s co-founder and CEO, is under investigation by financial regulators for selling 130 million dollars with of shares at the start to the subprime crisis which crippled the industry over the summer. Wall Street Journal reported last night that the Securities and Exchange Commission has begun an informal inquiry into trades.
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A New York city mortgage broker is under the microscope by investigators for a scheme to defraud mortgage applications. Jacob Milton, a manager at Griffin Mortgage Co., pleaded not guilty to charges of grand larceny, identity theft, and falsifying business records.
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