Obama Unveils Home Mortgage and Foreclosure Prevention Plan
NEW YORK (CNNMoney.com) — President Obama unveiled a $75 billion multi-pronged plan Wednesday that seeks to help up to 9 million borrowers suffering from falling home prices and unaffordable monthly payments.
The long-awaited foreclosure fix marks a sharp departure from the Bush administration, which relied mainly on having servicers [...]

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Wayne County Sheriff Halts  Home Mortgage Foreclosure  Sales
DETROIT – Wayne County Sheriff Warren Evans announced today that his office will halt all mortgage foreclosure sales.
Evans said a review of federal law has determined that to continue foreclosure sales would conflict with a recently enacted law that provides protection for homeowners.
“To proceed with sales without assuring [...]

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Foreclosed Homeowners Should Stay Put Says Congresswoman
If you’re poor and the bank is coming for your home, Congresswoman Marcy Kaptur has a plan for you.
Just squat, she says.
Yes, this Ohio Democrat is actually encouraging her financially distressed constituents whose homes have been foreclosed upon, to simply stay put.
In a Friday report, CNN’s Drew Griffin explored [...]

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Home Prices Continue Slide Down
NEW YORK — A closely watched index shows home prices dropped by the sharpest annual rate on record in October.
The Standard & Poor’s/Case-Shiller 20-city housing index released Tuesday fell by a record 18 percent from October last year, the largest drop since its inception in 2000. The 10-city index tumbled [...]

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FDIC Chief, Says More Help is Needed to Prevent Foreclosures
NEW YORK (CNNMoney.com) — The nation’s top banking regulator warned Tuesday that help for troubled homeowners is failing to keep pace with the foreclosure crisis.
“We’re definitely behind the curve, and we fall further behind the curve every day,” FDIC Chairwoman Sheila Bair told an audience at [...]

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Massive Effort by J.P. Morgan to Save Mortgages
J.P. Morgan Chase & Co. launched an ambitious plan Friday to modify the terms of $70 billion in mortgages for borrowers who are behind on their payments or soon could be.
The move by the New York bank will cover as many as 400,000 borrowers. They’ll be moved into [...]

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