Lenders Offer Plan to Head Off Foreclosures
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A group of major mortgage lenders will allow some homeowners facing foreclosure to delay losing their homes for 30 days.
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Six top mortgage companies on Tuesday launched a new program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out.
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The Bush administration will announce an expanded plan Tuesday for lenders to help homeowners by temporarily suspending foreclosures for people facing the imminent loss of a home, a source familiar with the plan said Monday.
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The proposal by federal regulators comes as subprime mortgages have come under stress and scrutiny.
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Six top mortgage lenders and servicers on Tuesday launched a new program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out.
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Countrywide Financial Corp, the largest U.S. mortgage lender, plans to cut 10,000 to 12,000 jobs to cope with weakened housing demand, rising foreclosures, and tightening credit markets.
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Investing in foreclosures can be lucrative, but be cautious.
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President Bush today outlined his plan for helping troubled subprime borrowers keep their homes. The initiatives target hundreds of thousands of homeowners. The president said he would not bail out homeowners facing foreclosures or lenders with financial problems.
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WASHINGTON -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.
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A number of U.S. states are setting up  funds to help homeowners with risky subprime mortgages  refinance to more affordable loans in a bid to slow the rate of  home foreclosures, The Wall Street Journal reported on its Web  site.
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The subprime mortgage mess has created a mixed blessing for potential homebuyers.
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The state's looming foreclosure crisis escalated last month as the number of homeowners threatened with foreclosure more than doubled from a year earlier.
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Bankruptcy courts would be allowed to alter mortgages written by "predatory lenders" in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. Representatives on Friday.
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Lenders launched foreclosure actions against more than one in every 200 U.S. mortgage borrowers in the fourth quarter of 2006, the biggest share of homes at the start of the repossession process on record.
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President Bush will announce plans on Friday to help homeowners with sub-prime mortgages avoid defaulting.
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Longtime real estate agents Barbara and James Newcomb decided three years ago to focus on selling homes that had been repossessed by lenders, certain that the housing market would falter and they could cash in.
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Business & money: Analysts fear worse figures are on the way after lenders repossess 27,000 homes