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Recent News:

• Home Equity Conversion Mortgage Limits Raised
  Earlier this month, the U.S. Department of Housing and Urban Development announced that Home Equity Conversion Mortgage (HECM) loan limits will be raised to $417,000 nationally. For most parts of the country, this is a substantial increase. Home Equity Conversion Mortgages are Federal Housing Administration-guaranteed reverse mortgages for homeowners 62 and older. They allow seniors [...]
  [November 18th, 2008]
• Scammers Claim Federal Reserve Program Offers Personal Loans
  When people are facing tough economic times there’s always the potential for fraudsters to take advantage of them. According to the Federal Reserve, scammers are targeting people who need personal loans to try and gain access to their checking accounts. The way the fraud works is consumers are contacted and told that they can borrow personal [...]
  [November 17th, 2008]
• FDIC Chairwoman Proposes Plan to Reduce Mortgage Payments for Delinquent Borrowers
  Another proposal has been floated for helping homeowners who are delinquent on monthly payments on their mortgages. Federal Deposit Insurance Corporation (FDIC) Chairwoman Sheila Bair proposed a plan to reduce mortgage payments for delinquent homeowners to 31% of their monthly income, according to CNN Money. To qualify, people would need to be at least two [...]
  [November 14th, 2008]
• Mortgage Applications On the Rise Last Week
  The Mortgage Bankers Association just released their Weekly Mortgage Applications Survey for the week ending November 7, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 425.0, an increase of 11.9 percent on a seasonally adjusted basis from 379.9 one [...]
  [November 13th, 2008]
• GMAC to Cut Back on Auto Loans
  By Brent Lane Rebuild.org Columnist GMAC has announced they will decrease their Auto Loan exposure in the European markets starting the 1st of November 2008. This cut back is due to the significant credit and capital market disruptions.  The countries affected include Czech Republic, Finland, Greece, Norway, Portugal, Slovakia and Spain.  On top on this cut back GM [...]
  [November 12th, 2008]