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From the monthly archives:

February 2009

Obama: Foreclosure Prevention to Revive Economy

by Danny GibsonFebruary 26, 2009

President Barack Obama is planning to promote his budget program after releasing his $787 billion economic stimulus plan, which includes measures to reduce foreclosures by state.
The president’s budget plan is designed to streamline the federal deficit by 50 percent before he ends his first term.
In his radio address, the president said that the [...]

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Controversy Over Obama’s Foreclosure Prevention Plan

by Robert ShultzFebruary 25, 2009

The $75 billion foreclosure prevention plan introduced by President Barack Obama has been opposed by financial analysts and some homeowners who claim that the program rewards those who have shown risky behavior in their choice of mortgages.
Homeowners who are current on their mortgage payments decried what they claim is an unfair plan which only rewards [...]

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Realtors Also Benefit From Obama’s Foreclosure Plan

by Mark GoodmanFebruary 20, 2009

Real estate brokers in Baltimore expressed support for President Obama’s $75-billion foreclosure plan by saying that his plan is a much better investment of public funds than all the other public investments being bandied about. The Baltimore metropolitan area has not been as hard hit by foreclosures as other metropolitan areas, but there are also many homeowners in the area eagerly waiting for help as they try their best to pay their monthly amortizations.

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Foreclosure Report: Mortgage Applications Soar in February

by Danny GibsonFebruary 19, 2009

The number of homebuyers applying for mortgage loans rose in February as fixed rates fell below 5 percent, according to the Mortgage Bankers Association. Among these mortgage applicants could be current mortgage borrowers who want to refinance their loans to avoid foreclosure. The MBA reported its mortgage application index increased by more than 45 percent to 875.3 during the week ended February 13.

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Duke Calls on the Government to Limit Costs of Foreclosures

by Mark GoodmanFebruary 17, 2009

In her speech, delivered before participants at the American Bankers Association National Conference for Community Bankers, Federal Reserve Governor Elizabeth Duke has called on the government to reduce the costs of foreclosures as a way to prevent the rise in the number of repossessed homes.

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Obama Goes Forward With Foreclosure Campaign

by Danny GibsonFebruary 16, 2009

President Barack Obama is set to travel to Denver, Colorado and then to Phoenix, Arizona to continue his foreclosure prevention campaign. Obama has just scored a major win in Congress when his $787-billion economic stimulus package was approved by 246 votes in the House and 60 votes in the Senate.

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US Set to Release Rescue Plan against Foreclosures

by Anthony ParkerFebruary 12, 2009

After newly-elected US President Barack Obama’s first news conference on Monday where he laid out the new government’s plan of action against the worsening economic recession, US Treasury Secretary Timothy Geithner is now posed to release a bank-rescue plan on Tuesday.

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Obama Administration Plans to Use Bailout Funds to Stop Foreclosure

by Mark GoodmanFebruary 11, 2009

The Obama administration is serious in putting a halt to the foreclosure crisis. It plans on allotting $50-100 billion in funds to implement measures that will address the present housing situation. However, what these measures are and how they will be carried on is still not very clear.

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Unemployment Claims Peaking, But May Finally Be Resolved with Foreclosure-driven Stimulus Plans

by Anthony ParkerFebruary 7, 2009

First timer unemployment benefits have not experienced this height since October of 1982 when jobless claims peaked at 637,000. The January 31 report exposed a surprising 626,000 unemployment claims, much higher than the previous week’s 591,000. This also exceeded the last week’s forecast of 580,000 only.

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Interest Rates Rise, Mortgage Applications Increase during this Foreclosure Crisis

by Danny GibsonFebruary 6, 2009

Interest rates are now at its highest since early December but the demand for mortgage has even increased by 8.6 percent. This may be due to the still high need to refinance delinquent loans of foreclosure-troubled homeowners.

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