Foreclosures Nearly One-Quarter of All Home Sales

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Nearly a quarter million homes in some stage of foreclosure were sold to new owners in the second quarter of 2010, accounting for nearly one-fourth of all home sales.

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GMAC Dumps Florida Foreclosure Firm

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GMAC Mortgage LLC has stopped referring cases to the foreclosure firm Florida Default Law Group.

The Tampa-based firm is one of four large legal groups in Florida under investigation by the state attorney general’s office for foreclosure practices.

Florida Default has been withdrawing affidavits in GMAC cases statewide with the revelation that possibly thousands of forms were not properly verified.

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GMAC Dumps Florida Foreclosure Firm

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Big Signs of Improvement in M.I. Sector

Author:  //  Category: Mortgage

Mortgage Insurance Companies of America members wrote 23 percent more policies in August than they did in July.

Business is likely to strengthen further, with new mortgage insurance applications rising 20 percent.

Meanwhile, mortgage insurance defaults declined 7 percent.

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Big Signs of Improvement in M.I. Sector

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Mortgage Rates Continue to Fall

Author:  //  Category: Mortgage
Mortgages interest rates hit record lows again this week, according to the Freddie Mac Primary Mortgage Market Survey.

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Increased Production Fuels Hirings at Chase

Author:  //  Category: Mortgage

In Cleveland, up to 175 employees are being added by Chase.

Another 125 are being recruited in Columbus, Ohio.

A Chase spokeswoman told Mortgage Daily that the company is expanding its production staff to accomodate anticipated growth.

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Increased Production Fuels Hirings at Chase

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Candian Government Budgets to Feel the Pinch of Belt-Tightening in U.S. and at Home: CIBC World Markets Inc.

Author:  //  Category: Mortgage

TORONTO, Ontario, September 30, 2010 — The end of government stimulus, the continued reluctance of U.S. consumers to spend and a softening of the Canadian housing market will see real GDP growth fall well below federal and provincial government forecasts for 2011, finds a new report from CIBC World Markets Inc.
“That softer growth outlook should not, however, lead to a rethinking about …

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Candian Government Budgets to Feel the Pinch of Belt-Tightening in U.S. and at Home: CIBC World Markets Inc.

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High Cost Loan Limits Extended

Author:  //  Category: Mortgage

The U.S. Senate and House of Representatives passed legislation that extends the current conforming loan limits through the new fiscal year.

High-cost loan limits as high as $729,750 were set to expire Sept. 30 — the end of the government’s fiscal year. “Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today’s struggling economy,” the chairman of the Mortgage Bankers Association Chairman said in a news release.

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High Cost Loan Limits Extended

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Canada’s millionaires concerned about next generation’s financial future: RBC

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TORONTO, Ontario, September 30, 2010 — Canada’s millionaires are worried about the next generation’s financial future with 58 per cent believing their children will have a more difficult time making it financially than they did, according to new research by RBC Wealth Management. Furthermore, almost half (49 per cent) of those surveyed are concerned about their children’s readiness to …

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Canada’s millionaires concerned about next generation’s financial future: RBC

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Minister of Finance Introduces the Sustaining Canada’s Economic Recovery Act

Author:  //  Category: Mortgage

OTTAWA, Ontario, September 30, 2010 — The Honourable Jim Flaherty, Minister of Finance, today continued the Government of Canada’s focus on the economy by introducing the Sustaining Canada’s Economic Recovery Act in the House of Commons. The Act, which includes measures from Budget 2010, represents a key component of Canada’s Economic Action Plan.
“We are meeting …

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Minister of Finance Introduces the Sustaining Canada’s Economic Recovery Act

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Second Lender Halts Foreclosures Over Document Issues

Author:  //  Category: Mortgage

JP Morgan Chase has announced it is temporarily suspending foreclosures, becoming the second major bank to do so over concerns about improperly signed affidavits.

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