CAMB Government Affairs Chair, Ed “Smitty” Smith Jr. sends you this important message from Congressional Quarterly.

October 11, 2007

Democratic leaders on Wednesday called on President Bush to appoint a “mortgage czar” to coordinate the federal response to the subprime mortgage crisis, saying the administration’s response so far has been inadequate. Senate Majority Leader Harry Reid, D-Nev., characterized the mortgage woes and the accompanying wave of foreclosures as a “national crisis” and said the [...]

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Administration Offers Plan to Curb Foreclosures

October 10, 2007

The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. Treasury Secretary Henry M. Paulson Jr. said the initiative would help coordinate efforts by financial companies to help an estimated 2 million homeowners whose introductory mortgages with low rates are now [...]

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BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES

September 18, 2007

WASHINGTON – President George W. Bush today announced that HUD’s Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now [...]

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Ahead of the Bell: FHA overhaul

September 18, 2007

WASHINGTON House lawmakers are planning to vote Tuesday on an overhaul of a federal agency that insures mortgages against default in an effort to help struggling homeowners avoid foreclosure. The plan of leading House Democrats to expand the role of the Federal Housing Administration goes further than the Bush administration’s plan to ease some of [...]

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New Limits on FHA loans could reach $500,000

September 14, 2007

U.S. Representative says GSE amendment would make loan cap $500,000   Last Update: 2:01 PM ET Sep 11, 2007 Print E-mail Subscribe to RSS Disable Live Quotes (Updates to add details) By Damian Paletta Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)–U.S. House Financial Services Committee Chairman Barney Frank said Tuesday an amendment he plans to [...]

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The substitute to Subprime?

September 14, 2007

FHA saddles up to help delinquent borrowers As millions of homeowners lie bleeding in the Subprime Corral, the feds ride in on an old mare to rescue a few borrowers suffering from scratches.The bailout plan, called FHASecure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate [...]

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Refi rescue

September 13, 2007

And potentially some tax help, too. Here are breaks that borrowers in a pickle may receive in the next few months. By Jeanne Sahadi, CNNMoney.com senior writer September 12 2007: 1:52 PM EDT NEW YORK (CNNMoney.com) — Hundreds of thousands of homeowners who may struggle to make mortgage payments are likely to get some relief [...]

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Are the current iniciatives by the Fed and the President enough?

September 11, 2007

On Aug. 31, while many of us were getting ready for a long holiday weekend, President Bush addressed the nation about the mounting concerns in the housing market. His speech took place exactly one month before we’ll see a record-breaking $50 billion in mortgages reset to a new rate. That’s right, in the month of [...]

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Letter from HUD regarding FHA-secure

September 8, 2007

MORTGAGEE LETTER 2007-11September 5, 2007  TO:                 ALL APPROVED MORTGAGEES                        ALL FHA ROSTER APPRAISERS  SUBJECT:    The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets                          The Federal Housing Administration is pleased to announce an initiative that will enable homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently “reset.”  This mortgagee [...]

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Bush Plan To Help The Ailing Housing Markets

September 6, 2007

Word came late last week from both the Federal Reserve and the White House that the federal government does not intend to stand by and watch the housing and credit crisis drive the country into recession. President George W. Bush announced a series of proposals intended to help homeowners faced with mortgage defaults and Federal [...]

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