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Fannie Mae is implementing a new policy this week regarding home appraisals. Effective Wednesday, September 1, lenders that sell loans to the GSE will be prohibited from making changes to appraisers' valuations - practice that has become more widespread and is commonly referred to as "appraisal cutting." Fannie Mae says through post-purchase reviews of loan files, cases were identified where the lender had reduced the opinion of market value in the appraisal report based upon underwriter judgmen..more |
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The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said...more |
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FEMA's National Flood Insurance Program is the nation's main flood insurer, created by law in 1968 as private companies stopped covering flood damage. The program insures 5.6 million properties nationwide and aims to be self-sustaining by paying claims from premiums it collects. Instead it's running deeply in the red. A major reason is that the program has paid people to rebuild over and over in the nation's worst flood zones while also discounting insurance rates by up to $1 billion a year for ..more |
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Underwater mortgages are a massive drag on the economy and it could take years to eliminate the negative equity from many markets. ..more |
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