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...program has only received 451 applications and closed 25 loans. That's partly because of the program's high barriers - homeowners have to get their existing lenders to write down the value of what they're owed and then find a new lender to issue a fresh loan. Most major banks haven't signed up to participate. On Feb. 3, the House Financial Services committee held a hearing on how to revamp the program...
...meantime, the discussion has turned to ways to encourage lenders and servicers to modify their own loans. Most, if not all, firms are already doing this, and some, such as JP Morgan Chase, have announced major new efforts, since it is generally in a lender's best interest to keep borrowers in their homes, even if they're paying less. Foreclosure is such a costly process, a lender might easily only recoup half of what it's owed. In August, the Federal Deposit Insurance Corporation instituted an aggressive loan-modification effort at the failed IndyMac Bank, and that program...
...SEAS is slated to have a major part in the new Wyss Institute for Biologically Inspired Engineering, funded by a $125 million dollar donation and touted as a part of the Allston science complex that would strengthen the University’s nascent engineering efforts...
...been a year since Mitt Romney dropped out of the Republican presidential race, but he remains an influential conservative voice - particularly on economic issues. The former Massachusetts governor and star business consultant earned ovations at a House Republican retreat in January and recently signed on to headline a major Senate GOP dinner in April. He spoke with TIME about Obama's Oval Office debut, what's wrong with the economic-stimulus bill and what his own future may hold. (See pictures of Barack Obama behind the scenes on Inauguration...
...corruption and a Shi'ite sectarian bias in the al-Maliki government. But as much as Allawi may see signs of a renaissance in the results, which will be finalized in a couple of weeks, Prime Minister al-Maliki will feel he passed with flying colors in this first major test of his political prospects...