Word: mortgagee
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Under the Treasury Department's program, up to $75 billion will be spent in an effort to prevent as many as 9 million people from losing their homes. "Much of this money is going directly to the same financial institutions that helped create the subprime-mortgage mess in the first...
Others expected to cash in through the program are JPMorgan Chase, which could collect up to $3.4 billion when its EMC Mortgage subsidiary is included, and Wells Fargo, which could get up to $3.1 billion when its Wachovia subsidiaries are included, the report said. Even a former subsidiary of Lehman...
Even if house prices and sales are on the mend, that doesn't equate to a clean bill of health for housing overall, since woes in the mortgage sector continue to surface. Another number out this week was the delinquency rate among loans backed by the federal housing agency Freddie...
One culprit, of course, is the economy. A person who has lost a job is going to have a tougher time making the mortgage payment. On top of that, a lot of the moratoriums on foreclosures that lenders put into place while the Obama Administration figured out its loan-rewrite...
Milligan knows that the bank's first impulse, from a business standpoint, is to try to auction the house and at least get some long-term mortgage-interest revenue out of the sale. That's a big reason so many banks have balked at loan modifications in spite of MHA...