Word: windedly
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...Congress does wind up extending emergency funds to the FHA - which is a full-fledged part of the Federal Government, unlike quasi-government bailout beneficiaries Fannie Mae and Freddie Mac - it will be in large part because of the role the agency has played in stabilizing the housing market. Last spring, as first-time home buyers rushed to take advantage of the $8,000 tax credit designed to lure them into the market, the FHA insured a full 49% of their mortgages. In October, Congress renewed a higher limit on the size of FHA loans...
...never meant to be the primary way America finances its home-buying. As it did in other times of real estate stress, the FHA steps in when needed. But now it might be time to start talking about an exit strategy - even if that means fewer people wind up buying homes...
...whale - commercial whaling is both popular and legal here - and floor-length sweaters. "Everyone was looking at what happened here as a catastrophe, but I see it as an opportunity," says Recht as he toys with a mannequin wrapped in mounds of black knitted Icelandic wool. A gust of wind from the nearby rocky shore taps on his glass door. "When you have nothing, why not risk everything...
Fannie Mae has brought in a property-management company to run its rental program, but even with that imported expertise, the number of people who wind up as tenants probably won't be large. There are many alternatives that must be pursued first, including loan modification and trying to sell the house for less than it's worth. Only people who exhaust other options and are eligible for a deed in lieu of foreclosure - a process of handing over the deed in exchange for loan forgiveness - will have the option to rent. In the first nine months of 2009, Fannie...
...loan modifications aren't the long-term success the Administration is banking on, people will wind up losing their homes to foreclosure anyway, and the number of repossessed properties owned by banks will again swell. According to foreclosure tracker RealtyTrac, the number of foreclosure notices nationwide has been ticking down past three months, but the number of notices are still running about 19% higher than last year. Considering high unemployment and how many people still owe more on their mortgages than their houses are worth, there might be a chance yet for attention to turn to the idea of renting...