The trouble is figuring out who holds the old loan.
After issuing mortgages to homeowners, banks routinely sell the IOUs to other banks or institutions such as Fannie Mae and Freddie Mac. Huge volumes of mortgages have been packaged into securitie
"President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations."
The most troubling of all is the response that many homeowners have gotten from Bank of America. They're telling customers they have no legal right to see their own note. Think about how absurd that is; your mortgage note is a contract you...
What is not clear, however, is whether rates are attractive enough to lure a significant number of home buyers back into the ailing housing market. Interest rates on conforming mortgages dropped to an average of 5.01 percent for the week ending Jan.
The startling turnaround reflects the changed political and economic realities of the nation's deepening recession. Citigroup abandoned its long-standing opposition to let bankruptcy judges modify the terms of mortgages
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