Foreclosure Prohibition Lifted by Fannie Mae and Freddie Mac

Foreclosure Prohibition Lifted by Fannie Mae and Freddie Mac

The prohibition on the sale of homes that were foreclosed has been ended by Fannie Mae and Freddie Mac. This came after the glitch on the handling of documents around eight weeks ago. A memorandum was sent by Fannie to its personnel to continue with the finalization of deals for foreclosed properties even as Freddie [...]

US Markets Fluctuate but Recover at the End of Friday

US markets fluctuate but recover at the end of Friday

Concerns on the effect of China’s moves caused the US stock market to decline on Friday even as positive signs in Ireland’s debt problem offered some relief. The Dow Jones (INDEXDJX:.DJI) weakened by  nine points to 11,172 during the day. Among the weaker shares were Bank of America (NYSE:BAC) and Disney (PINK:EUDSF) which declined by [...]

Foreclosure Fiasco Prompts Congressional Inquiry

Foreclosure Fiasco Prompts Congressional Inquiry

Two Congressional hearings are scheduled this week to check on foreclosure procedures practiced by some banks in order to prevent homeowners from losing their homes. JP Morgan Chase and Bank of America senior managers were invited to attend hearings. Banks are facing accusations of using automated signers for foreclosure papers which has stirred up resentment [...]