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Archive for December, 2007

Mortgage Forgiveness Act Signed into Law

Posted in Delaware Mortgage Loans, Delaware Mortgage Rates, Financial News Update, Mortgage News on December 21st, 2007 No Comments »

Yesterday, President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt.Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives [...]

Federal Reserve Board Weighs in on Mortgage Reform

Posted in Delaware Mortgage Loans, Delaware Mortgage Rates, Financial News Update, Mortgage News on December 19th, 2007 No Comments »

Today the Federal Reserve Board, under the authority of the Truth in Lending Act, unanimously voted to propose important changes to the mortgage industry. According to Business Week, the following proposed changes would affect subprime loans or those loans the Fed defines as “higher-priced mortgage loans” (loans with rates at least 3 percentage points above [...]

FHA Reform Bill passes Senate

Posted in Delaware Mortgage Loans, Delaware Mortgage Rates, FHA, FHA Loans, Financial News Update, Mortgage News on December 15th, 2007 No Comments »

Important Legislative Update!
 
The Senate today passed their version of FHA reform – S 2338.  Although it has many similarities, this bill is different than the FHA legislation passed by the House (HR 1852 and HR 1427).  The key points of the legislation include:

Raising loan limits on all FHA loans including reverse mortgages

Lowering down payment requirements [...]


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