Mortgage Foreclosure & Refinance Resource

The Financial institutions; S.A.F.E. Mortgage Licensing Act of 2008 bill has just passed the Georgia State House that is aimed at protecting your house by reducing mortgage fraud.

The plan requires that all mortgage lenders undergo a criminal background check. It also calls for more training for loan officers, and allows state lawmakers to investigate them. Including:

At least 20 hours of prelicensing education courses reviewed and approved by the Nationwide Mortgage Licensing System and Registry, Every mortgage broker will be required to obtain background checks on all employees.

It passed unanimously in the house, and is now on its way to the senate.

Georgia is known for being one of the nation’s leaders in mortgage fraud, so lawmakers say hopefully, this can turn that around a bit.  More information at the Georgia State Site

JPMorgan Chase and Citigroup are halting home foreclosures while the Obama administration develops its plans to help the battered American housing market.

JPMorgan’s chief executive, Jamie Dimon, said the bank planned plans to halt new foreclosures for owner-occupied home loans through March 6. Mr. Dimon made the pledge in a letter to Representative Barney Frank, the Massachusetts Democrat and chairman of the House Financial Services Committee, who released it on Friday. [Read more →]

Republican lawmakers want a fiscal stimulus bill of nearly $900 billion to include a provision that would drive down mortgage rates to as low as 4 percent in an effort to jumpstart the moribund housing market.

The plan would shave more than a percentage point off the current 5.1 percent rate on a 30-year mortgage, which could lower monthly payments by $237 on a $400,000 home loan.

“You ought to go right at housing first,” Sen. Mitch McConnell, the Republican minority leader, told reporters on Monday. “We have already indicated that we think this 4 percent mortgage proposal… is something that can work and make a difference.” [Read more →]