Mortgage Foreclosure & Refinance Resource

With record home foreclosures looming by the end of 2008, the Bush Administration is compelled to do something - anything - before the bottom falls out of the economy. Last week, the administration announced that an agreement had been reached with an alliance of the nation’s banks and mortgage lenders to temporarily freeze the [...]

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Lehman Brothers gross fourth-quarter writedown was $3.5 billion. Residential mortgages and related assets accounted for $2.2 billion of that figure, and the rest came from commercial mortgages. According to analysts Lehman, avoided larger losses they predict for Wall Street rivals Morgan Stanley and Bear Stearns Cos. will report next week.

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The nation’s housing and mortgage-lending slump keeps growing with industry write-downs topping $46 billion.
Today, Wachovia Corp doubled its estimate of loan loss provisions to about $1 billion for the fourth quarter while the chief executive of rival Bank of America Corp. said he expects current credit market turbulence to extend into 2008. In November, Bank [...]

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