Residents of Condos Meet with Risk of Foreclosure

Residents of condominium complexes must usually pay their rent and a common charge, but the recent state of the mortgage market has impacted the total amount that condo owners must pay in order to avoid foreclosure and maintain minimal upkeep of their buildings. A recent New York Times article explains that if and when any other residents fail to make mortgage payment in a building there is a ripple effect that extends to the other occupants of a condominium complex. This leads to increased pressure on these individuals to maintain an even greater financial responsibility. Many condo owners are simply trying to hang tight until these unexpected times get better.

To read the complete story, please visit:
http://www.nytimes.com/2008/05/15/business/15condo.html?_r=1&hp=&oref=slogin&pagewanted=print

$151 Million Loss for Freddie Mac

The mortgage finance company Freddie Mac is under scrutiny regarding its ability to stand strong despite the conditions of the recent of the housing market. Even though a $151 million loss was still seen in the first quarter, or the equivalent of 66 cents a share, these results were actually better than expected. The company has changed its accounting practices, and in turn, has seen more fiscal success. The goal for Freddie Mac is to avoid a federal bail out, and even to raise $5.5 billion in new capital.

For more on this story, please visit:
http://www.msnbc.msn.com/id/24614759/

Bush Administration Plans Expansion of FHASecure

Recently, the Bush administration announced that it will allow FHASecure to assist more homeowners who are having trouble keeping up with their high-cost subprime adjustable rate mortgages. Starting on July 14, 2008, HUD will ensure a fair and flexible premium pricing structure to help homeowners who have missed up to three months worth of mortgage payments in a year, and who can no longer afford their mortgages. These recent modifications are being implemented in order to help avoid foreclosure and avoid placing homeowners at increased or excessive risk.

To read the details regarding the expansion of FHASecure, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-064.cfm&CFID=4115041&CFTOKEN=52052542