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Home | News | Loss Mitigation (page 289)

Webster Bank Suspends Foreclosures

Webster Bank N.A., a subsidiary of Webster Financial Corporation, announced today that it is halting foreclosures for 90 days, becoming the latest bank to expand its mortgage assistance program to keep more families in their homes.

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Citi Imposes Foreclosure Moratorium

Following suit behind other national lenders such as Bank of America and JPMorgan Chase, Citigroup said on Monday that it is stopping foreclosures on borrowers who occupy their property as a principal residence and have enough income to keep up lower, renegotiated mortgage payments.

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Chase Expands Loan Mod Program

Chase, the U.S. consumer and commercial banking arm of JPMorgan Chase & Co., announced on Friday that it is xexpanding its already significant mortgage modification program by undertaking multiple initiatives designed to keep more families in their homes, including extending its modification programs to WaMu and EMC customers,x the bank said in a press statement.

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Fannie Mae to Reinstate Home Buyer Education and Counseling

Fannie Mae announced this week that it will reinstate a requirement for homeownership counseling and education for first-time home buyers obtaining one of its MyCommunityMortgage loans, which give lenders a conforming alternative for low- and moderate-income borrowers, or a loan that relies on nontraditional credit to qualify.

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FHA Brings Mortgage Relief to 400,000 Homeowners

The U.S. Department of Housing and Urban Development (HUD) recently announced that 400,000 homeowners have refinanced their mortgages with HUD’s affordable mortgage insurance program. Since expanding its refinance program in September 2007, HUD’s Federal Housing Administration (FHA) has helped more distressed homeowners keep their homes by utilizing FHA’s safe and affordable mortgage financing.

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