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MORTGAGE NEWS
Suppose They Gave Mortgage Relief But Nobody Came

Only about half of the 9M mortgages that the U.S. government targeted will end being refinanced or modified.
President Barack Obama plans to spend $275.0 billion to rework or modify up to 9.0 million troubled American mortgages, but his program isn't likely to help anywhere near that many people.
Mortgage Investors Call for Changes in Rescue Plan

Investors who hold billions of dollars of residential mortgage-backed securities are pressing the Obama administration to make changes in its housing rescue plan.
Foreclosures soar 81 percent in 2008

NEW YORK (Reuters) - U.S. foreclosure activity jumped 81 percent in 2008, with one in every 54 households getting at least one filing notice, suggesting various state laws and private programs to slow the process have been ineffective, RealtyTrac reported on Thursday.
Home Prices in 20 U.S. Cities Fell by a Record 19%

Home prices in 20 U.S. cities fell 19 percent in January from a year earlier, the fastest drop on record, as demand plummeted and foreclosures rose. The S&P/Case-Shiller index’s decrease was more than forecast and compares with an 18.6 percent decrease in December. The gauge has fallen every month since January 2007, and year- over-year records began in 2001... “There is still a lot of downward momentum,” said Michelle Meyer, an economist at Barclays Capital Inc. in New York. “We don’t think we’ll see a bottom in home prices until the second half of next year. The decline in home prices will continue to depress household balance sheets.”
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SECURE DATA
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