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Viewing by month: August 2012

Aug 16 2012

Home Construction Slides but Building Permits Hit 4-year High...

U.S. home builders scaled back new construction in July from a four-year high reached the previous month, but applications for building permits jumped to their highest level since August 2008.

Housing starts for single-family homes and apartments slid 1.1% last month from June, to a seasonally adjusted annual rate of 746,000. June's construction pace had been the fastest since October 2008.

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481 comments - Posted by Suzanne Baker at 2:18 PM - Categories:

Aug 7 2012

Freddie Mac Posts 2nd Quarter Profit, Will Not Need Federal Aid...

WASHINGTON – Seized housing finance giant Freddie Mac on Tuesday reported a $3 billion profit for the second quarter of the year and said it would not request additional federal aid for the period to stay afloat.

The improving housing market meant Freddie Mac set aside $1.7 billion less than it did in the first three months of the year for loan losses, which improved the government-owned company’s bottom line. Freddie Mac posted a $577 million profit in the first quarter and needed $19 million from the government.

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303 comments - Posted by Suzanne Baker at 1:05 PM - Categories:

Aug 4 2012

Simplifying Loan Documents

THE Consumer Financial Protection Bureau, the federal agency created by Congress after the financial crisis, says mortgage documents should be written in simple, straightforward language, and so after months of researching and testing, it is proposing that lenders provide borrowers with two new forms. One will come at the start of the lending process, the other just before closing.

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58 comments - Posted by Suzanne Baker at 7:36 PM - Categories:

     
   
 
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