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Mortgage News for Wednesday - November 26, 2003

More Mortgage News
• 100 WaMu workers lose jobs, more cuts expected
• Growth in GDP surges, strongest since 1984
• Economy delivers a cheery Thanksgiving: Most indicators Positive
• 30-Year Mortgage Rates Increases 0.06 Percent
• Household Finance to Pay $100 Million in Mortgage-Abuse Settlement
• South Carolina Home Sales Increase 25 Percent
• Household International to settle mortgage suit
• Massachusetts Home Sales Up for Fourth Consecutive Month
• Home dream turned nightmare haunts a dying man
• Home sales maintain gains over last year
• New Home Construction in Metropolitan Milwaukee Recovers
• Finance deals face clampdown as complaints leap
• Mortgage loan limit increased in county
• Last-chance mortgage
• Revised GDP sets growth at rate of 8.2 pct.
• Lenders take advantage of homeowners
• Realtors see benefit of higher mortgage loan limit
• Luxury home sales higher
• DOVER-Residents will see a 5.1% jump in property taxes in 2004.
• Cincinnati home sales break another record
• Bankrate: Mortgage Rates Ignores Latest Economic News
• Apex Mortgage Capital Stockholders Okays Merger with American Home Mortgage
• Freddie Mac Statrs Homeownership Effort for Low-Income Renters with Adams County Housing Authority, Bank of Hanover, Waypoint Bank, Housing Council of York
• MBA Likes Senate Passage of the American Dream Downpayment Act
Mortgage News
Revised GDP sets growth at rate of 8.2 pct. - 2003-11-26
The economy was actually stronger in the third quarter than had been suggested in an initial estimate, which already had shown the swiftest growth in almost two decades.

Some analysts say they believe the economy is growing at a slower but still healthy rate of about 4 percent in the current quarter, as some of the stimulus that helped in the third quarter - President Bush's third round of tax cuts and a wave of mortgage refinancing - fades.
Read the full story at Philadelphia Inquirer
 
Lenders take advantage of homeowners - 2003-11-26
Homeowners across Arizona who are victims of predatory lenders in the aftermath of several large predatory lending decisions prosecuted by the Arizona Attorney General's Office.

Assistant Attorney General Sandra Kane said she has seen a pattern of lending companies that require a lot of equity, high interest rates and severe penalties that make it tough for homeowners near foreclosure to repay the loans. The lenders often take advantage of homeowners pursuing secondary mortgage loans who have large amounts of equity at stake.
Read the full story at Ventura County Star
 






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