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Springs homeowners could benefit from FHA refinancing program

Colorado Springs homeowners with FHA- backed mortgages are catching a break with a new refinance program that aims to help  lower monthly payments. The FHA Streamline Refinance program went into effect Monday and is designed to help homeowners who bought houses roughly between 2005 and May 31, 2009, when interest rates were running at 6… Continue Reading Springs homeowners could benefit from FHA refinancing program

The foreclosure rate in Colorado Springs dropped year-over-year in March from 1.71 percent in 2011 to 1.39 percent of all outstanding mortgages this year, according to a CoreLogic report. CoreLogic, a real estate analytics firm, releases monthly data about foreclosures. The foreclosure rate in Colorado Springs was significantly lower than the national rate of 3.41… Continue Reading Report: Foreclosures, mortgage delinquencies down

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The Colorado Attorney General office requested documents today filed by seven law firms in four Colorado counties, including El Paso County, that have been representing banks in foreclosure proceedings. “I have no idea what they’re looking for,” El Paso County Public Trustee Thomas Mowle said. The firms included the Vaden; Dale & Decker; Castle, Stawiarski; Hopp;… Continue Reading AG requests documents from El Paso County trustee

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Refinancing mortgages, solving foreclosures

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Perhaps soon enough we’d be in a position promised to Jeremiah (and repeated in Ezekiel) that the proverb “Parents have eaten sour grapes and children’s teeth are blunted” shall be replaced by an appreciation that everyone shall pay for his or her own sins. Unfortunately, we are not there yet. The housing bubble with its… Continue Reading Refinancing mortgages, solving foreclosures

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Mortgage Solutions of Colorado, doing business as Freedom Financial Services, has been approved as a direct seller under the Federal Home Loan Mortgage Corporation, known as Freddie Mac. The decision increases the company’s  ability to provide additional financing options to consumers in a competitive marketplace, said Roy Clennan Founder and CEO of Mortgage Solutions. Freddie Mac… Continue Reading Freedom Financial Services approved as a Freddie Mac seller

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Mortgage Solutions gets new president

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Mortgage Solutions of Colorado founder and CEO Roy Clennan is handing over day-to-day operations of his company to a newly hired president. Clennan, who founded the Colorado-based mortgage bank in 1997, had been doing both jobs of CEO and president of the company, which does business as Freedom Financial Services. “We are getting so big,… Continue Reading Mortgage Solutions gets new president

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An executive convicted of orchestrating a $3 billion fraud as chairman of one of America’s largest private mortgage companies has been sentenced to 30 years in prison. Federal prosecutors in Virginia had sought a life sentence on Thursday for Lee B. Farkas, former chairman of Florida-based Taylor Bean & Whitaker. They called the case against… Continue Reading Mortgage exec gets 30 years for $3 billion fraud

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A program that has helped almost 1,000 struggling Colorado Springs homeowners renegotiate their mortgages is under threat in Congress this week, but local housing advocates say it is too important to eliminate. The initiative, the Obama administration’s Home Affordable Modification Program, has been dogged by administrative and legal problems since its inception two years ago,… Continue Reading Advocates fight to keep Home Affordable Modification Program

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Mortgage rates hit decades-low of 4.19 percent

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Rates on 30-year mortgages fell this week to 4.19 percent, the lowest level in decades. They were pushed down by lower Treasury bond yields. Investors are buying up Treasury bonds in anticipation of a move by the Federal Reserve designed to lower mortgage rates and yields on corporate debt. As a result, the average rate… Continue Reading Mortgage rates hit decades-low of 4.19 percent

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Nearly 20 percent of Colorado Springs’ residential properties were in negative equity for the first quarter of this year. According CoreLogic, 30,032 properties, or 19.6 percent, fell into that category during the period. Another 9.7 percent of locally owned homes, or 14,894, were within 5 percent of being in a negative equity. However, those numbers were not enough… Continue Reading 20% of Springs properties in negative equity

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