., Fannie Mae and Freddie Mac) •· Local and State government agencies •· Nonprofits approved to purchase HUD REO properties at a discount http://www.hud.gov/offices/hsg/sfh/np/np_hoc.cfm •· Sales of properties within Presidentially-Declared Disaster Areas (upon FHA's announcement of eligibility in a mortgagee letter specific to said disaster) Prohibition on Property Flipping Described Property flipping is a practice whereby a property is resold a short period of time after it is purchased by the seller for a considerable profit with an artificially inflated value, often abetted by a lender's collusion with the appraiser.

Obama's Stimulus Announcement Posted: Wednesday, January 07 at 11:12AM Obama, who aides said will give a “major†speech on the economy tomorrow...............

https://www.efanniemae.com/sf/guides/ssg/2009annlenltr.jspwww.eFanniemae.com Select brokers/correspondants Select lender announcements Announcement 09-02 March 1 is the kick off date Properties 5-10 720 fico 75% purchase 1 unit 70% no cash out refi 1 unit 70% purchase or no cash out refi 2-4 units 6 months reserves for all investment properties owned * side note - properties 1-4 will require 6 months reserves for subject and 2 months for all other investment properties.

Turns out I was right, the provision was eliminated from the final compromise bill that was announced.

Check back to our blog periodically, as we will announce the official date you will be able to catch up with Jeff Lewis, Ryan Brown, Jenni Pulos, and Zoila.

Then, at the last moment, the President's press secretary announced that President Obama believed that the private sector should operate the banks - which bought the market a little more time.Mike

Anyone else notice a slowdown in their pre-foreclosure marketing since the announcement of the mortgage bailout program?

Speaking of the bailout - as I recall, Stewarts lips have been chapped on Obama's buttocks since he announced he was running.

But there is never a dull moment when you get poor starving Bankers working with the government.The 1st of March the FDIC announced that there were 252 banks on the problem bank list, up from 171 institutions at the end of the third quarter and up from 90 at the beginning of 2008.

*****SOURCE*****FROM CHASE BANKHOPE THIS HELP___ FYI--Im new here =)The "Making Home Affordable" ProgramPresident Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with mortgage loan modifications as part of the Homeowner Affordability and Stability Plan.