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Can’t pay the mortgage? Company will turn your house into a billboard

What would you give up to have someone else pay the mortgage on your home for a few months? If one of your answers is “pride,” Adzookie, a self-described mobile advertising company, may have a deal for you. Adzookie claims it will pay the mortgage on your house anywhere from…

Gitmo may be WikiLeaks’ next target

WikiLeaks founder Julian Assange has reportedly told media contacts that he has a large cache of files on the US’s detention facility in Guantanamo Bay. Reuters quotes an unnamed “contact” who says Assange has “got the personal files of every prisoner in Gitmo.” People familiar with Assange’s dealings with the…

‘Backdoor bailout’ of Fannie, Freddie could cost $259 billion: report

Kucinich among lawmakers worried that Fannie, Freddie assistance creates ‘unlimited’ bank bailout The cost to taxpayers of bailing out mortgage companies Fannie Mae and Freddie Mac could more than double over the next three years, making it the most expensive of all the recent bailouts. That comes as no surprise…

States to probe mortgage foreclosures: report

BANGALORE (Reuters) – As many as 40 state attorneys general in the United States are expected to announce an investigation into the mortgage servicing industry on Wednesday, the Wall Street Journal said. The investigation may help pressure financial institutions to rewrite large numbers of troubled loans, according to the report.…

Gov’t starts talks about new mortgage system

Housing conference likely to focus on continued government role in mortgage market Talk of shrinking the government’s involvement in the mortgage market is growing. Just don’t expect action any time soon. A conference Tuesday at the Treasury Department is the first of many steps toward restructuring the nearly $11 trillion…

Government OKs $600M in housing aid for 5 states

The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states. The Treasury Department said Wednesday that mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners. The…

Mortgage rates hit 4.56 pct., new record low

Mortgage rates fell to a new record low for the fourth time in five weeks. But low rates haven’t been enough to lift a struggling housing market. The average rate for 30-year fixed loans this week was 4.56 percent, down from 4.57 last week, mortgage company Freddie Mac said Thursday.…

Wamu bankers sang ‘I like big bucks and I cannot lie’ before bank failed

“I like big bucks and I cannot lie,” they sang. “You mortgage brothers can’t deny.” We’re not making it up. According to documents released as part of a Congressional investigation, bankers from the failed Washington Mutual rewrote the lyrics to 1992′s “Baby Got Back” to celebrate their dominance of the…

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