Fannie Mae Pays Counseling Fees for Struggling Homeowners

ForeclosuresMass President and co-founder, Jeremy Shapiro The unsold inventory index for single-family California homes in April dropped to 9.2 months from the 11.3 months for the same period a year ago. The median price of an existing, single family home in California was $403,870 in April, a 32 percent decrease from the revised $594,110 median for April 2007. Minnesota's multiple notices of foreclosures in the legal sections of area newspapers directly indicate an effect on the market values in Chisago County. Experts have predicted that there will be an 11 percent reduction in market values in 2008 also at least a third of the real estate market will be bank -owned properties. Fannie Mae, the largest provider of funding for U.S. residential loans, is boosting its program that pays counseling fees for delinquent borrowers as it works to curb foreclosures and its own losses. Fannie Mae is extending this temporary service t reimburse mortgage services for counseling cost through the end of the year.

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