It can cost the bank much more to foreclose than renegotiate terms, which is what some banks are doing. Harry Smith gets a detailed explanation from Joanne Lipman from Portfolio magazine.
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From the daily archives:
Saturday, December 5, 2009
VISIT FOR MORE the-home-mortgage.blogspot.com Home Mortgage, Refinance Home Loan, Refinance Home Mortgage, Refinance Second Mortgage, Home Equity Loan, Mortgage Calculator, Mortgage Rate, Bad Credit Loan
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Rev. Jesse Jackson visited Toledo Thursday for the second time in two weeks. In an interview with FOX Toledo, he addressed the financial meltdown, bank bailout, and the future of manufacturing in the Glass City area.
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