Mortgage Rates Up

February 12, 2009
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Mortgage rates are up as seen from the Primary Mortgage Market Survey or PMMS recently released by Freddie Mac. The survey shows an average 5.25% for the 30-year fixed rate mortgage with 0.8 point for the week of February 5 compared to the 5.10% average rate prior to that week. The survey also shows an increase in the 15-year fixed mortgage rate from 4.80% the previous week to 4.92% for the week ending February 5.

Freddie Mac vice president Frank Nothaft said the positive economic reports resulted to an increase in the fixed-rate mortgage interest rates. This can be good news or bad news depending on which side of the fence…

Wiping Out Mortgages Literally

February 7, 2009
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Millions of people affected by the foreclosure trend are surely on the lookout for a way with which they can erase their mortgages.  A disgruntled worker finally found a solution to erasing mortgages albeit literally. Had Rajendrasinh Makwana been successful, he would have unleas4ed a virus that would have literally wiped out all data on the 4,000 servers of Fannie Mae. And had he been successful, he would have been the new hero of people with problematic mortgages. The 35-year old Indian citizen who has been in the United States since 2001used to be a contract worker of Fannie Mae until he was fired last October 24.

Makwana’s attempt was however…