According to a survey, the home buyers, who were earlier worried about the rapid rise in interest rates, got an official pardon this week as the rates curved in sharply, hitting their lowest level in the last two months.
This decline was due to the last week's announcement that the Federal Reserve would continue its massive economic stimulus program.
The Office of Inspector General (OIG) of the Federal Housing Finance Agency in Washington recently presented a report, which showed failure of Freddie Mac to refer almost 58,000 foreclosed mortgages to vendors.
As per the report, the vendors scrutinize the ability of borrowers to repay. Also, they are held responsible for collecting mortgage payments.
President Obama has said it is time for both this city's and the country's comeback from the housing chaos. He highlighted the importance of reducing the federal role and risk in the mortgage market on Tuesday. He said to take measures to not let the country go through the same kind of crisis ever again in the future.
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