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  • HomeStreet Bank moves to sell off almost entire mortgage business

    After struggling to keep up with the mortgage business’ new reality of lower refinance originations due to higher mortgage interest rates, HomeStreet Bank is plotting a mass exodus from the mortgage business. The bank announced Friday that it is planning to sell off its entire retail mortgage operation, which includes 72 home loan centers in five states.

Items Tagged with 'Martin Feldstein'

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  • December Unemployment Clobbers Ailing Economy

    No miracles this holiday season for an already bleak job market, as U.S. private-sector firms shed 693,000 jobs in December alone, according to the ADP employment index released Wednesday -- the most since ADP Employer Services began its gauge based on payroll data in 2001.
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  • One in Three Modifications Result in Lower Payment: Report

    Despite increased efforts to prevent foreclosures, only 35 percent of voluntary mortgage modifications reduced monthly payments; 20 percent of modifications had no effect either way on the payment amount and nearly half of all modifications -- 45 percent -- resulted in an increased monthly payment, according to research reported Thursday by Valparaiso law professor Alan White. Not even 50 percent of loans modified in January were current in payments on Nov. 25, according to his data.
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  • More on the "R" Word; It's Becoming a Chorus

    Three more economists weighed in today on the prospects of a U.S. recession in 2008. Alan Greenspan, the former Fed chief, spoke in an interview with NPR on Friday and put the odds around 50 percent. Harvard University economist Martin Feldstein also pegged the 50 percent number, according to a Bloomberg report:
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