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 JANUARY 18th REPORT ON

LOAN MODIFICATIONS:

The Obama Administration has released the latest numbers:

Loan Mods in process :   902,670

Mods made Permanent:  112,521     12.5%

see announcement:   http://www.dsnews.com/articles/treasury-reports-permanent-hamp-mods-doubled-in-one-month-2010-01-15

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2010

Well,  it's finally here.  The long awaited end to 2009.  We say goodbye to year that challenged us in many ways. Yet, many challenges are knocking at our door.

According to Credit Suisse charts and the mortgage professionals, 2010 will bring another wave of ARM resets.  Based on current default rates and high unemployment, we could see record defaults on mortgages.  There is also the record "shadow" inventory of foreclosures which has not hit the market yet.  It seems we are not out of the woods yet.   So challenging times continue.

The government continues to pressure wall street to modify loans but are accepting and pushing for short sales as a better alternative to foreclosures.  While loan modifications are gaining some effectiveness, they are a far cry from being a successful strategy to avoid foreclosure.

Distressed Properties will dominate the real estate market for some time to come.  These challenges will make it difficult for Rhode Islanders to feel confident in a recovery.

What challenges you?  Will you rise up above your challenges?  Will you seek a new career?  Will you seek a loan mod or a short sale?   

Those who have lost jobs, rollover you IRA, 401k's to ROTH Self-directed IRA's.  This is a taxable event but will give you more control of your retirement.  I will be adding more exciting news about this to the website soon.

Please continue to read get your information from this site and my supporting site listed above.  See you soon.  Check out my profile on LinkedIn.   Click here  http://www.linkedin.com/in/markbrownri