News Alerts. Oct. 5, 2013. Evening Edition. #RealEstate

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  1. Shutdown will stall home loans for thousands – The Washington Post

    Landlords, keep renting out those houses, apartments, and condos, etc.

    … the IRS sent most of its employees home Tuesday when Congress failed to agree on a budget, including those that process what are called tax-return transcripts.

    Lenders also rely on the Social Security agency to verify borrowers’ Social Security numbers as a way of confirming their identity. These checks are done automatically, but the Web site that provides the information is down.

    At the FHA, which plays a crucial role in the housing market by insuring loans with low down payments for first-time home buyers, the full-time staff of 3,000 is down to 64, and there are only 30 employees responsible for signing off on mortgage insurance for single-family homes. While large banks have the resources to approve lenders for FHA-backed loans, smaller lenders rely on the agency itself to do this.

    The article goes on and on about hitches.

    Read the source article … https://www.washingtonpost.com/politics/ shutdown-will-stall-home-loans-for-thous ands/2013/10/04/47b8cb10-2c4a-11e3-97a3- ff2758228523_story.html

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