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Current DateTime: 09:38:07 28 Nov 2009
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    • Shopper & Investor Deals  25 Nov 2009

        A look at what's likely to happen at the registers once the doors open on Friday, with Richard Hastings, Global Hunters Securities; Richard Jaffe, Stifel Nicolaus & Co. and CNBC's Jane Wells.

    • Black Friday: Bargain or Bust?  25 Nov 2009

        Whether the deals are better than what shoppers will usually see or if it is just another marketing tactic, with Hitha Prabhakar, Style File Group; Brad Wilson, BlackFriday2009.com and CNBC's Jane Wells.

    • Holiday Central  25 Nov 2009

        A discussion of the many ways retailers are preparing for Black Friday, live from K-Mart in Burbank, CA, with CNBC's Jane Wells.

    • Retailers Getting Ready for Black Friday  25 Nov 2009

        Retailers are getting ready for Black Friday, and CNBC's Jane Wells has the play by play. Stacy Janiak, of Deloitte, shares her insight.

    • Amazon vs. Wal-Mart  24 Nov 2009

        What began as a price war between Wal-Mart and Amazon over a handful of books has nos spread to a wide assortment of consumer goods. Lee Eisenberg, a noted retail expert and consumer behaviorist, and CNBC's Jane Wells discuss.

    • Prices to Be Thankful For  24 Nov 2009

        A decrease in food prices is something to be thankful for this holiday, reports CNBC's Jane Wells.

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Current DateTime: 09:38:10 28 Nov 2009
LinksList Documentid: 31388237
Expiration DateTime: 11/28/2009 9:39:17 AM
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Funny Business

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Aug.20
4:02 PM ET
Wednesday, 20 Aug 2008
Mortgage Hardball: Day 2
Posted By:Jane Wells
Sectors:Media

UPDATE ON MORTGAGE HARDBALL

Fisher Home
Billy Wynn, RE/MAX OTB Estates
Fisher Home

Kim and Scott Fisher are watching the clock tick down. As I blogged yesterday, they have an offer on their home for an amount which will allow them to pay off their first mortgage to Washington Mutual [WM  Loading...      ()   ] and a second mortgage to Wells Fargo [WFC  Loading...      ()   ]. But the Fishers do not have enough to cover $35,000 in closing costs, and they say lenders won't help. Plus, they say WaMu has moved to foreclose on the home. What a mess.
(Contd.)

___________________________________
CNBC Special Report:

- How to Play This Market: Sectors & Individual Stocks

___________________________________

Escrow is scheduled to close today. It won't close, though, if the Fishers can't come up with the $35,000, or if the banks don't agree to eat those costs.

Both lenders returned my calls and told me they were looking into it.

Wells Fargo, as second in line, has the most to lose if this sale falls through. Kim Fisher says Wells, after first saying no dice, is more helpful today. A deal to waive fees may be "do-able", says Kim, though nothing is confirmed.

Her realtor, Billy Wynn, warns that if the buyers' loan isn't funded by the close of business Monday, the buyers will lose their rate lock "and probably their loan."

The offer is to buy the home for $1.13 million. Realtor Wynn says if the deal falls through and the house goes into foreclosure, it'll be off the market for a time and will probably eventually sell for less than $1 million. WaMu will get its money back, but he says Wells Fargo will be out probably $100,000+, which is more than the $35,000 the Fishers can't cover. "Go figure," Wynn says.

Stay tuned.

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