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A story published Thursday by American Banker named Washington Mutual Inc., Countrywide Financial Corp., Wells Fargo & Co. and JPMorgan Chase & Co. as companies participating in the briefing.

The mortgage industry and federal regulators have been under intense pressure from activists, lawmakers and consumer groups to help borrowers stave off foreclosure, particularly as adjustable-rate mortgages begin to reset, meaning much higher payments.

Last week, California officials announced a deal with four major loan servicing companies. That agreement with Gov. Arnold Schwarzenegger includes Countrywide, GMAC Financial Services, Litton Loan Serving and HomEq Servicing.

Meantime, Bernanke, in a speech Thursday night to business executives meeting in Charlotte, N.C., suggested that another general rate cut might be needed to bolster the economy. The worsening credit crunch, a deepening housing slump and rising energy prices probably will create some “headwinds for the consumer in the months ahead,” he said.

Bernanke said he expects consumer spending will continue to grow and suggested the country can withstand the current problems without falling into a recession. But he indicated that consumers could turn more cautious as they try to cope with all the stresses.

On Oct. 31, Bernanke and all but one of his colleagues agreed to lower the federal funds rate by one-quarter percentage point to 4.50 percent at the end of a two-day meeting.

The odds have grown that the country could enter a recession. A sharp cutback in consumer spending could send the economy into a tailspin. Against this backdrop, Fed policymakers will need to be “exceptionally alert and flexible,” he said.

That comment probably will be viewed as a sign the Fed may lower interest rates when it meets on Dec. 11, its last session of the year. Twice this year the central bank has trimmed rates to keep the housing collapse and credit crunch from throwing the economy into a recession. Those cuts came in September and late October.

In the October meeting, Bernanke and his Fed colleagues signaled that further cuts might not be needed. Since then, however, financial markets have endured more turmoil. The housing slump has deepened, consumer confidence has plummeted and consumer spending “has been on the soft side,” Bernanke said in a speech Thursday night to business people in Charlotte, N.C.

The number of mortgage foreclosure filings continued to rise in October as hundreds of thousands of Americans struggled with monthly payments they can’t keep up with.

The latest data from RealtyTrac, an online clearinghouse for foreclosure information, pegged the increase at 2 percent for October to a total of 224,451 filings. That’s up 94 percent from a year ago, according to the site.

Foreclosure activity remains highest in relatively few states that have been hit hardest by the housing bust, including California, Florida and Nevada. Other states that rank in the top ten with the highest levels of foreclosure activity include Ohio, Georgia, Michigan, Colorado, Arizona, Indiana and Illinois, according to the site.

Default notices were down nearly 9 percent for the month, a sign that some borrowers and lenders may be finding ways to avoid foreclosure, according to RealtyTrac CEO James Saccacio. But bank repossessions were up 35 percent for the month, an indication that more homeowners who enter the foreclosure process are losing their homes.

House23819th384K_Stream.mov
Listing Price $2,885,000

Contact David Abrahams, Keller Williams (310) 488 - 4876

House23819th384K_Stream.mov
Listing Price $2,885,000

Contact David Abrahams, Keller Williams (310) 488 - 4876

CLICK HERE FOR VIDEO TOUR

5 bedrooms / 4.5 bathrooms, 4 bedrooms upstairs / 1 downstairs, Beautiful floor plan, very spacious and open high ceilings throughout with stained crown molding, Bright entry with 3 skylights, Living room with fireplace, Formal dining room

$2,695,000

Contact Realtor Bruce D. Stuart

(310) 403 - 7439 ; (888) 777-7WEB
blindo@blindo.org

OR

Antonio Hachem

(310) 678 - 4141

antoniohachem@verizon.net

CLICK HERE FOR VIDEO TOUR

Remodeled home, 1 block east Beverly Glen, 1 block north Olympic. Granite kitchen with 6 burner viking stove, spacious master suite, opening out to backyard through french doors. Master bath with huge shower, mosaic tile and frosted glass. Junior suite with 3/4 bath has own deck. Formal living room with fireplace. Open formal dining/family room. Wood floors, Extra Storage, flagstone patio, new backyard landscaping.

$1,525,000

Contact Realtor Bruce D. Stuart

(310) 403 - 7439 ; (888) 777-7WEB
blindo@blindo.org

OR

Susan Payne

(310) 577 - 5300

CLICK HERE FOR VIDEO TOUR

Stunning ultra bright front corner unit. Above quiet single family residential neighborhood. Spacious Kitchen with breakfast area. Large open Living room with fireplace. Wrap around terrace. Separate bedroom suites. Lots of windows, extra storage.

$659,000

Contact Realtor Bruce D. Stuart

(310) 403 -7439; (888) 777-7WEB
blindo@blindo.org

OR

Rada Roberts

radaroberts@coldwellbanker.com

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Contemporary and large for the money, ground floor has 2 car garage entering into a large recreation room with fireplace, bonus room and bath. It’s almost like a guest quarters with spiral stairs leading to upper, main floor. Where we find four bedrooms, 2 baths, living room also with fireplace, adjoining dining room area, kitchen and long center hallway out to back patio.

$1,250,000

Contact Realtor Bruce D. Stuart

(310) 403-7439; (888) 777-7WEB
blindo@blindo.org

OR

Nourmand and Associates Realtors

Peter Fleming

(310) 454 - 1373

peterfleming@earthlink.net

$869,000

2111 S. Beverly Glen Blvd.

2 bedroom, 2.5 bath, Gourmet Kitchen with granite countertops. Patio and loft. 1859 sq. feet.

CLICK HERE FOR VIDEO TOUR

Contact Bruce Stuart. (310) 403-7439, (888) 777-7WEB, blindo@blindo.org

$859,000Vintage Spanish Cottage filled with sunlight and charm. Beautiful hardwood floors. French doors open to sun drenched patio. Small grassy front and back yards and garden. Bright, immaculate, and ready to move right in. Prime Santa Monica neighborhood.

CLICK HERE FOR VIDEO TOUR

Contact Realtor Bruce D. Stuart

(310) 403 - 7439

(888) 777 - 7932

blindo@blindo.org