Economists Predict Home Values Will Continue to Drop Into Next Year As Foreclosures Rise
Wednesday 28th of July 2010 02:13:58 PM
Posted by admin / Under Mortgage Underwriting In The United States
| WASHINGTON | Thought the housing crisis was over? Not quite. Despite four years of falling prices and recent signs that they were finally bottoming out, homes are expected to lose still more value in many metro areas during the next year. Parts of the country already pummeled by the housing crisis, like Las Vegas, Phoenix and Miami, will be hit hardest. But even some places that have rebounded or held up relatively well - including New York, Los Angeles and Washington, D.C. - will suffer, too. That's the conclusion of economists who have been reducing their estimates for home prices... |
Foreclosure: 'This is like Pearl Harbor' (more whiny morons "losing their homes"
Wednesday 28th of July 2010 02:13:58 PM
Posted by admin / Under Mortgage Underwriting In The United States
| MOKENA -- The foreclosure crisis has hit home for the Triezenbergs of Manhattan Township. Mark and Tia Triezenberg and their five young children, including one with severe disabilities due to autism, must leave their home by Aug. 29. The foreclosure, one of many nationwide and locally (see sidebar), caps a troubled couple of years for a family that saw its income soar with the home-building boom and plummet with the recession. "This is like Pearl Harbor," Mark said during an interview at a Mokena restaurant. "Only a few people saw this coming." The Triezenbergs still don't know where they will... |
Bailout Watchdog Calls Mortgage Programs a Bust (Don't need a "watchdog" to tell us this)
Wednesday 28th of July 2010 02:13:58 PM
Posted by admin / Under Mortgage Underwriting In The United States
| Government watchdogs are telling a Senate panel that the Obama administration's multibillion effort to help at-risk homeowners avoid foreclosure is not working and could put the economic recovery at risk. Special inspector general for the financial bailouts Neil Barofsky said Wednesday that the program has not "put an appreciable dent in foreclosure filings," during a hearing on the $700 billion bank bailout before the Senate Finance Committee. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program. Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury's failure... |
Obama Mortgage Plan May Fuel Wave of Foreclosures
Wednesday 28th of July 2010 02:13:58 PM
Posted by admin / Under Mortgage Underwriting In The United States
| Obama Mortgage Plan May Fuel Wave of Foreclosures Wednesday, 21 Jul 2010 07:24 AM The Obama administration's effort to help those at risk of losing their homes is failing to aid many and could spur a rise in foreclosures that would further depress the housing industry. More foreclosures would force down home prices and that would deter already-ailing homebuilders from starting new projects. As a result, the economic rebound could suffer. Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes paid to local and federal authorities, according to... |
New 'Strategic Defaulting' Policy Change Avoids the Tough Steps Needed
Wednesday 28th of July 2010 02:13:58 PM
Posted by admin / Under Mortgage Underwriting In The United States
| The “idiot” is not the mortgage holders, it is Fannie Mae -- either for not pursuing its rights or buying mortgages that were non-recourse loans. Contracts of all types typically include either explicitly or by the incorporation of law the penalty for ending the contract early. You might sign a lease and it might be a ten-year lease but give the tenant the right to cancel at any time by paying six months’ rent. A tenant who seizes that option to get out of its lease is not behaving unethically. Every mortgage out there is either a recourse or non-recourse... |
Relief Effort Fails Many At Risk Of Foreclosure
Wednesday 28th of July 2010 02:13:58 PM
Posted by admin / Under Mortgage Underwriting In The United States
| WASHINGTON – The Obama administration's effort to help those at risk of losing their homes is failing to aid many and could spur a rise in foreclosures that would further depress the housing industry. More foreclosures would force down home prices and that would deter already-ailing homebuilders from starting new projects. |
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