Of all the house loans in America, one out of eleven are in or about to enter the foreclosure net at the end of the first quarter 2008. The number is rising as real estate markets fall and jobs vanish while price of food and fuel increase. The first quarter of this year has been the worst since the last thirty years in American financial history.
Hope Now is optimistic about having benefited nearly 183,000 borrowers since April 2008 but the reality is that more foreclosures are drowning many more victims. Hope Now comprises of an alliance between lenders, mortgage servicers, investors and community welfare groups.
The initial deadlock between Ohio Governor Ted Strickland and nine mortgage servicers of Ohio has been sorted out. This was announced by Strickland and Kimberly Zurz, the director of Ohio Department of Commerce. The servicers have agreed to push through a programme of larges scale loan modification of the ARM sub-prime mortgages. The understanding is [...]
Governor Schwarzenegger was pressurized by Democrats to summon a special legislative session to discuss rising foreclosures. Speaker Nunez said that foreclosures are a greater threat then water shortages and health reforms – these being the other topics scheduled for debate. It is an immediate problem – the greatest shaking the country and the state. California [...]
Countrywide Financial, a leading mortgage lender, is now facing a federal probe regarding taking of unjustified mortgage fees that have led to foreclosures. A federal agency monitoring bankruptcy courts subpoenaed court records to find out if the lender abused bankruptcy laws in two instances of foreclosure. The agency is part of the Justice Department. It [...]
The sub-prime virus has gripped UK also. Seeking a panacea the sufferers opted for ‘sale and rent back’ plans in a desperate attempt to stave off eviction. Ex-owners stayed back as tenants without realizing that the property had been sold dirt cheap. In USA such deals are not in vogue. In UK foreclosure numbers are [...]
It was with high hopes that many families had opted for easy loans being taken in by easy talking agents. But within a few years things went wry. Either the house needed repairs or there were other points of aches and pains. The net result was that the credit card began to dictate terms. Desperate [...]
Today, nothing follows the usual routine. Mortgage companies are being unable to advance the required sum to bona fide borrowers at the last-minute. 117 renowned mortgage companies have downed shutters in the past six months. Those remaining in business have raised their standards for advancing loans. Previously, the going was easy. Lending companies did not [...]
A large chunk of the world believes that private property is the basis of individual liberty and voting rights. In the 19th century only property owners could vote. In the 20th universal suffrage made its debut. But the dream persisted that each voter be an owner-occupier. From 1930 the US government has made a sustained [...]