The foreclosure crisis has slashed the revenue collection of Stockton City that it is on the verge of filing for bankruptcy. It has made drastic cuts on emergency basis on many departments including the police department. A new law might avert this drama by mandating mediation with creditors.
After changes in law made in Maryland, thanks to the initiative taken by its Democrat Governor O’Malley the foreclosure process takes the longest time in USA; previously it took the shortest time. Although many have benefited, critics are concerned about the piling up of foreclosures and the nil recovery in the market.
The foreclosure crisis is running and persisting into the fifth year since its onset in Oregon. At the root are the laws of Oregon that give indulgence to the mortgage servicers at the cost of the homeowners and the investors. Protections enforced in other states are absent in Oregon.
Jean Coyle is an ex-college professor with two master’s degrees who had once taught students about retirement. Responding to a call within her she became a minister in the church but soon found herself without a job. Her years caring for the sick and dying, her degrees all went unrecognized. Keeping her dignity she retired from a temporary job.
An exhibition held in museum of Washington State does not stop at showcasing the depression only but also focuses on hope – showing how the people learnt to survive. A similarity between today’s recession and yesterday’s depression was political climate. But reforms initiated were more drastic than now. New regulations in banking and introduction of safety nets introduced a new era.
Since foreclosures may run up to four years in some states, the lenders are now encouraging short-sale and even offering handsome cash offerings to the homeowners to finalize the deal. But ironically for various reasons the borrowers are not that eager anymore and hence the cash carrot that may even touch $30,000.
The clergy teamed up with community activists to take part in rally in front of the headquarters of Wells Fargo in San Francisco. The bank was targeted for rampant foreclosures and its persistent refusal to reduce principal. Wells Fargo is planning to start a programme of $1.2 million this February.
Thursday 19th January was observed across America as Yes, He Can dayt undertaken by MoveOn.org targeting the banks and also the President for the foreclosure mess that is wiping out the middle class. Senior citizens braved the cold to take part in demonstrations. They wanted the President to haul up Wall Street for fraudulent foreclosures.
The legislators of Connecticut while lauding the role played by Attorney General and Assistant Attorneys General in bringing about the pan American settlement with 5 mega banks, expressed their frustration about $1,500 being paid to borrowers for wrongful foreclosure of their houses as peanuts; however without the deal they would have got nothing.