By Kevin Chiu Millions of homeowners at risk of foreclosure can be saved from losing their homes through mediation, according to a new report issued by the non-profit National Consumer Law Center. The report reviewed existing foreclosure programs in 19 states to come up with recommendations for states to adopt. Programs the organization feels are… Continue reading Mediation Can Save Homeowners from Foreclosure
Category: Foreclosure
U S Foreclosures Drop Huge
By Mike Colpitts Formal foreclosures or homes that were repossessed by their lenders accounted for 830,000 U.S. homes in 2011, a huge drop of 24% from 2010, according to real estate data research firm CoreLogic. The decline comes as a result of moratoriums enacted by the nation’s five largest mortgage lenders to study damage from… Continue reading U S Foreclosures Drop Huge
Bankruptcy Drop Shows Economic Upside
By Mike Colpitts Consumer bankruptcy filings declined through the latter half of 2011 and have now reached pre-recession levels, indicating a positive sign for the U.S. economy, according to credit report bureau Equifax. The drop in bankruptcy petitions paralleled a similar decline in foreclosures. Consumer and commercial bankruptcies dropped steadily from the second quarter of… Continue reading Bankruptcy Drop Shows Economic Upside
States Mortgage Settlement to Aid Wrongly Foreclosed
By Mike Colpitts The mortgage settlement reached by 49 state attorneys general and the U.S. government requires banks and mortgage servicers to implement changes servicing mortgages, handling foreclosures and attempts to insure the accuracy of information provided to federal bankruptcy courts in an unprecedented manner. The $25-billion agreement requires new bank servicing standards in an… Continue reading States Mortgage Settlement to Aid Wrongly Foreclosed
Housing Market to Bottom in 2014
By Kevin Chiu The bottom of the housing market in most U.S. cities will likely begin to form in 2014 as banks and mortgage lenders realize that homeowners who are unable or unwilling to pay their mortgages work with them to reduce the number of foreclosures. The record breaking volume of foreclosures has started to… Continue reading Housing Market to Bottom in 2014
Mortgage Modifications Slip, but Outpace Foreclosures
By Mike Colpitts More than 1-million U.S. home mortgages underwent permanent modifications in 2011, according to the independent alliance of mortgage servicers Hope Now. The figure represents a steep decline of 40% from a year ago, but outpaces the number of foreclosures sold during the year. In December affiliates of the organization completed 80,000 loan… Continue reading Mortgage Modifications Slip, but Outpace Foreclosures
Banks Mortgage Settlement Hangs in Jeopardy
By Kevin Chiu A proposed settlement between big money mortgage giants and U.S. states hangs in jeopardy after Delaware rejected the settlement as an unfair deal for homeowners. State Attorney General Beau Biden broke with fellow AGs rejecting the settlement. The proposed settlement between the attorney generals would dedicate $17-billion from lenders to go towards… Continue reading Banks Mortgage Settlement Hangs in Jeopardy
Homeownership Falls Seventh Year
Troubled by a record foreclosure crisis and an economy hinging on an economic collapse, homeownership fell for the seventh straight year to the lowest level in more than a decade, according to the U.S. Census Bureau. The drop in the nation’s homeownership rate is evidence that government programs to increase the number of homeowners only… Continue reading Homeownership Falls Seventh Year
Private Equity Firms Purchase Fannie Mae Foreclosures
By Kevin Chiu The bulk sale of foreclosed Fannie Mae homes to private equity firms will place foreclosures right back into the very hands of some of the banks and investors which triggered the foreclosure crisis by manipulating financial markets. Fannie Mae is inviting investors to become joint venture partners in the biggest bulk sale… Continue reading Private Equity Firms Purchase Fannie Mae Foreclosures
Another $100-Billion Underwater Housing Loss
By Kevin Chiu Politics is a strange and nasty business and the business of walking the fence during this election year is increasingly damaging the U.S. economy. In order to help mend the economy, the U.S. will eventually make the tough but inevitable decision to cut principal on underwater mortgages, and take an estimated $100… Continue reading Another $100-Billion Underwater Housing Loss