By Kevin Chiu A proposal to halt the record number of foreclosures and force lenders to work with homeowners to modify mortgages was introduced in the Senate Wednesday by Rhode Island Senator Jack Reed. Rhode Island is one of the worst 10 states to be affected by the foreclosure epidemic. The bill would establish a… Continue reading Congress Finally Proposes Homeowners Help
Category: Mortgage
Pilot Program Could Help Home Foreclosures
By Mike Colpitts The federal government response has been painstakingly slow to the foreclosure epidemic. But one city councilman is proposing a pilot program that could give mortgage holders of distressed homes a chance to stay in their residences amid the worst economic downturn in a generation. The program, already approved by the Los Angeles… Continue reading Pilot Program Could Help Home Foreclosures
Revolt May Start in California
By Kevin Chiu The first major move to pressure bankers to modify home mortgages may be developing in California. The action, planned for a vote next week, could be the most significant move yet to force bankers to take responsibility for millions of bad mortgages they issued to homeowners. The movement could signal a revolt… Continue reading Revolt May Start in California
Pop Goes the Housing Market
By John Hines Economist Bankers won’t tell you, but bankers are almost always motivated home sellers. They don’t become bankers to be landlords. The U.S. mortgage market is worth $10-billion in profits each year, and the people who peddle money like a pharmacist dispenses pills can make a lot more money making loans. The direction… Continue reading Pop Goes the Housing Market
Housing Affordability Hits New Highs
The two oldest indexes on housing affordability have reached new highs, indicating low interest rates, lower home prices and the first time home buyers tax credit are improving sales. Lower housing prices have produced a rush of cash strapped investors to purchase homes and are knocking out many first time buyers, who are trying… Continue reading Housing Affordability Hits New Highs
The Big Fix in the Housing Mess
By Mike Colpitts The housing market is starting to show signs of mending from its deflationary cycle. The Fed’s move to hold interest rates at or near 0% for an extended period of time and other actions being orchestrated are moves to fix housing and get the economy back on track. Low interest rates aren’t… Continue reading The Big Fix in the Housing Mess
American Casino Getting Rave Reviews
By Mike Colpitts American home buyers didn’t have a clue they were buying mortgages from bankers and mortgage companies that were like mad gamblers at the crap table during the real estate boom. As the tables turn with tens of thousands of homeowners filing lawsuits against bankers for defrauding them, the first motion picture to… Continue reading American Casino Getting Rave Reviews
Banks Wage Financial War
By John Hines Economist Bankers and mortgage companies are waging a financial war against the epidemic of foreclosures. Bankers have slowed down the foreclosure process in efforts to keep their losses in check and paint the face of an improving economy on banks’ balance sheets in an effort to show the real estate market is… Continue reading Banks Wage Financial War
How Contract Abandonment is Helping Restore the Real Estate Market
Leave Morality Out Of It: How Contract Abandonment Is Helping Restore Reality to The Real Estate Market By Jared H. Beck, Esq. Beck & Lee Business Trial Lawyers Miami, Florida “Ditching Condo Deal May Have Been Smart.” That recent headline from the Palm Beach Post announced what many who bought condo units in the preconstruction… Continue reading How Contract Abandonment is Helping Restore the Real Estate Market
Foreclosures Set New Records
Foreclosures reached the highest level on record in June as foreclosure filings rose for the fourth month in a row, according to the latest RealtyTrac foreclosure report. Notices of default, auction sale notices and bank repossessions were reported on more than 1.5-million properties in the first half of the year. Some 1,528,364 properties received notices… Continue reading Foreclosures Set New Records