The US Federal Deposit Insurance Company is set to work alongside the Treasury Department to improve the situation of foreclosures in the country. However, concrete actions are yet to take place.
Fort Worth foreclosure listings now include homes from Franklin Bank which was shuttered last year. FDIC teamed up with Residential Credit Solutions to sell seized and foreclosed properties.
Atlanta foreclosure homes for sale contributed significantly to the downfall of Illinois-based Corus Bank. A total of $533 million was provided by the bank to Atlanta condo developers many of whom failed to pay their loans.
Atlanta foreclosed homes lists will soon include condo units developed with loans from failed Corus Bank. The condo units are expected to be sold off after the FDIC finds a buyer for the repossessed properties.
Bank foreclosure sales by banking firms that acquired failed banks are being addressed by FDIC Chairperson Bair. She has been considering asking lenders to reduce principal payments on troubled loans to help jobless homeowners.
A rising number of states are following California's example in preventing foreclosures by encouraging mortgage firms to offer loan restructuring options to distressed borrowers.
A group of community organizers and religious leaders from Massachusetts are set to meet in Washington with federal officials to urge them to stop foreclosures across the country.
Democratic Members from Congress are urging administration officials to utilize part of the $700 billion federal bailout money for foreclosures mitigation.
Atlanta foreclosures have pulled down three more banks as unpaid commercial and residential real estate loans became too heavy for the banks to bear. Buckhead Community, First Security and Tattnall Bank were closed by the FDIC on December 4.
While debates rage on at higher levels regarding plans for foreclosures relief, local communities clamor for immediate solutions at grass-roots levels.
Bank owned properties listing in Georgia in the residential and commercial sectors in Georgia grew fast because of various factors that include population explosion, intense commercial and residential development and the preponderance of community banks.
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