Obama’s foreclosure plan triggered outrage as some people in media voiced out concerns about unfairness to responsible homeowners and property owners losing properties to tax foreclosures.
Nationwide unemployment rate reached 6.7 percent in November, the highest rate in 15 years, due in part to the foreclosure crisis, according to the U.S. Labor Department.
The chief judge in Hillsborough County in Florida has ensured that all foreclosure hearings in any court in the area remain open to everyone. This is to counter notions that such cases are secretly heard in the county.
FDIC has asked the newly formed FSOC to help address and regulate problems regarding mortgage lenders' allegedly improper handling of foreclosure documents. Analysts believe that FSOC could bring about more solutions to the issue.
Attorney General of Ohio sues Ally Financial and GMAC Mortgages for fraudulent foreclosures. JPMorgan and BAC are asked to halt foreclosure proceedings.
Government-controlled mortgage firms Fannie Mae and Freddie Mac have been mandated to help fund President Obama’s $75-billion program for reducing the number of foreclosure homes.
The onslaught of controversies plaguing the foreclosures market could derail the recovery of housing market, at least according to the Obama administration.
The sale of foreclosed homes represents a well of opportunities for new homebuyers and investors alike. The savings and profits to be realized are quite amazing.
Banks are trying to influence legislation of the new bankruptcy law to soften its impact to the mortgage industry. The new law is aimed at reducing foreclosures by state through principal rewrites.
Baby boomers, the biggest age group in the nation’s history, have lost much of their home equity because of the glut of cheap houses for sale across the nation.
Even before President Barack Obama has unveiled his foreclosure prevention plan, more than 50 percent of distressed homeowners have renegotiated their mortgages to avoid losing their properties.
President Barack Obama’s foreclosure plan received mixed reactions from governors across the country, with most Republicans criticizing his plan as unfair to responsible taxpayers and borrowers.
The government’s control on Fannie and Freddie is likely to continue as the two firms are identified to play a key role in the overall plan to address tax foreclosure properties.
The housing market crisis has buyers flocking to foreclosure auctions hoping to get a good deal only to find out that buying a property is not a bargain as it used to be.
Buy bank homes in Orange County, California where mortgage delinquencies are still high and where profit prospects are great. Home prices have been rising, but are still below their peak prices in 2006 and 2007.
Banks and lenders are now willing to discuss with state investigators regarding corrective measures that could be done to prevent a repeat of the foreclosure mess.
Dallas foreclosed homes are still high in number despite a drop in foreclosure postings. More than 33,500 foreclosures in the Dallas metro area were posted this year, excluding repeat postings.
San Diego home auctions are slowing, but defaults are still surging. In February, a total of 1,141 homes were foreclosed and a total of 2,345 default notices were filed.
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