Foreclosure lists will soar again next year, according to chief Economy.com economist Mark Zandi. Unemployment and underwater mortgages are the two main reasons for continued foreclosures.
Bankers, such as members of the Mortgage Bankers Association, are fiercely opposing President Obama’s proposal of involving judges in averting foreclosures.
The Obama Administration is looking at the possibility of reducing monthly mortgage payments of homeowners who are in danger of losing their properties to foreclosure.
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