Economic analysts expect a 1.5 percent decrease in the country’s economic growth this year. With rising inflation and unemployment, the housing crisis and foreclosure problem is expected to continue.
Incoming President Barack Obama will allocate up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund for foreclosure prevention.
Rep. Barney Frank is confident that TARP money will now go towards the foreclosure adjustment schemes as Congress has been advising. This was after the Treasury Department’s own measures garnered failing marks at a Congressional hearing last Monday.
President-elect Barack Obama promised a more transparent and effective foreclosure prevention program under his administration. To start off, he requested the second half of the bailout fund.
The Florida foreclosure homes process has been streamlined by a task force created to recommend procedures, policies and strategies that courts could implement statewide. The task force reported an option of managed mediation to modify the communication between borrowers and lenders.
Funding for schools in Florida has been reduced by about 20 percent as real estate taxes are being cut by declining property valuation amid lender and government foreclosures.
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FDIC has required more than 5,000 banks and savings and loans associations that received help from the first $350 billion of the Troubled Asset Relief Program in 2008 to report on how they were able to help foreclosure-troubled borrowers.
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The U.S. Federal Reserve has announced its plan to expand the Term Asset-Backed Securities Lending (TALF) to help stop bank owned foreclosures and recession. The TALF will be expanded to cover residential mortgage-backed securities (RMBS).
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A report showed that the Obama Administration’s $75 billion program to stem the tide of bank foreclosure homes in the country has helped only 9 percent of qualified borrowers. The report also noted that 10 participating lenders failed to modify a single troubled mortgage.
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Foreclosure resolutions have been the topic of congressional debates, but the housing industry is still miserable. The Obama administration is now prioritizing foreclosure that has been hitting the country and wreaking havoc on the economy.
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.
Incidents of mortgage loan fraud have increased as lenders tighten their loan requirements to reduce their risks of lending to borrowers that later become delinquent and that add more homes to foreclosure listings.
Following the Obama administration’s statement regarding bank bailout funds, major banks admit to their mistakes and promise to use their bailouts to rescue impending foreclosures.
The increase in foreclosures has allowed house sales in Southern California to escalate December of last year due to the cost reduction of condominiums and houses from the previous year.
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Democratic Members from Congress are urging administration officials to utilize part of the $700 billion federal bailout money for foreclosures mitigation.
While applauding President Obama’s efforts to stop foreclosures, the Congressional Oversight Panel said his program lacks schemes to help the owners of second mortgages and did not pursue legislation to empower bankruptcy judges to order loan modifications.
Outgoing President George Bush may request Congress to release the second half of the $700 billion TARP fund which was approved in October 2008 to help solve the foreclosure crisis.
Stockton foreclosure listings are still dominating the market despite a slight drop in foreclosures in the area. The still high unemployment rate in Stockton and in the whole San Joaquin Valley continues to be a big factor in foreclosures.
Top legislators are threatening to hold the release of the second half of the $700 billion financial bailout plan unless portions of the fund are to be used for foreclosures.
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