President Barack Obama has changed his administration’s housing policy by abandoning the ownership program. Instead, the federal government plans to invest in purchasing foreclosure houses to be renovated and rented at affordable rates.
The median price for homes dropped nationwide to $169,000, a drop of 14 percent from last year's first quarter. NAR said the largest price declines occurred in Florida and in California, as more foreclosed bank owned homes were sold.
President Barack Obama said that in order for the $787 billion economic recovery plan to be successful, it must include measures to abate the foreclosure crisis.
The suggestion of Republican Senators Richard Shelby of Alabama and John McCain of Arizona to let go of big financial institutions is seen as a way to reduce the number of foreclosure homes in the country.
Democrats and Republicans have opposing views on whether to release the remaining $350 billion of the Troubled Asset Relief Program (TARP) allocated for foreclosure prevention.
President Obama has been encouraging Americans to take advantage of falling mortgage rates and the government foreclosures program which include loan modification and refinancing initiatives.
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.
The federal government has finally launched its campaign against scammers preying on borrowers troubled by the real possibility of seeing their dwellings turning into foreclosed homes.
U.S. Treasury Secretary Timothy F. Geithner has disclosed his credit relief plan to stabilize the financial industry which is expected to lead to reduction in the number of repo homes in the country.
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Stock price indexes declined as investors wait for President Barack Obama’s economic recovery plan which includes measures to alleviate the foreclosure problem.
The state of Idaho, eighth in RealtyTrac's list of states with the highest foreclosures rates, ordered National Foreclosure Relief to stop offering its loan restructuring services to mortgage borrowers whose homes are in danger of becoming foreclosed homes.
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HUD Secretary Shaun Donavan has called on banks to take aggressive actions to ensure that the Obama Administration's foreclosure prevention initiative will succeed.
HUD Secretary said in a public meeting in Hartford that not all troubled homeowners will be helped by the government foreclosures program. He said these homeowners can explore other options that would preserve their credit records.
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Freddie Mac has asked the U.S. Treasury for an additional funding of $30.8 billion to enable it to continue carrying out its mission of helping avert further foreclosures. In the fourth quarter of 2008, Freddie lost $7.37 per share, totaling $23.9 billion.
House legislators Pelosi and Frank are working together to introduce legislation that would compel the Treasury Department to fund foreclosure prevention initiatives.
The Project Lifeline, an outreach service aimed at helping distressed homeowners avoid bank and government foreclosures, is a collaboration between mortgage lenders and the federal government.
The turmoil that the financial market in the United States is going through hit a new low on Monday. This has been the most terrible day Wall Street has faced in the last 7 years.
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New York City Mayor Michael Bloomberg has announced the city's program of repairing foreclosed homes and then reselling them under the Neighborhood Stabilization Program.
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.
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