Posts tagged as:

foreclosure crisis

1 in 7 US Home Loans in Foreclosure or Delinquent

by Moe Bedard

NEW YORK (Reuters) – A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
U.S. mortgage delinquency rates and the percentage of loans that entered the foreclosure process also [...]

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Foreclosures Will Rise Through 2010

by Moe Bedard

Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
One in seven U.S. home loans was past due or in foreclosure as of Sept. [...]

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Job Losses May Trigger 2nd Banking Crisis

by Moe Bedard

The unemployment rate now stands at 10.2%, yet stocks are at a 2009 high. The bulls will tell you not to worry; the unemployment rate is a lagging indicator. True as that may be, Charlie Gasparino author of The Sellout, has a word of warning: the jobs data may be a leading indicator when it [...]

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New Foreclosure Hot Spots Ravage the US

by Moe Bedard

Among those new hot spots were Boise City-Nampa, Idaho which saw a 142 percent increase in foreclosures in the third quarter compared with the same period a year ago. Other new foreclosure hot spots include Provo-Orem (120 percent increase) and Salt Lake City (105 percent increase) metro areas, both of which are in Utah.
 
And in [...]

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Foreclosures lead to more homelessness

by Moe Bedard

Foreclosure does not come out of nowhere. Homeowners facing foreclosure always know at least several months in advance that their time is up. When these individuals realize that their home will be foreclosed on, they should begin making other arrangements. They should be seeking out rentals that they can afford or trying to get friends [...]

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U.S. mortgage delinquencies set record

by Moe Bedard

NEW YORK (Reuters) – High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.
Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up [...]

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Another Wave of Foreclosures Looms

by Moe Bedard

About 70 percent of the $189 billion in outstanding option ARMs will reset by 2011, the report said, which would be another setback to a teetering housing market still struggling to recover from the mortgage meltdown that precipitated the financial crisis.
Option ARMs make up only 1.3 percent of percent of outstanding mortgages and were used [...]

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Commercial Foreclosure Explosion Lurking Around the Corner?

by Moe Bedard

By Moe Bedard
A great number of experts have placed the blame on the foreclosure crisis in America on the problems associated with mortgage backed securities. When the real estate markets decline, purchasers of these securities disappear and when foreclosures escalate, losses in mortgage backed securities run deep. This is a cycle that is difficult to [...]

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GOP criticizes mortgage plan

by Moe Bedard

House Democrats bring to the floor today a plan to stanch the home foreclosure crisis with measures that include government-backed mortgage refinancing and money for states to buy derelict homes, but Republicans say the $2.7 billion bill is nothing more than a “bailout scheme.”
Democrats bristled at the bailout accusation, saying their bill is tailored narrowly [...]

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Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths

by Moe Bedard

The the U.S. House of Representatives Committee on the Judiciary, Subcommittee on Commercial and Administrative Law holds a hearing today. The subject of the hearing is the “Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths” and the new bankruptcy bill is on the agenda.
The Mortgage Bankers Association  (MBA) has an agenda and their agenda [...]

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Baltimore Is Suing Bank Over Foreclosure Crisis

by Moe Bedard

Baltimore’s mayor and City Council are suing Wells Fargo Bank, contending that its lending practices discriminated against black borrowers and led to a wave of foreclosures that has reduced city tax revenues and increased its costs.
The recent surge in homeowner defaults nationwide, generated by lax lending practices during the real estate boom, has officials bracing [...]

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