Since the surfacing of the financial crisis the banks in USA have been making noises and posturing about helping to resolve the problem but they are hypocritical in their stand towards the foreclosure crisis. Some bankers at a glamorous meeting on 18th April 2007 went so far as to say that there were doubts if [...]
On Friday 30th January 2009, the worsening of the foreclosure related financial crisis made President Obama send out stern warnings. He said that the recession is a “continuing disaster” especially for the workers of the country. This meant that it is imperative for the Congress to act swiftly on the plan that would stimulate the [...]
Securitization is causing big problems and making foreclosure solutions difficult. The majority of the mortgages are not a simple contract between the borrower and the lender. The mortgages have been pooled together and sold in slices to different investors across the world. The servicers only collect the mortgage dues but they do not have the [...]
It is now the turn of pets to pay for foreclosures. The increase in numbers of atrocities committed against pets related to the present crisis has caused the law to step it. Pets who never took loans are now finding themselves homeless. A law has just been passed banning the abandonment of pets. The Central [...]
Side by side with the usual foreclosure of borrowers defaulting and facing foreclosures from lenders, tax lien foreclosures are also increasing.
The treasurer of Luca County Wade Kapszukiewicz came up with a proposal in 2004 to sell the tax lines of those house owners who were delinquent as a new way of raising revenue [...]
In this gloomy foreclosure climate the important thing is to keep alight the lamp of Hope in the coming year – it alone can steer through the troubled waters those who are drowning.
Soon one of the most horrific years in American history and that of the world will draw to a close. Michigan [...]
Legally the servicers do not have much power to avert foreclosure. This is because of the complication of securitized loans. A pool of mortgages was created, parceled and sliced off to various investors across the world. The servicers were collecting agents and communicated with the lenders. At the most they could modify loans by reducing [...]
Foreclosures have led to the sprouting of tent cities for the homeless in Hillsborough. Richard Shuster is one of the inhabitants. He moved in here about eight months ago and terms it his “gated community”. It has been so named because of the wilting gate between some thickets that leads to the site of his [...]
