The lenders have had their day and now the administration is baring it teeth. The foreclosure crisis spells nemesis for Countrywide Financial Corporation in New Jersey.
As part of an agreement New Jersey will be apportioned $3.6 million from Countrywide. The latter has been blamed for having preyed on gullible borrowers, said Governor Jon Corzine on [...]
The raging foreclosure problem is being tackled with handing out bailout funds to banks. While most of the national banks are rushing with hats in their hands, two local banks on Hampton Road have declined the offer!
Old Point National Bank and Chesapeake Bank had not applied for monetary help from TARP (Troubled Asset [...]
Both President Obama and Treasury Secretary Timothy Geithner have brains to spare. Obama understands the foreclosure crisis. He knows that the problems surfacing today have its gnarled roots going back deep and vast. Obama has been talking of the right things from health insurance, renewable energy to Iran. In just two months he has achieved [...]
Foreclosures respect nothing – they are now knocking on church doors. During the time of the housing boom the church authorities dreamt in a big way – dreams that are turning into nightmares of debt and foreclosures.
Recently a survey is being undertaken about churches and foreclosures. It is not clear as yet how [...]
The foreclosure situation is worsening every 13 seconds with another house slipping into the dreaded zone, according to the Center for Responsible Learning of CLR. It is a non-partisan group engaged in research. Each day about 6,600 residential houses are foreclosed that calculates to one per 13 seconds. All the housing pundits agree that the [...]
The continuing foreclosure crisis is wearing out the patience of the Americans. How long more will they have to wait to see a change come? One dose of bad news follows another – the slump in the stock market, increasing unemployment and billions of taxpayer’s money vanishing into bailout packages.
Many like Ron Zick of [...]
Barack Obama announced his plan to reduce foreclosures at Dobson High School in Mesa, Arizona Wednesday. The $75 billion plan could prevent up to 9 million Americans from losing their homes.
As far back as 1998 Brooksley E. Born, the head of Commodity Futures Trading Commission had made loud noises about the impending foreclosure-related crisis being experienced today. She had sent out alarm bells sensing trouble with the debut of new tools known as derivates. The latter began to be traded vigorously bypassing the regular channels. [...]
