In a statement the former mayor of Cleveland George Voinovich expressed his grave anguished concern for the ongoing foreclosure crisis in US. He is a senator from Ohio (R-Cleveland) and a former Governor.
He is especially concerned about the repercussions of the foreclosure crisis. Cleveland is his hometown and it is one of the [...]
Bush has given his signature on mortgage legislation, which aims to give financial relief to foreclosure victims. Hitherto if a mortgage debt was forgiven then it was considered to be income as it was taken to be a gain. But that will no longer be applicable – forgiven debts will not be taxed. Bush said [...]
The local and state governments will be gathering down for the budget session for the fiscal years 2008-09. But they are in a tizzy and huddling together over the newsbreak that foreclosures will soon seep into the smaller communities. This will worsen the situation with another 1.4 million houses being caught in the foreclosure net. [...]
As part of taking corrective action on the foreclosure problem plaguing the State and for collecting tangible evidence from the Mortgaging companies indulging in malpractices, officials served subpoenas on these companies yesterday. The non-cooperative attitude of the mortgage lenders in sorting out the problem loans, rather than subjecting the properties under foreclosure, as envisaged by [...]
Foreclosures have become a socio-economic problem of jumbo proportions. Local groups have been formed supported by the government, to involve lenders in a more proactive manner but the latter are only talking – not doing anything. Of the borrowers 57% bow to foreclosures and 33% to short sales when they are unable to meet rising [...]
Following the footsteps of foreclosure woes are scammers wearing rescue masks – out to dupe the vulnerable. They pick the bones clean leaving nothing but despair and hopelessness.
Jon Richards (D-Milwaukeee) compares the situation to a lifeline being turned into a noose to throttle the foreclosure victims. Together with Senator Jim Sullivan (D-Wauwatosa) Richards introduced the [...]
Kansas is reeling under foreclosures causing state officials and even the Attorney General Morrison to sit up. There has been 29% rise in August as compared to the same month in 2006. It is the same across the entire country with local variations.
Morrison initiated the founding of a task force consisting of 15 members [...]
Everybody has heard about it. The Congress will plug the sub-prime crisis. The Democrats are in the forefront. But their medicine of shuffling taxes seems to take it off the shoulders of one group and putting it on those who are in the clear as regards payment of mortgage dues.
Today a foreclosure sale is [...]
