In an attempt to parry foreclosure fallout the Governor of New York State, Spitzer said in a press conference last Thursday that he wants the lenders to join hands with the federal government to give a second thought to mortgage-backed securities fund so that the wavering market can get back on its rails. The scheme [...]
The Secretary of US Treasury, Henry Paulson came forward with a plan to tackle foreclosures. According to it more than 200,000 borrowers will get notices from lenders hinting at renegotiating with new terms. Any borrower who has missed one payment commitment will get a single page letter from HOPE NOW. It is a Treasury [...]
It is shocking but true that till date tax laws prescribed that savings on a foreclosure is taxable income. For instance, if a house with a mortgage of $140,000 is sold for $100,000 then the difference will attract taxes. It is a double slap for foreclosure victims undergoing the trauma of having lost their hearths [...]
Ted Strickland, the Governor of Ohio has strongly appealed to non-profit community organizations to sort out the muddle in the foreclosure crisis. His speech was the focus in the annual conference of Ohio’s Community Development Corporation held in Quaker Square at Crown Plaza Hotel at the end of the week. The organization has always been [...]
Last Friday President Bush took a positive step in sending a cabinet colleague to Chicago. This was part of a programme to lessen the number of people being made homeless because of the foreclosures. Last year in Chicago alone more than 18,000 house owners were adversely affected. From a report released by CBS 2’s it [...]
According to a survey in 2006 Detroit recorded the highest high-cost mortgages in the previous year. A community activist organization, Acorn, has been studying in depth the fall out of mortgages. They have concluded that relatively more Afro-American and Hispanic borrowers have been victims of high-cost mortgage schemes in comparison to the whites. Thus more [...]
