The unfolding of the foreclosure drama starting with the taking over of mortgage giants Fannie Mae and Freddie Mac reads like a horror film. It stopped the financial system from totally collapsing. Dave Rovelli of Canaccord Adams of New York commenting on the move said, “It saves Armageddon from happening.”
But within the passage of 24 [...]
The market is flooded with foreclosed houses. The banks are offering absurd discounts to get rid of their repossessed houses and this made many angle for affordable homes again. But to avoid a rerun of the same crisis some tips are necessary.
Apart from never overreaching one’s limit and reaching for the sky one should study [...]
The Americans are living through a housing crisis. It is following them at night. Nightmares are haunting foreclosed Americans. Disturbing dreams are being fed by foreclosures, evictions and an uncertain future. The home has a special place in everybody’s psyche – it spells security, peace comfort and also an identity.
Fear and angst are [...]
It is not so much sub-prime mortgages but recession that is at the root cause of rising foreclosures. In 2008 it was the toxic loans that had triggered the foreclosure wave but in the current year it is the bad days that are responsible for throwing out people from their houses.
Compared to the previous year [...]
Foreclosures in California reached a new high what with banks taking over properties with a renewed effort. In April, foreclosure notices were issued to 96,560 homeowners in California. This means that one in each 138 homes has been foreclosed, which is a 42 per cent jump from a year earlier.
The federal government had earlier imposed [...]
From the time of Bush, the government has been taking many measures in tandem with the private sector to contain foreclosures. But so far this has no impact either on foreclosures or on the economy. But perhaps indirect steps taken by White House may stem the flow of foreclosures. This refers to creation of jobs [...]
The housing crisis has been late in arriving in New York but now it is sweeping through at a fantastic pace according to a survey conducted by New York Times calculating on the mortgage data since 2005. This increase in New York Foreclosures has been dragging down the minorities the most.
The worst hit are the [...]
The foreclosure crisis is prompting calls for change. The administration is being constantly blamed for everything.
The Clinton government put pressure on Fannie Mae and Freddie Mac to issue defective loans to people who did not have the income to repay them. This kicked off the ball that set into motion the foreclosure crisis [...]
