Foreclosures have transformed Lake Las Vegas resort from a symbol of prosperity into an emblem of recession. Beyond the suburban spread there lay an artificial lake in the desert flanked by a village with an Italian touch – representing everything that taste and money could buy. But the overflowing milk of prosperity has suddenly curdled.
In [...]
We are going to recap another week full of interesting tidbits related to foreclosure and foreclosure issues.
The Obama Administration said that they are expanding the housing aid in order to give lenders amore incentives to folks on second mortgages. What has happened is back when the market was good it was not [...]
With foreclosures running at about 20,000 per week, at least 100,000 more families are likely to lose their homes before Congress passes a relief bill. And even then, the measure may fail to stanch the problem unless Congress comes up with something that is significantly better than proposals currently in either chamber. To produce a [...]
The Attorney General of Hennepin stated that some consulting firms have been duping foreclosure victims with promises of help. Six firms located outside the state have been charged by Hennepin County District Court. Injunction is being sought to prevent them from continuing with their business in Minnesota while the court proceedings are in progress. In [...]
A federal grant has been made of $4.3 billion to help 7,000 foreclosure victims in Minnesota. It is the second largest sanctioned in the country related to the present crisis. It will help the state to hire more housing counselors to steer the borrowers through the maze of lender bureaucracy. Governor Tim Pawlenty commented that [...]
The Democrats have brought in a bill that if made effective will curb further foreclosures by changing laws related to bankruptcy. This was the opinion given by Senate majority leader, Harry Reid, Democrat from Nevada last Thursday. He apprehended that in all likelihood Republicans will block the bill. The test vote might extend up to [...]
A senate bill targeting prevention of foreclosures has come under attack from the White House for being a bailout scheme benefiting lenders and speculators. In fact the President might use veto powers to stall it.
The bill aims to allow bankruptcy judges to wipe out mortgage dues and provide billions for redoing abandoned properties. [...]
There are plans to legalize reduction of mortgage balances for borrowers. But lenders are up in arms against it. Two bills are pending before the Congress that would authorize judges to reduce mortgage debts. If it sees the light of day then thousands of borrowers would be saved from foreclosures. But lenders are seeing red. [...]
