Foreclosures are no longer confined to the urban and metropolitan centres of USA but are spilling over to the rural countryside. Foreclosures are spelling more work for the villages.
The code enforcement officers in Oswego and Montgomery are busy trimming lawns in vacant houses. It is straining their working power this summer. Till 31st July [...]
The foreclosure crisis worsens but the victims are fighting it and struggling to continue to stay in the houses that are their homes. The Government together with the mortgage industry is going all out to address the problem that has gone beyond the boundaries of the playing fields of the lenders and borrowers. All are [...]
Statistical evidence shows that over half of all Black borrowers who refinance in 2006 were made to swallow sub-prime mortgages. Latino borrowers faced a similar situation. Together they will suffer a loss ranging from $164 billion to $213 billion in the surging tide of foreclosures that have been wrecking havoc since that time.
Each family [...]
This summer has been the winter of despair for the million-dollar Hampton Mansion that has been caught in the foreclosure net. It is an 18,000 square foot wonder on Bridgehampton. Foreclosure has reduced its value from $27 million to a mere $19.5 million!
The mansion had been constructed by Burns Development on a sprawling 4 acres. [...]
With the surging waves showing no signs of receding, New Yorkers continue to be hemmed in by foreclosure crisis. It is alleged that fraudulent sub-prime mortgage lending has led to this meltdown. Each single foreclosure has a snowballing effect and affects the surrounding neighbourhood – its environment and property values.
Foreclosures are a costly judicial process. [...]
The increasing numbers of foreclosures, defaults and delinquencies have broken past records in the first quarter of 2008. The apprehension is that this trend will continue causing damage to the real estate market and the economy in general.
According to latest figures that proportion of loans that slipped into foreclosures increased by 0.99% through this [...]
The gloomy apprehension is that soon one in 32 house owners in New York will be cursed with foreclosures within two years or so. The story of this debacle started with the taking of sub-prime loans. These large numbers of foreclosures will cause a loss of about $65 billion to the state and local administration. [...]
On Monday 24th March, at Philadelphia, New York Senator Hillary Clinton (Democrat) talked about a new four point plan to tackling the growing national problem of foreclosures She wanted more to be done for loans that are threatening foreclosures as well as the creation of a panel to study the problem from all angles.
She [...]
