In Hawaii the worst of the foreclosure crisis is not yet over. Filings increased by nearly 427% in June 2009 in comparison to 2008. In one year this is the second worst rate. Over 87% of the total foreclosure postings are in the initial stages of the process. The housing market in Hawaii saw the [...]

Previous Treasury Secretary Henry Paulson has justified the steps he had taken during his tenure to tackle the foreclosure crisis. He admitted that although the response of the Bush government to the crisis was not perfect it had “saved this nation from great peril.” He said recently in a written statement prior to a hearing, [...]

Unless the lenders are persuaded to reduce payments foreclosure crisis will continue. But this seems to be more difficult a task than landing on Mars. Karina Montenegro has been trying to make this impossible become possible. Her job entails contacting lenders to pursue the matter of loan modification. She dials one of the big giants, [...]

Some 180 new laws were initiated in Nevada to tackle the foreclosure crisis. The kicking off date is 1st July 2009. Nevada ranks among the toppers in the foreclosure crisis. Connected with this many other new laws have surfaced. Those eateries and business houses that donate perishable food to the hungry will be given protection. [...]

Simon Johnson an economist from MIT opines that the foreclosure crisis has been aggravated by unhealthy banks. He said, “A desperately ill banking sector that threatens to choke off any incipient recovery is a network of connections and ideology that give the financial sector a veto over public policy, even as it loses popular support.” [...]

Mark Blythe of Brown University enumerates half a dozen causes behind the foreclosure crisis of today. In the 80’s began the deregulation of the domestic markets in the important financial centres of the world. The “globalization of finance” led to staggering growth in liquidity as the hitherto isolated market connected and intertwined. This liquidity led [...]

The lenders have had their day and now the administration is baring it teeth. The foreclosure crisis spells nemesis for Countrywide Financial Corporation in New Jersey. As part of an agreement New Jersey will be apportioned $3.6 million from Countrywide. The latter has been blamed for having preyed on gullible borrowers, said Governor Jon Corzine [...]

The raging foreclosure problem is being tackled with handing out bailout funds to banks. While most of the national banks are rushing with hats in their hands, two local banks on Hampton Road have declined the offer! Old Point National Bank and Chesapeake Bank had not applied for monetary help from TARP (Troubled Asset Relief [...]