The long tentacles of foreclosures in USA are now reaching out to affect the global economy. It is spreading with no signs of retreat according to the International Monetary Fund. Reporting on the global financial situation as in April IMF states that that the international financial markets continued to be brittle with indications of risks [...]

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 [...]

Across USA about 750,000 houses went into foreclosures. There are gloomy predictions that the number will rise to more than a million in 2008. With so many houses up for foreclosure auctions and sales, the real estate market is tottering with prices plummeting. This is the natural process of demand and supply. Houses not directly [...]

Howling scavengers – the jackals and vultures, inevitably follow the predators. Rescue scammers who pose as helpers have closely followed the foreclosure crisis. The traumatized victims cry on their shoulders only to discover later that whatever was left in their pockets have been neatly picked. A federal indictment report exposed that six people were accused [...]