Many of those who have crafted plans for the conversion of foreclosures of Fannie Mae and Freddie Mac were previously closely connected with bringing about the sub-prime crisis. Some are facing lawsuits regarding the role they played during the booming years. Now they are holding important posts in other firms.

The Occupy protestors have taken to direct action across the country in a big way. The homeless are being settled in vacant houses, former house owners are returning to their homes with their belongings while some are promising not to leave until force is used. All are complaining that the banks ignored their repeated pleas for loan modification.

The Occupy movement in a well orchestrated manner is shifting its focus to the indoors by putting homeless families inside homes, disrupting foreclosure auctions and putting pressure on banks to fix the economy by reducing principal on the loans. It is hoped that action day kicking off on 6th December will give fillip to the movement.

The new leader of the Democrat in the House in Oregon, Tina Kotek will give priority to foreclosures and financing for small business enterprises. Till next February no new bills will be taken up but there will discussions on revamping the laws of the state so as to compel banks to maintain their foreclosed units.

For decades Baltimore has been experience shrinkage of population and jobs. At the close of the 90’s decade the proportion of people to vacant properties was 1,000:22 as per survey findings of Broking Institution. Today communities across America are battling with increasing abandoned building with increase in foreclosures. Vacant foreclosed houses in occupied neighbourhoods have [...]

The federal government is thinking of converting the foreclosed houses it is sitting on into rentals. Since the outbreak of the crisis the demand for rentals has increased. People have turned away from house ownership. The government is asking for proposals for this conversion in joint partnership with private investors.

The Obama government having failed in giving relief to a sizeable number of homeowners through HAMP is now shifting its focus from keeping troubled owners in their houses to inviting investors to rent or sell out the properties. The government agencies are weighted down with innumerable foreclosed units. The move is not without critics.

In Lee County although residential sales are picking up and prices are slowly going up there is the lurking fear of the shadow inventory waiting in the wings – cases taken back by lenders could re-enter and so too houses not yet foreclosed upon. But in all likelihood these will not enter the markets at one go in a rush.