Credit card woes joining hands with foreclosures are set to make life miserable for Americans. Foreclosure related bankruptcies have already ruined lives. Now another tragedy is surfacing – people are losing everything swallowed up by credit card dues. The total credit card debt of Americans is $1 trillion as per the data of Federal Reserve. [...]

The foreclosure related crisis is having an effect on prayer outsourcing to Indian churches. Only about one year ago Europeans, Canadians and Americans used to flood Indian churches. Today the Indian church authorities are noting a sharp drop in these requests for “Mass intentions” coming from outside. This drop is timed with the economic downturn. [...]

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, [...]

None of the remedies are working. Foreclosure crisis continues to be a mess. Both the Bush and Obama governments toed the same line of throwing trillions of dollars to the banks and lenders. The financial stars were thrilled to pocket $1.2 trillion from the toxic assets that the federal government covered. They pocketed billions more in direct [...]

Property taxes are being affected by the ongoing foreclosure crisis. Calculating the value of property requires a linear process. The price paid for similar properties in the same area is studied and the value calculated accordingly. Apparently there is not much scope for confusion. It is supposed to be neither too complicated nor subjective. Thus [...]

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.” [...]

Foreclosures are having a mixed impact on shares at Home Depot and Lowe according to the top executives of both. It is of importance as new data about increasing pace of foreclosures is rolling in. The shares of Home Depot (component of Dow) traded down 3.0% at $22.63. The shares of Lowe fell by 3.4% and traded at $18.97.
The general pattern is that sales of Lowe dropped as foreclosures increased.

The foreclosure crisis is prompting calls for change. The administration is being constantly blamed for everything. The Clinton government put pressure on Fannie Mae and Freddie Mac to issue defective loans to people who did not have the income to repay them. This kicked off the ball that set into motion the foreclosure crisis and [...]