Holiday From Foreclosures Till January 2009

Nationalized mortgage giants Fannie Mae and Freddie Mac are offering holidays from foreclosures till 2009. This will temporarily bring some relief to besieged house mortgage borrowers. Banks have realized that accepting lower payments is a better alternative to proceeding...

The FHA as a Saviour for Foreclosure Problems

Many are looking upon the FHA (Federal Housing Administration) as a saviour for foreclosure problems. The prime task of the FHA today is to encourage first time buyers to purchase houses. Anybody can apply with down payments as low as 3% of the value of the house. The...

The Housing Crisis and a Fight-Back Program

"The current economic crisis has been building for years. At its root is the massive elimination of decent-paying jobs and lowering of wages in the U.S. and worldwide, a phenomenon explained and analyzed so well in the party’s newest book, “Low-Wage Capitalism.”The...

This Is Not A Normal Recession: Moving on to Plan B

""The Winter of 2008-2009 will prove to be the winter of global economic discontent that marks the rejection of the flawed ideology that unregulated global financial markets promote financial innovation, market efficiency, unhampered growth and endless prosperity while...

Solving the Foreclosure Crisis – How can we fix the process?

"As discussed previously, the pooling and servicing agreement requires the servicer to forward payment to the securitized trust regardless of whether the borrower is making the mortgage payment.  This must continue until the loan is removed from the trust, and that can...

The foreclosure freeze tide

"WASHINGTON (Legal Newsline)--As Capitol Hill remains under siege from all sides of America's faltering economy, pressure to stem the tide of foreclosures continued to make inroads as Fannie Mae and Freddie Mac became the latest to join the foreclosure freeze movement.The...

Probing Golden West

"NEW YORK (AP) - The Department of Justice is investigating the mortgage lending practices of Golden West Financial Corp., the savings and loan bought by Wachovia Corp. for $24 billion at the height of the housing boom in 2006.U.S. Attorney Joseph Russoniello told The...

Investors Hit BofA Loan Modifications

Bank of America Corp.'s decision to embark on an $8.4 billion home-loan-modification program to settle charges brought by state attorneys general against Countrywide Financial Corp. was hailed as a milestone when the deal was announced this fall. But apparently nobody...

Government Announced Plans to Quell Foreclosures

The US government has finally taken the reins to solve the rising number of foreclosure properties. The government said that it will try to help the housing industry by restructuring hundreds of the thousands mortgages in the country."Unveiling of the Proposed Plan The plan,...

Foreclosure Woes: Jobless Now, Homeless Later

Job loss or unemployment has been triggering the rise of repo home listings, defeating old reasons like bad loans and its effects. So far this year, Americans who lost their jobs reached almost one million; resulting to a lot of foreclosures due to non-payment. Economists...

Modified Mortgage Program Prevented 250,000 Foreclosed Homes

New York based JPMorgan Chase & Co, made announcements that it prevented at least 250,000 foreclosures since it joined other banks last 2007 in modifying or refinancing mortgages from clients who are delinquent in payments and those who may not be able to pay higher...