Earlier this month, Bank of America (BOA), the country’s largest bank, announced a moratorium on foreclosures in all 50 states.
|By: Rayne Monday October 18, 2010 3:53 pm|
A critically important point are the political and financial relationship of these four subpoenaed Fannie Mae retained attorney firms, the state attorney general and Florida’s Republican Party supporters.
|By: TheMediaConsortium Tuesday October 12, 2010 7:45 am|
Weekly Audit: Will Obama Save Homeowners From Wall Street’s Latest Fraud Scheme?
|By: masaccio Monday October 4, 2010 4:05 pm|
Banks aren’t foreclosing in states that require Judicial foreclosure. You may be able to use bankruptcy to stop foreclosures in states that don’t require court approval of foreclosure.
|By: TheMediaConsortium Tuesday September 21, 2010 8:41 am|
President Barack Obama’s decision to appoint Elizabeth Warren to set up the new Consumer Financial Protection Bureau (CFPB) couldn’t have come at a more critical time.
|By: Cynthia Kouril Sunday September 19, 2010 7:58 am|
“Break in chain of title” may make foreclosed houses unsellable. Karmic justice for those banks who COULD have done good faith modifications, and chose to throw people out of their houses instead.
|By: Rep. John Conyers Wednesday September 1, 2010 7:33 am|
A person facing foreclosure shouldn’t be threatened with taxpayer-funded lawsuits during one of the most difficult moments of his or her life.
|By: ubetchaiam Thursday August 26, 2010 3:06 pm|
analysis of HAMP truthfully told
|By: Cynthia Kouril Wednesday August 4, 2010 8:49 am|
Get this, the government entities, which are currently wringing their hands and saying they can’t persuade banks to write down principal amounts in mortgage modification, had absolutely zero qualms about setting up mortgage securitizations and creating foreclosure mills.
|By: Bill Egnor Thursday July 15, 2010 7:00 am|
There a many reasons why 2010 will go down as a record year, the amount of oil spilled, the historic legislation that was passed, the hottest average temperatures ever observed in the US. All these will be indicators of a year that in the words of the ancient Chinese curse were “interesting times”. This morning we have another looming on the horizon. So far this year foreclosures are running at 10 times their average.
In any given year in the United States there are around 100,000 foreclosures. This year Reality Track, the folks who keep track of the numbers of foreclosed houses, says that there have been 528,000 foreclosures so far, if this pace continues then the end of 2010 will see one million family homes foreclosed on.
"Originally posted at Squarestate.net"
This is another clear sign that the economy has not recovered. The foreclosed homes will eventually be put on the market, where they will increase the supply and decrease the price of homes in their neighborhoods. If it were just a few neighborhoods, we might be able to shrug and look the other way, but the reality is that we are talking about a significant number of the total privately owned homes in the U.S. being repossessed by the banks.