Archive for November, 2008
Wednesday, November 26th, 2008
The Federal Reserve said Tuesday it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis. The Fed agreed to purchase $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. It also will purchase another $500 billion [...]
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Monday, November 24th, 2008
Likely, you have already read or heard about the latest loan modification plans offered both privately and publically to provide mortgage relief to financially distressed homeowners cope with their mortgage payments. But you might not have caught key details that could have an impact on you or people you know — now or in the months ahead. One of the [...]
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Thursday, November 20th, 2008
Banks who provide mortgage loan modifications for homeowners could potentially undermine the publically traded banking sector by masking possible losses. Historical evidence suggests that even when mortgage lenders modify mortgage terms for at-risk borrowers – cutting interest rates, principal or extending the loan’s life – a hefty portion of those borrowers default within a year [...]
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Wednesday, November 19th, 2008
Home prices fell in four out of every five U.S. cities in the third quarter, a record spurred by distressed foreclosure sales across the country. The median price of a U.S. home declined 9 % from a year earlier and sales of properties with mortgages in default accounted for at least a third of all [...]
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Tuesday, November 18th, 2008
Maine reports home foreclosures increase in the second quarter. New mortgage data recently analyzed by the state indicated a slight increase in home foreclosures in Maine during the 2nd quarter of 2008, but officials say the number of foreclosures remains relatively small and poses no threat to the stability of state-chartered banks and credit unions. [...]
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Tuesday, November 18th, 2008
HSBC was one of the first mortgage banks that were affected by the subprime-mortgage meltdown. Changing the terms with some loan modifications for a portfolio of questionable home loans has failed to keep borrowers from defaulting. The British banking giant, which bought an Illinois subprime mortgage lender called Household International Inc. in 2003, has modified [...]
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Tuesday, November 18th, 2008
The leading online marketplace for foreclosure properties, today released its October 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings, default notices, short sale notices and bank repossessions were reported on 279,561 U.S. properties during the month, a 5% increase from the previous month and a 25 % increase from October 2007. The report also [...]
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Monday, November 17th, 2008
According to a foreclosure prevention report, one of every 774 households in Maryland was in foreclosure in October. Maryland foreclosures jumped 32 % between September and October to 2,973, according to RealtyTrac Inc. Maryland posted a year-over-year percentage decrease, however, down 16 %. Of Maryland, Virginia and Washington, D.C., it was the only jurisdiction to post [...]
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Tuesday, November 11th, 2008
Given the severity of the housing crisis and its more significant role in the economy, foreclosure prevention will likely to be a priority for Barack Obama. On the campaign trail, the president-elect proposed a 90-day moratorium on foreclosures, giving Bankruptcy Court judges the right to provide home loan modifications on primary residences, a $10 billion foreclosure-prevention fund [...]
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Tuesday, November 11th, 2008
A new loan modification program aimed at homeowners who haven’t defaulted yet could help 130,000 mortgage borrowers stay in their homes. Citigroup says it will expand its foreclosure prevention efforts by extending loan work-outs to 130,000 distressed homeowners with $20 billion in mortgage loans in their houses. Banks are unquestionably being pressured to be more [...]
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Monday, November 10th, 2008
National Loan Audits announced today that troubled homeowners with adjustable rate mortgages who are having trouble getting their loans modified or who are behind with their payments and in danger of losing their home, now have access to forensic loan audits, performed by mortgage industry experts, to discover if their lender violated the Truth in [...]
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Thursday, November 6th, 2008
Now that the Treasury’s Troubled Asset Relief Program has helped stabilize the financial system by injecting capital into some of the country’s largest banking institutions, the focus has shifted to the plan’s initiative on providing mortgage relief to distressed homeowners through loan modification. It’s one of the biggest challenges the plan could potentially face. This initiative has [...]
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