Barry Ritholtz posts a clear summary of the foreclosure process, to help understand the massive unfolding foreclosure fraud scandal. Here is, document by document, the typical paper-trail for when a homeowner defaults and a bank repossesses her house (the process varies a bit state by state).
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The foreclosure crisis is far from over. Rather, as this chart from Daniel Indiviglio at The Atlantic shows, it is in some ways just peaking. Last month, banks foreclosed on more homes than ever before. More than a million families are predicted to lose their homes this year.
Washington is initiating a program to help the unemployed stay in their homes: Qualified applicants will get zero-interest loans of up to $50,000 for two years to pay their mortgages while they remain jobless. But The Hill questions whether it might be banks benefiting from the More…
Sandra Monroe-Olcott of the Montclare neighborhood of Chicago is in the same position as hundreds of thousands of Americans. She lost her job on April 1, 2008. She applied for unemployment insurance — $804 every two weeks — and immediately started searching for another position. Her husband, now 74, had More…
The administration today announced an expansion of its Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets program, which uses TARP money to provide states in the worst economic straits with block grants. In the first round, five states whose housing stock lost more than 20 More…
The Obama administration unveiled the details of its new housing rescue plan today, and Bloomberg has some of the specifics:
The insurance giant AIG is back with its hands out, asking for yet another government bailout, the New York Times reports. At TPM, Josh Marshall raises an interesting question. Where does the bailout money for AIG — at $150 billion and counting — really go?
Andrew Sullivan takes a shot at the Obama administration’s plan to help homeowners, noting that he’s diligently paid three mortgages and now is expected to bail out people who gave in to “greed, wishful thinking, and recklessness.” His comments follow on the heels of the now-famous Rick Santelli More…
The house that former Manassas homeowner Julio Angulo lost in a foreclosure eviction chronicled by TWI is back on the market. Haymarket Realtor Keith Elliott Jr. said Angulo’s former home is listed for $84,900.
Think about that for a minute. Angulo bought the townhouse, in a working class subdivision More…
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