Nearly three months after the Senate killed a House-passed proposal allowing homeowners to stave off foreclosure through bankruptcy, some upper-chamber Democrats are wondering if it isn’t time to revisit the issue.
Leaders of the Senate Judiciary Committee, not satisfied that mortgage lenders and servicers have done enough to More…
Did you ever wonder where all those subprime lenders who made big profits making predatory loans during the housing boom ended up? Think about it: What kind of resume would you have, given that you worked for a discredited company that went out of business after making high-rate, abusive loans More…
There’s more proof out today that the foreclosure crisis is only getting worse, despite everything that’s been thrown at it so far: Foreclosure notices reached a new record high during the first half of this year, Bloomberg reports.
Citing data from RealtyTrac, an online foreclosure database, Bloomberg said More…
Is the Obama administration planning a major shift in strategy for slowing the foreclosure rate? Reuters reported Tuesday that officials are mulling policies to let delinquent owners rent their homes back. On Monday, Reuters said the administration also was considering letting unemployed borrowers defer, delay or skip mortgage More…
The New York Times takes a swipe at the Obama administration today, in a sobering editorial warning that more needs to be done to address the alarming number of Americans continuing to lose their homes to foreclosure.
The editorial notes a reality that is coming increasingly into focus: Loan More…
A central element of the Democrats’ strategy to stabilize the economy — empowering homeowners to prevent foreclosures through bankruptcy — has hit a wall in the Senate, where fierce opposition from the finance industry is threatening to kill the proposal this week.
Despite major concessions to the banks at the More…
Here’s another interesting tidbit from The Wall Street Journal: The Obama Administration is expected to unveil new incentives today to encourage servicers to modify loans — particularly second mortgages. The failure to address the problem of second mortgages in the initial housing rescue plan launched in March was a More…
At The Big Picture, Barry Ritholtz spares few words regarding his view of voluntary foreclosure freezes. Ritholtz says he never thought much of the idea in the first place, and he dismisses other “gimmicks” by banks to temporarily avoid foreclosures. Now that foreclosures are on the increase, he says, More…
Chadi Moussa is a man in trouble, The New York Times reports today. He is unable to afford the mortgage on his $2.24 California mansion – and yet ineligible for help under the Obama administration’s new housing plan.
From The Times:
“You give $25 billion to a bank, at
As Dave Weigel notes, the Tea Party movement to protest the mortgage rescue plan and other government bailouts rolls on, with a planned rally Friday in front of the White House. The revolt over bailouts got a big boost last week with the televised rant by CNBC’s Rick More…
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