It looks like the problem of banks walking away from distressed properties is finally getting some serious attention. Federal Reserve Board Governor Elizabeth Duke tackled the subject in a recent speech, Housing Wire reports. She detailed a disturbing trend TWI has been following since January 2008: More…
On the heels of our report detailing short-sale flipping and other kinds of mortgage fraud that are on the rise, the Federal Housing Administration plans to announce it will tighten lending standards to try to stem rising defaults.
The Washington Post reports Housing and Urban Development Secretary Shaun More…
With home prices continuing to fall and more foreclosures yet to come, it’s clear that tough times remain for a housing market recovery. And to add to the troubles, another threat to any rebound is emerging: mortgage fraud.
The risk of mortgage fraud in More…
With a sprawling, multi-million dollar mansion in Sandy Springs, Ga., sitting empty for two years, some enterprising folks nearby had an idea: Fill it with a big party.
According to USA Today, the Halloween bash at the six-bedroom mansion was a huge success, drawing 1,000 people. It ended only when More…
Pranksters with too much time on the hands are alleviating their boredom by scavaging around Detroit’s ample supply of abandoned and vacant properties, The Wall Street Journal reports. A staff videographer even documented a group of perpetrators in the act of pushing a dump truck out a fourth-floor window More…
It’s a big day for banks: The Obama administration is expected to unveil new “too big to fail” proposals for dealing with troubled financial giants, Reuters reports. The proposals would “give the government the power to dismantle large financial companies that get into crises.”
The new draft bill is
Well, at least one banking executive is personally feeling the pain of the foreclosure crisis: Wells Fargo has fired a top employee who moved into a foreclosed Malibu beach house and threw lavish parties all summer there, the Los Angeles Times reports.
Cheronda Guyton, a senior vice president responsible
In the latest issue of The New Yorker, James Surowiecki weighs in on something TWI wrote about recently: The need for a new — and bolder — foreclosure strategy. Foreclosures continue to outpace loan modifications, even as the Obama administration presses the lending industry to do More…
If you are a renter or someone who took out a simple 30-year fixed mortgage, it’s not surprising that you might feel like the mortgage crisis is, well, not exactly your problem. You’re not the one who got into any sort of messy mortgage. What does a subprime loan have More…
Our sister site, The Michigan Messenger, points out that the shrinking cities movement – an urban development approach that has drawn national attention to Flint, Mich. — is becoming an issue in the local mayoral race.
The movement calls for communities to cordon off mostly vacant areas, cut More…
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