MND NewsWire : foreclosures

Curtain May be Rising on a New Toxic Asset Mess

Jann Swanson — Tue, 31 Mar 2009 19:52:38 GMT

It looks like the mortgage soap opera may be well into a new act and one doomsayer is predicting that there is a rotund woman with a horned helmet and a spear waiting in the wings. Iris Martin, writing in the Huffington Post on Monday set forth her claim that a huge percentage of securitized mortgages are fraudulent and asserted that many foreclosures are already being thrown out of court based on the poor or non-existent titles of those of those who are bringing the foreclosure action. Lack of perfection...(read more)

Are Short Sales Signaling Smarter Banks?

Jann Swanson — Thu, 19 Feb 2009 14:55:49 GMT

Some new data released this week by Zillow is revealing not because it gives provides evidence of a troubled housing market - nothing could surprise us there - but because it may be a sign that the mortgage banks are finally beginning to get it . Zillow, the Seattle-based website that started out as a place to research house values and morphed into a real estate marketplace, published numbers showing that short sales now constitute 10 percent of the real estate market in some locations. Short sales...(read more)

Obama's $75B Housing Plan to Assist 3-4 Million Homeowners

CEP News Feed — Wed, 18 Feb 2009 15:26:37 GMT

The Obama administration unveiled a $75 billion housing plan on Wednesday, which it says will help seven to nine million American families avoid foreclosure . In a White House press release, the Obama administration said the mortgage plan will boost confidence...(read more)

JPMorgan and Citigroup Announce Moratorium on Foreclosures

CEP News Feed — Fri, 13 Feb 2009 17:31:00 GMT

Three major U.S. financial institutions have announced they will halt foreclosures after coming under intense pressure from U.S. politicians on Wednesday to do something to help U.S. citizens weather the financial crisis. Citigroup announced it will be...(read more)

Foreclosures Give Boost to Existing Home Sales

CEP News Feed — Mon, 26 Jan 2009 16:18:36 GMT

The housing market performed miserably in 2008, but the final month of the year showed an upside surprise in sales of previously-owned homes against expectations of a third consecutive monthly decline. The pace of existing home sales jumped 6.5% in December...(read more)

Foreclosures Climb 81% in 2008, Says RealtyTrac Report

CEP News Feed — Thu, 15 Jan 2009 16:07:51 GMT

Home foreclosure activity increased dramatically in 2008 compared to the previous year, according to RealtyTrac's 2008 U.S. Foreclosure Market Report. There were 3,157,806 foreclosure filings - default notices, auction sale notices and bank repossessions...(read more)

Fannie Mae to Halt Tenant Evictions

Jann Swanson — Mon, 15 Dec 2008 17:27:23 GMT

As a follow-up to a story we published last week regarding the eviction of renters from foreclosed homes , we are happy to now report that Fannie Mae has become the first lender to review and reverse its eviction policies. Many big lenders immediately move to evict tenants from homes following the completion of the foreclosure process even if these renters are current in their rent or have been tenants for many years. Many of the renters may not even have been aware that there was a problem with...(read more)

RealtyTrac Says U.S. Foreclosures Fell in November

CEP News Feed — Thu, 11 Dec 2008 14:25:13 GMT

Foreclosure rates continued to decline in November but remain elevated, according to a survey by RealtyTrac, which saw a 7% decrease in U.S. foreclosures activity from October to November. Compared to twelve months ago, foreclosure activity is higher...(read more)

Renters aren't Immune from Foreclosure Woes

Jann Swanson — Tue, 09 Dec 2008 15:44:52 GMT

Starting way back in 2006 with the publication of John Talbot's book Sell Now we have been advised by a lot of experts that this is a good time to be a renter rather than a homeowner. Well, maybe not so much. Newspapers throughout the nation are reporting that renters, most of them totally innocent bystanders, are being dislocated or even worse, made homeless by the wave of foreclosures sweeping the nation. Even when they are current in their rent tenants are frequently finding that their landlords...(read more)

Mortgage Delinquency Rate Climbs to New Record High in Q3

CEP News Feed — Fri, 05 Dec 2008 16:21:48 GMT

Mortgage delinquencies for U.S. homes in the third quarter of 2008 rose to 6.99% from the previous quarter to 6.41% of all loans outstanding, marking a new record 29-year high, according to the Mortgage Bankers Association's (MBA) National Delinquency...(read more)

Bernanke Recommends Buying Mortgages to Help Stave Off Foreclosures

CEP News Feed — Thu, 04 Dec 2008 16:53:15 GMT

Federal Reserve Chairman Ben Bernanke said market failure is inhibiting loan modifications and that the Fed may start buying securities to help drive down the mortgage rate. Speaking about the housing market at a conference organized by the Federal Reserve...(read more)

Freddie Mac and Fannie Mae Announce Ban on Foreclosures Until Jan. 2009

CEP News Feed — Thu, 20 Nov 2008 22:14:32 GMT

Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will...(read more)

Paulson Says TARP Wasn't Designed to Help Homeowners and Automakers

CEP News Feed — Tue, 18 Nov 2008 15:57:31 GMT

The $700 billion Troubled Asset Relief Program (TARP) was designed to stabilize the financial system and improve lending liquidity, and "is not a panacea for all our economic difficulties" said U.S. Treasury Secretary Henry Paulson on Tuesday...(read more)

RealtyTrac Says U.S. Foreclosures Rose 5% in October

CEP News Feed — Thu, 13 Nov 2008 15:10:42 GMT

Foreclosure activity in the United States is not relenting, according to RealtyTrac's latest survey for October, which suggests filings rose 5% in October and 25% from 12 months ago. "We've seen sharp declines in new foreclosure filings after...(read more)

Fannie Mae, Freddie Mac to Modify Approach to Foreclosure Prevention, WSJ Says

CEP News Feed — Tue, 11 Nov 2008 16:29:01 GMT

Government-sponsored enterprises Fannie Mae and Freddie Mac are expected to announce a program to help homeowners modify loans and prevent foreclosures , according to the Wall Street Journal, who cited unnamed U.S. officials. The program, expected to...(read more)