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Home Foreclosures Hit Record
Home Foreclosures Hit Record
Sep 18, 2007 12:14 PM CDT

Home Foreclosures Hit Record

August numbers double, with no end in sight

(Newser) - Another 108,716 American homeowners received foreclosure notices in August, a record total more than double last year’s figure. And this is only the beginning, say analysts, who expect even more subprime borrowers to default over the next 2 years. That will further depress housing prices, which are expected...

Subprime Crisis Sparks a Spate of Legal Battles

Investors, homeowners, banks head to court, but obstacles lie ahead

(Newser) - The troubles plaguing Countrywide and Bear Stearns’ hedge funds will move from the boardroom to the courtroom. Homeowners and banks are suing mortgage lenders, shareholders are suing funds, the SEC is investigating executives, and Congress may conduct hearings into credit agencies' practices. The current mess ensnares “an incredible range...

Sunny Days Here for Green Homeowners

Thanks to subsidies and surplus, going green is paying off

(Newser) - Sunny days are here to stay for solar homes with roof-top panels, Forbes reports. Such green abodes can cover electricity costs in warm months and store enough to sell solar power to the grid for profit. Installation is expensive but viable thanks to government subsidies, especially in California, New Jersey...

Bush Promises Mortgage Relief
Bush Promises Mortgage Relief
Aug 31, 2007 2:52 PM CDT

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict...

Bush to Unveil Bailout Plan in Mortgage Crisis

Reforms will help families keep their homes

(Newser) - President Bush will announce a rescue package for homeowners with subprime mortgages faced with foreclosure. The package will include a call for Congress to give the Federal Housing Administration more power to help borrowers keep their homes—and stricter enforcement of laws against predatory lending, Reuters reports.

Biggest Buyers Hit Hard in Mortgage Fiasco

‘Jumbo’ loans dry up as subprime mess continues to spread

(Newser) - As the subprime mortgage mess spreads to homeowners beyond those with poor credit ratings, jumbo mortgages are under particular pressure, the New York Times reports. An investment banker recently purchasing a $1.5 million home saw the interest rate spike from 8% to 13% in just three days. The rate...

Scams Target Delinquent Homeowners
Scams Target Delinquent Homeowners
Jul 3, 2007 5:45 PM CDT

Scams Target Delinquent Homeowners

'Equity strippers' deceive borrowers behind on their mortgage payments

(Newser) - A new form of fraud is thriving in the declining housing market, targeting desperate homeowners who are late on their mortgage payments. Known as equity strippers, companies cold-call burdened borrowers, promising a reprieve from their financial woes. In the end, they profit, and the owners end up losing their  home...

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