foreclosures

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Hillary: Bailout Must Help Homeowners
Hillary: Bailout Must Help Homeowners
OPINION
Sep 25, 2008 7:09 AM CDT

Hillary: Bailout Must Help Homeowners

Wants federal company to buy bad mortgages, address root causes

(Newser) - As Congress debates the terms of the $700 billion bailout, Hillary Clinton warns in a Wall Street Journal op-ed that "this is not just a financial crisis; it's an economic crisis." For the New York senator, any federal action has to tackle the underlying causes of the turmoil—...

Foreclosed Homeowners May Lose Voting Rights

Dems: GOP plans to challenge addresses

(Newser) - Many of the million Americans who lost their homes through foreclosure in the last couple of years may discover at the polls that they've lost their right to vote in the upcoming election as well, the New York Times reports. Election officials and voter rights groups fear that failure to...

As Foreclosures Rise, Fraud Cases Balloon

Equity scammers take advantage of ignorant, desperate owners

(Newser) - Running parallel with spiking foreclosure rates, so-called “foreclosure rescue scams” have reached epic proportions, and many state and local agencies aren't equipped to fight back, MSNBC reports. Companies that promise to help floundering property owners keep their homes and avoid the stigma of foreclosure are instead milking them for...

Wait on Rate Hikes Until Crisis Eases
Wait on Rate Hikes Until
Crisis Eases
OPINION
Sep 3, 2008 5:55 PM CDT

Wait on Rate Hikes Until Crisis Eases

Fed should ignore critics, hold its ground until markets rebound

(Newser) - Critics claim the Federal Reserve has been too eager to cut interest rates, and that lax policy has exacerbated inflation. But the Fed should hold its ground, Desmond Lachman argues in the American, until the housing and credit markets are clearly on the rebound. The credit crunch has prompted banks...

McMahon Home Woes Persist
McMahon Home Woes Persist
Aug 30, 2008 6:16 PM CDT

McMahon Home Woes Persist

Mystery buyer drops out, but Donald Trump may still spring for Beverly Hills mansion

(Newser) - Ed McMahon’s money woes continued this week when the sale of his house fell through. The mystery buyer who had topped Donald Trump's offer "did not perform on a specific point of the contract," McMahon's realtor said—although Trump's bid is apparently still on the table. McMahon's...

Buyer Trumps Donald for McMahon House

Anonymous buyer makes deal for Carson sidekick's mansion

(Newser) - Donald Trump won't be buying Ed McMahon's home after all, the AP reports. An anonymous buyer has made a deal to purchase the longtime Carson sidekick's foreclosure-threatened home. Trump had made an offer on the multi-million dollar Beverly Hills house after it became known that the 85-year-old McMahon was about...

Heeeeeeeeere's Donald!
 Heeeeeeeeere's Donald!
Aug 15, 2008 6:52 AM CDT

Heeeeeeeeere's Donald!

Trump bails out Ed McMahon

(Newser) - Billionaire Donald Trump is giving a helping hand to 85-year-old Ed McMahon, who was about to lose his Beverly Hills home to foreclosure. Trump is buying the 6-bedroom house, listed at $4.6 million, and leasing the property back to McMahon so he can continue to live there, the Los ...

Bank Losses Soar on Falling Home Prices

Lenders swamped with foreclosures are selling them at firesale prices

(Newser) - The rising costs of carrying foreclosed homes are prompting banks to sell them off for as little as half of their original value, reports the Wall Street Journal, a strategy that’s costing financial institutions big money. The losses, and the specter of their continuing to rise, pummeled bank share...

2007 Mortgages Failing at Triple the Rate of 2006

Prime loans made in early 2007 are going bad at triple the rate of 2006 loans

(Newser) - Mortgages procured in 2007 are souring at a rate nearly triple that of 2006, reports the Wall Street Journal, suggesting that the wallop to the financial system from forclosures could be far from over. Analysis done for the paper finds 0.91% of the prime loans issued in the first...

Lenders See New Wave of Prime Defaults

Bigger group of 'good' borrowers now face foreclosure

(Newser) - The flood of foreclosures on subprime mortgages seems to be ebbing, the New York Times reports, but a second, larger group of borrowers—those with better credit—are now expected to default in coming months. A continued weak economy, unemployment, and other economic factors helped to quadruple the percentage of...

Extreme Makeover Home Goes Into Foreclosure
Extreme Makeover Home Goes Into Foreclosure
OPINION
Jul 29, 2008 8:41 PM CDT

Extreme Makeover Home Goes Into Foreclosure

Atlanta family unable to pay back bank loan

(Newser) - A house constructed for ABC's Extreme Makeover: Home Edition is up for auction after the owners lost the building to foreclosure. The Atlanta home, the biggest built on the show, was collateral for a now-overdue $450,000 loan. The foreclosure represents a comeuppance not only for its owners but for...

Failed FDIC-Run Bank Added Fuel to Subprime Fire

Feds seized Ill.-based Superior in 2001, but it continued to write, sell off bad loans

(Newser) - An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas...

Mortgage Insurers Feel Pinch, Pull Back on Loans

As more home loans fail, lenders ask more of beleaguered backers

(Newser) - Mortgage insurers facing mounting defaults are tightening their standards, adding another hurdle for potential homebuyers, the Wall Street Journal reports. Beleaguered and risk-averse banks are making more mortgage applicants apply for insurance, just as insurers are declaring more parts of the country “declining markets.” making insurance harder to...

June Foreclosures Jump 53%
 June Foreclosures Jump 53% 
Jul 10, 2008 7:19 AM CDT

June Foreclosures Jump 53%

One in 501 US households hit with filings last month as crisis rolls on

(Newser) - The number of homeowners stung by the rout in the US housing market jumped last month as foreclosure filings grew by 53% over June a year ago, according to data released today. One in every 501 US households was hit with a foreclosure filing last month.

75% Blame Bush for Faltering Economy

Prez approval rating at all time low

(Newser) - A new poll paints a gloomy picture of a pessimistic America struggling with soaring gas prices and a deteriorating economy—and blaming President Bush. Three of four Americans—including a large number of Republicans—hold the president responsible for the economic downturn, according to a Los Angeles Times/Bloomberg poll. The...

Huge Homeowner Aid Bill Nears Approval

Bipartisan support for action, despite veto threat

(Newser) - With 8,000 foreclosures daily and looming elections, Congress is close to approving the most sweeping changes to mortgage financing since the New Deal, reports the New York Times. The pricey aid bill aimed at helping hundreds of thousands of homeowners facing foreclosure has bipartisan support, despite the threat of...

Housing Slump Won't Ease Anytime Soon, Says Study

Tight credit, interest rate worries keep homebuyers on sidelines

(Newser) - Rising mortgage rates and a tenacious slump in sales and home values will continue to depress the worst housing market in decades, reports Reuters. Don't expect potential saviors—new home buyers—to make a dent any time soon, says a Harvard study. With mortgage rates at a 9-month high, credit...

Creditors Fed Off Equity Boom, Creating 'Double Bubble'

US charged against home value now gone

(Newser) - As home values boomed, banks raised credit limits and extended offers for new cards, urging consumers to pay off the debt by drawing on their equity, USA Today reports. Many of those borrowers now face high interest rates on homes tapped of equity and hemorrhaging value—and the boom in...

Foreclosures Surge 48% in May
 Foreclosures Surge 48% in May 
Jun 13, 2008 9:35 AM CDT

Foreclosures Surge 48% in May

It's the second straight monthly record

(Newser) - The number of US homeowners swept up in the housing crisis rose further last month, with foreclosure filings up 48% over a year earlier. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 7%  from April and the second straight monthly record. That's one in every...

New Wave of Foreclosures Expected in '09

ARM holders will see payments soar as their mortgages reset

(Newser) - America’s subprime victims may have grudgingly accepted their fate, but there’s a new class of borrowers primed to suffer, BusinessWeek reports. Homeowners who took out ARMs, or adjustable rate mortgages, will soon face skyrocketing payments as their loans reset. About a million people have the mortgages, but only...

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