foreclosures

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No Silver Bullet for Crises Like These: Pearlstein

Complex financial system requires complicated fixes ... and lots of patience

(Newser) - With various factions blaming a single factor—and pushing a single solution—for the financial crisis, Steven Pearlstein of the Washington Post cautions that there won’t be a silver bullet. Reducing foreclosures, removing toxic assets, and nationalizing banks will all come into play; meantime, we must “resist the...

Foreclosures Soar 81%
 Foreclosures Soar 81% 
Jan 15, 2009 6:05 AM CST

Foreclosures Soar 81%

States where property prices spiked during boom now seeing highest foreclosure rates

(Newser) - Foreclosures rocketed 81% in the US during 2008, affecting one of every 54 households in the nation, reports Reuters. A total of 3.2 million foreclosures were filed, according to research firm Realtytrac. The hardest-hit states were Nevada, Florida, Arizona, and California, the same states where property prices surged the...

Scamsters Cash In on Foreclosure Crisis

Phony rescuers collect big upfront fees from desperate homeowners

(Newser) - A new breed of crook is getting rich preying on homeowners desperate to fend off foreclosure, the New York Times reports. Scamsters set themselves up as "foreclosure rescue companies,” collect big upfront fees for the promise to modify loans, then do little or nothing to help. Some people...

Bailout Hasn't Failed, But Banks Need More

(Newser) - The Wall Street bailout has not failed, but it hasn’t worked yet, either, as evidenced by the renewed call from Barack Obama and the Fed to release more TARP funds, the New York Times reports. Banks that received bailout funds are clamoring for more to stabilize their finances, but...

Senate Homeowner Aid Moves Big Step Closer

Citi drops opposition to Senate proposal

(Newser) - A Senate plan to help struggling homeowners keep their houses moved closer to fruition yesterday as Citigroup ended its opposition to the bill, the Wall Street Journal reports. The measure would allow so-called “cramdowns,” in which judges in Chapter 13 bankruptcy cases could set lower principal and interest...

Quinn: Don't Wait to Go Bankrupt

 Quinn: Don't Wait 
 to Go Bankrupt 
OPINION
Jan 5, 2009 11:25 AM CST

Quinn: Don't Wait to Go Bankrupt

It's an embarrassment, but it offers a 'fresh start'

(Newser) - Your new year should be a “fresh start”—and if that means filing for bankruptcy, so be it, writes Jane Bryant Quinn in Newsweek. “If you're reaching the end of your rope, don't try to hold on. Save what you can,” Quinn says. Many families try...

Targeted in Bubble, Latinos Now Face Foreclosure Flood

Push to get subprime, other risky mortgages to Hispanic community backfires

(Newser) - The US housing crisis has hit particularly hard in the Latino community, the Wall Street Journal reports, which was targeted by both lawmakers and lenders—often with subprime and other risky mortgages—during the bubble. Hispanic homeownership swelled 47% between 2000-2007, and the foreclosure crisis has hit hard for many...

Foreclosed Pools a Mecca for Skateboarders

Pool builders hard hit by housing crisis

(Newser) - Skateboarders in California are making the most of the mortgage crisis: they’re turning the swimming pools at foreclosed homes into skate parks. Tracking local foreclosures, one Fresno skater arrives at empty homes with a pump and buckets, drains the pools, and hops on his board, the New York Times ...

At-Risk Owners Pay Big Bucks to Mortgage Modifiers

Some take advantage of patchwork laws, charge for services non-profits offer for free

(Newser) - A growing mortgage-modification industry has cropped up amid the housing bust, the Washington Post reports, charging homeowners thousands to help them negotiate better loans. The problem? Non-profit groups already offer those services gratis. “It is very frustrating to find a homeowner who has paid a for-profit company $3,000...

Spiritually Sound, But Many Churches Literally Bankrupt

Donation lifeline dries up as recession bites, forcing many into Chapter 11

(Newser) - In trying times, many turn to the church to ease anxieties, but even houses of God haven’t been spared the wrath of recession, the Wall Street Journal reports. A church building boom begun in the 1990s has left many congregations overextended, and with the economic slowdown taking a sizable...

Pets Are Losing Homes, Too
 Pets Are Losing Homes, Too 
Dec 16, 2008 2:29 PM CST

Pets Are Losing Homes, Too

Recession sparks rise in animal abandonment

(Newser) - Animal shelters are being filled with pets abandoned because of the recession and home foreclosures. In Massachusetts, a rescue league has seen a 45% jump in owners citing money or housing problems when they surrender a cat or dog. Others are just leaving their pets on the streets or in...

Fannie Mae: Tenants Can Stay
 Fannie Mae: Tenants Can Stay 
Dec 15, 2008 4:22 AM CST

Fannie Mae: Tenants Can Stay

Fannie Mae won't evict tenants after foreclosures

(Newser) - Fannie Mae is offering to sign new leases with renters living in properties that have been foreclosed and are now owned by the the government-controlled mortgage company. The move brings relief to thousands of people caught in the mortgage crisis, but it turns the insitution into a huge national landlord...

Poll: Americans Back Economic Intervention

A growing majority blames financial crisis on deregulation

(Newser) - A clear majority of Americans approve of Washington taking firm steps to intervene in the nation's struggling economy, a Los Angeles Times poll finds. Two-thirds favor tighter restrictions on financial institutions and 60% back help for homeowners facing foreclosure. A huge 87% blamed deregulation for the economic crisis—up 25% ...

Forget That Stimulus Bill: 5 Things Obama Should Fix

Obama shouldn't rely on a stimulus package for a cure-all

(Newser) - Barack Obama and his team are devoting much effort to a proposed stimulus package for 2009, but that is simply a superficial fix, writes James K. Galbraith in Mother Jones. “The effect ends when the stimulus does, when the sugar shock wears off,” says Galbraith, who suggests five...

Bird Shelters Overrun as Foreclosures Take Toll

Exotic animals not always welcome, and require special care

(Newser) - The US foreclosure epidemic, hard on all kinds of pets, appears particularly devastating for exotic birds, Reuters reports. People forced to vacate their homes are finding that cockatiels, macaws, and the like won’t fly at their new digs. Shelters for cats and dogs aren’t equipped to handle the...

Bernanke Plugs More Help for US Homeowners

Fed chief outlines ideas for public, private sector to slow foreclosures

(Newser) - Ben Bernanke says more must be done to halt record US home-foreclosure rates, the New York Times reports. The Federal Reserve chief suggested several options today, including the government buying bad mortgages en masse and refinancing them through a government-insured program, and strengthening a scheme aimed at lowering homeowners’ monthly...

Shoppers Can't Halt Commercial Mortgage Crisis

Retailers will default, no matter how many sweaters you buy today

(Newser) - Black Friday shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. Hotels in Tucson, Ariz., and Hilton Head, SC, also are about...

Home for the Holidays: Florida Mulls Foreclosure Ban

Governor wants holiday moratorium

(Newser) - Florida Gov. Charlie Crist is considering a Christmastime moratorium on home foreclosures similar to the 90-day halt urged by California Gov. Arnold Schwarzenegger, reports the Tallahassee Democrat. Crist is unsure whether he has the legal authority to impose a moratorium. He may have to negotiate a halt with the state's...

Fannie, Freddie Will Stop Foreclosures Over Holidays

Some 16K affected by pause

(Newser) - Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension...

Iraq Vets Hit by Financial Woes
 Iraq Vets Hit by Financial Woes 
Nov 18, 2008 9:29 AM CST

Iraq Vets Hit by Financial Woes

Disabled veterans struggle to find jobs, keep homes

(Newser) - Many soldiers returning from Iraq are finding themselves up against a new enemy: their finances. Unemployment, lack of credit, and foreclosures all seem to be hitting veterans harder than the average citizen, the New York Times reports. "You fill out a job application and you can’t write ‘...

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