foreclosures

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Home Seizures by Banks Jump 90% in Year

Lenders reclaim 45K properties as mortgage payments rise

(Newser) - Banks seized more than 45,000 homes in January, nearly double the number from a year ago and up 8% from December, Bloomberg reports. Rising adjustable-rate mortgage payments were the culprit. Total foreclosure filings, which include default and auction notices in addition to seizures, increased 57% to 233,001, the...

Mortgage Crisis Sparks GOP Defections

Lawmakers back Dem bills as constituents lose homes

(Newser) - GOP lawmakers are breaking ranks over the housing crisis as they see constituents suffering foreclosures, Politico reports. Ohio Rep. Steve Chabot, the owner of a 97.5% lifetime American Conservative Union rating, recently snubbed party leaders and the White House by co-writing a bill to let bankruptcy judges re-write mortgages....

Homeless Look to Foreclosures
Homeless Look to Foreclosures
Feb 19, 2008 4:52 PM CST

Homeless Look to Foreclosures

Spike in empty homes provides convenient, albeit sometimes dangerous, shelter

(Newser) - As the nation's spate of foreclosures leaves more people homeless, more homeless people are finding shelter in those newly abandoned buildings, the AP reports. The stock of foreclosed homes in hard-hit areas may well outnumber people on the street, leading many to chance arrest or a run-in with drug dealers...

Best Places for Home Bargains
Best Places for Home Bargains
Feb 13, 2008 2:13 PM CST

Best Places for Home Bargains

Plenty of opportunity exists for money-minded buyers, Forbes says

(Newser) - Certain housing markets are better than others for bargain-hunters, Forbes reports, and they're generally the ones with a glut of homes, strong job growth, and a low rate of foreclosures. Forbes rattles off its top 10:
  1. Salt Lake City: highest job growth in the country, and low foreclosure
  2. Raleigh, NC:
...

Lenders Throw Lifeline to Struggling Borrowers

A new plan pauses foreclosure actions while new repayment plans are worked out

(Newser) - Six top US mortgage lenders will launch a program today aimed at helping at-risk borrowers avoid foreclosure. Aimed at  homeowners more than 90 days delinquent on loans, Project Lifeline will forestall foreclosure actions for 30 days while lenders try to work out new payment options, reports the Wall Street Journal....

Negative Equity Adds Another Crippling Factor

Forbes examines pitfalls of having a loan worth more than home

(Newser) - Foreclosure is scary enough, especially at its current pace—79% more US homes foreclosed in 2007 than the year before. But, Forbes writes, the housing crisis is dumping an even scarier problem on mortgage holders around the country: negative equity, in which a mortgage is worth more than the house...

Foreclosures Soar; Nev. Leads Trend
Foreclosures Soar; Nev. Leads Trend
Jan 29, 2008 12:28 PM CST

Foreclosures Soar; Nev. Leads Trend

State's total nearly doubled in 2007 as national woes mounted

(Newser) - The number of US properties in foreclosure in 2007 was 79% higher than in 2006, with about 1.3 million homes in some phase of the process, the AP reports. Nevada had the highest foreclosure rate, with 3.4% of households in foreclosure. That's 66,316 filings on 34,417...

Foreclosures Double Previous Calif. Record

Subprime collapse saw 31,676 in default in last quarter of 2007

(Newser) - Foreclosures in California hit a new high in the final quarter of 2007, more than doubling the previous record. Nearly 32,000 foreclosures in the state in the year's final three months smashed the existing high set in 1996. Experts say that the rise in foreclosures stems at least partially...

Clinton Unveils $70B Fix for Economy

GOP hopefuls attack plan and each other; Bush mulls tax rebate

(Newser) - Hillary Clinton upstaged her rivals today by proposing $70 billion in emergency spending to help avoid a US recession, Reuters reports. Her plan would include $30 billion for homeowners, $25 billion for families with high energy bills, and another $15 billion aimed at unemployment insurance and alternative energy plans—all...

Democrats Rush to Silver State
Democrats Rush to Silver State
Jan 9, 2008 4:37 PM CST

Democrats Rush to Silver State

Nevada's Jan. 19 caucus being recast as Obama-Clinton tiebreaker

(Newser) - With the Democratic race tied at a victory apiece for Hillary Clinton and Barack Obama, a new front-runner will be crowned in Nevada's Jan. 19 caucus—and both campaigns are charging in. Health care, the foreclosure crisis and the environment are big issues; both teams are running Spanish-language radio spots...

Squeezed Owners Seek Tax Break as Home Values Drop

Local governments feel the pinch as property taxes decline

(Newser) - With property values falling across much of the nation, more homeowners are asking for reassessments, looking for a break from property taxes that inflated before the subprime mortgage balloon burst, reports the New York Times. For local governments, especially in areas already suffering from high rates of foreclosure, declining property...

Fed Cracks Down on Loose Lending
Fed Cracks Down on
Loose Lending
Dec 18, 2007 7:43 PM CST

Fed Cracks Down on Loose Lending

Unanimous vote marks historic shift toward regulation

(Newser) - Seeking to avoid another subprime meltown, the Federal Reserve cracked down on mortgage lending today by a unanimous 5-0 vote, the Wall Street Journal reports. If approved next year, the Fed proposals will require creditors to consider borrowers' financial and credit status, but will not prohibit prepayment penalties altogether, a...

Fed Plans to Tighten Mortgage Lending Rules

Proposals will rein in subprime lenders

(Newser) - Stricter rules will face mortgage lenders if a Federal Reserve proposal unveiled today moves forward. The Fed wants to prohibit or limit prepayment penalties, force lenders to make sure borrowers set aside money for taxes and insurance, require lenders to verify income, and prohibit lenders from giving borrowers unaffordable loans,...

Freddie Mac Chief: Housing Market Will Get Worse in 2008

Tells investors to expect losses in fourth quarter

(Newser) - Predicting even tougher times for the US housing market, Freddie Mac chief Richard Syron yesterday told investors in New York that the government-sponsored mortgage lender would report another net loss in the fourth quarter and credit losses to $12 billion on its mortgage portfolio, reports the Financial Times. Freddie Mac...

Americans Split on Borrower Bailout
Americans Split on Borrower Bailout
Dec 11, 2007 12:54 PM CST

Americans Split on Borrower Bailout

Lenders get no sympathy: 72% in poll oppose help

(Newser) - About half of Americans say borrowers snared in the subprime mortgage mess brought the trouble onto themselves, but they nevertheless deserve "special treatment," CNNMoney reports. In a poll of 1,002 adults, 51% also said they felt sorry for borrowers, with 46% blaming financial institutions' lending policies for...

Some Critics of Rate Freeze May Be Angry Investors

FDIC chief speculates that investors are blasting the plan to boost their income

(Newser) - Critics of the government’s new rescue plan for strapped homeowners may be investors who would cash in on a foreclosure-ridden market, one of the plan’s chief architects charges. Sheila Blair, head of the FDIC, speculated that naysayers may have a conflict of interest, the Wall Street Journal reports....

Dems Pitch Own Mortgage Plans
Dems Pitch Own Mortgage Plans
Dec 6, 2007 2:56 AM CST

Dems Pitch Own Mortgage Plans

They say Bush's freeze falls short

(Newser) - Democratic candidates are criticizing President Bush's plan to bail out homeowners in the subprime mess for not going far enough and have outlined their own, more ambitious, proposals, the New York Times reports. "It appears that the president is pushing a freeze for a very narrow group of borrowers,...

'08 Subprime Fallout: At Least 1.4M Foreclosures

Mortgage crisis slams economy across the board

(Newser) - The subprime mortgage fallout will continue through 2008, with 1.4 million Americans facing foreclosure, municipalities losing more than $6.6 billion in taxes, and housing values plummeting up to 16%, says a US Conference of Mayors report out today. The analysis projects slowed GDP growth and consumer spending and...

Citigroup Faces Pressure to Help Troubled Borrowers

Fallout mounts from $45B mortgage portfolio

(Newser) - The subprime collapse has Citigroup beset on two sides: Besides dealing with a $45 billion portfolio of 280,000 subprime mortgages it acquired in September, Citi is facing pressure from influential consumer advocacy groups to provide relief to troubled borrowers, the Journal reports. Activists are calling for the lender to...

Subprime Nightmare to Get Worse
Subprime Nightmare to Get Worse
Nov 24, 2007 2:28 PM CST

Subprime Nightmare to Get Worse

With rates about to reset higher, expect more foreclosures

(Newser) - The subprime mortgage crisis is only just beginning, new data suggests. Hundreds of billions of dollars in subprime adjustable-rate mortgages are due to reset to higher rates in the year ahead, reports the Wall Street Journal. Analysts say this means the steep rise in defaults and foreclosures this year may...

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