The hassles of short sales have to be overcome to solve the housing crisis. A short sale takes place when a troubled house owner unable to manage the mortgage finds a buyer to purchase the property at a price that is shorter or less than the due loan amount. But to do so the borrower [...]
Recently it has been noticed that taking advantage of the situation some of the mega banks have got involved in short sale fraud and have been accused of the same. This is a new type of mortgage fraud that has emerged just at a time when regulators, legislators and financial experts are discussing means of [...]
US President Barack Obama won a thundering and first standing ovation in the Senate, while making his address on the State of the Union. His remark “it’s time we impose a fee on those biggest banks, which were saved by the bailout of the government” was welcomed with cheers.
President Obama made his first address on [...]
Two Senators delivered statements in Washington while responding to Sun-Star series.
Senator Dianne Feinstein (Democrat/California) said that together with her staff she was laboring continuously to give as much of help as feasible to residents of California who are under threat from foreclosures. She claims to have connected the victims with counseling agencies and also forwarded [...]
Statistics in the US housing sector indicate recovery from the worst crisis. New house starts showed a decline of 4% (seasonally adjusted for the months) in December – 557,000 compared to 580,000 in November.
For the whole of 2009 the number of homes started was an estimated 554,000 which is 39% down [...]
There are signs of recovery in the economy but trends show that demographics together with consumer activities have become the force behind new housing activities. Consequently the emerging residential market is totally different from the one that was there previous to the recession.
During the Midwinter Meeting of the Urban Land Institute the issues that were [...]
Contrary to common belief, when a home owner forfeits the property to foreclosure auction through the Courts, there ends the matter and they do no more owe anything to the lenders, here is the startling fact.
There are a lot of instances where the barrowers are kept on the hook for years and lenders pursuing the [...]
Responding to heavy pressure from Washington the loan servicers are now expediting the process of permanent loan modification. By the end of last December the number had increased to 66,465 – it being 7.4% of all the trial modifications. In November the number had been 31,382. Another lot of 46,056 are waiting the final inking [...]
As against 140 failures in 2009, 2010 is expected to experience 200 bank collapses. It will make a record. Already the cost suffered by FDIC is ten times more than the S&L crisis of the 80’s.
Testifying before the Financial Crisis Inquiry Commission, the chairperson of FDIC Bair blamed the Federal Reserve, then under Greenspan, for [...]
Neel Kashkari, the architect of TARP, the $700 billion foreclosure relief program, disclosed the backstage drama behind the measure.
Kashkari was a favorite choice of the previous Treasury Secretary Henry Paulson, for making a blueprint of TARP. Kashkari narrated how one of his peers began screaming over the exploding situation – the impending collapse of the [...]
A company of integrity is what I thought of Eureka. I was repaid for the roof repair as soon as I faxed the receipt. Everyone was happy. My clients got their new home that was a dream and a blessing for them. Thanks again.
WILDA RODRIGUEZ
Nations Realty
