Category Archives: Foreclosure

Foreclosures Account For A Third Of Home Sales

That number is expected to get bigger. Now that there’s been a big state and federal government settlement with the major banks over foreclosure practices, thousands of foreclosures that have been held up can now go on. This will push … Continue reading

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CA’s AG Seeks An End To Mortgage Foreclosures In That State

California’s attorney general seems to believe we can just legislate unpleasant economic realities such as mortgage foreclosures. She wants Fannie Mae and Freddie Mac to stop foreclosing in California. Fannie and Freddie have required a $160 billion in taxpayer funds … Continue reading

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Legislating Away Unpleasant Foreclosures

California’s Attorney General has called for a halt to foreclosures in the state. Such a move would gum up the free market, render housing business less efficient, and make investors less likely to put money into housing. Ahh, but it … Continue reading

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Fannie Mae Wants $4.6 Billion

President Obama’s plan to allow underwater homeowners to refinance their mortgages is only going to further drain government resources to prop up the housing industry. Over the next three years, Congress will be expected to pony up another $100 billion … Continue reading

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What Will Be The Cost To Taxpayers Of The Mortgage Settlement?

The late Nobel prize winner Milton Friedman summed up economics by saying, “There’s no free lunch.” So the Obama administration and state attorney generals extracted $26 billion from the five big banks to settle disputes over improper mortgage foreclosure paperwork … Continue reading

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Increase In Troubled Mortgages

The Dow Jones is near record highs and mortgage interest rates are holding at record lows, yet the percentage of troubled mortgages and the number of foreclosures are both rising. We’ve yet to see any sustainable bump upwards for housing … Continue reading

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After The Bank Foreclosure Deal, Now What?

The foreclosure market has been semi-frozen for the past year as banks negotiated with state and federal government to reach a deal over improper foreclosure paperwork processing. Now the banks have coughed up $26 billion to partially settle the claims … Continue reading

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Key Democrats Push Fannie, Freddie To Write Down Mortgage Principle

Taxpayers have already put out nearly $200 billion to prop up Fannie Mae and Freddie Mac. They are on the hook for hundreds of billions more. Key Democrats are pushing the regulator of Fannie and Freddie to write down mortgage … Continue reading

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Mortgage Relief Plan Close

The Attorney Generals of New York and California are expected to sign on to a major deal between state and federal government representatives and the biggest lenders. In exchange for paying out about $25 billion, the banks will settle claims … Continue reading

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President Obama Extends HAMP For A Year

About one-fifth as many homeowners got help from HAMP as was expected so the Obama administration is extending the program for a year. All these attempts to interfere with the free market only delay the recovery of the housing market. … Continue reading

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