Tag Archives: home foreclosures

Household Debt Falls

Two-thirds of the 4% decline in household debt since the recession hit in 2007 has come from home foreclosures. People have walked away from ownership of assets such as homes they could no longer afford. Here’s more: Well $363 billion … Continue reading

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How Much Will Foreclosures Cost Banks In 2011?

Experts expect tens of thousands of home foreclosures in 2011 as home prices dip 15% and more homeowners go underwater (owe more on their mortgage than their home is worth). The most vulnerable banks to foreclosure losses are Bank of … Continue reading

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Free money for mortgage payments!

Is this a scam! Not always! Not in Oregon. Oregon has a mortgage modification program that offers homeowners up to $20,000, but few people are applying because they figure it is just a scam. Here’s a report from Oregon: “There … Continue reading

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Mortgage-Backed Securities

Until 2006, the mortgage business was the most reliable business in America for more than a hundred years. Then it all went to hell. Stocks and bonds and banks backed by mortgages suffered huge losses. The NYT reports: While much … Continue reading

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Why Is The Mortgage Default Rate So Low?

About 11 million American households are underwater on their mortgage. So why don’t more Americans walk away? That’s the theme of about a dozen articles in the New York Times over the past month. There’s been a lot of rhetoric … Continue reading

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Making Home Affordable Program Eases Up On Paperwork Requirements

President Obama came out with his Making Home Affordable program. It’s designed to help people struggling with their mortgage payments to modify their mortgages into something more affordable. There’s a big federal and state government push to reduce mortgage defaults. … Continue reading

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Finding Home Loans

Jack Cummings writes in his book on Real Estate Financing: Insurance companies are a good source for funds. Unless you are a major borrower (more than $1 million), it is unlikely you will get a loan directly placed with an … Continue reading

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Buying A Second Mortgage

From the book Foreclosure Myths: You can often buy a second mortgage directly from the lien holder for less than you can purchase it an auction (since it may be virtually worthless after the foreclosure sale). Remind the lien holder … Continue reading

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Building Up The Federal Housing Administration

Here are some options: The FDIC could guarantee home mortgages in exchange for banks giving lower interest rates and adjusting troubled loan deals. Servicers could be paid to change loan terms. Use Fannie Mae/Freddie Mac to reduce foreclosures. Michael Barr … Continue reading

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Options For Reducing Foreclosures

FDIC’s Sheila Bair offered a plan Thursday for banks to reduce interest rates on certain mortgages and in exchange, the FDIC would guarantee certain mortgages. The U.S. Treasury has not rushed to help homeowners struggling to pay their mortgages. BloggingStocks … Continue reading

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