lenders: Over 6,600 Home Foreclosure Filings Per Day
- 10/09/09 05:04 AM
Over 6,600 Home Foreclosure Filings Per Day According to this REUTERS article, Foreclosures mark pace of enduring U.S. housing crisis, in the US there is a foreclosure every 13 seconds which translates into "more than 6,600 home foreclosure filings per day, according to the Center for Responsible Lending, a nonpartisan watchdog group based in Durham, North Carolina. With nearly two million already this year, the flood of foreclosures shows no sign of abating any time soon." According to the article, "the country's worst housing downturn since record-keeping began in the late 19th century may only get worse since foreclosures, which started … (0 comments)
lenders: Forbearance: A New Plan for Temporary Mortgage Payment Relief
- 10/06/09 08:00 AM
Forbearance: A New Plan for Temporary Mortgage Payment Relief According to this New York Times article, A Plan for Forbearance, due to continuing high unemployment "federal regulators are intensifying efforts to curb the effects of job losses or underemployment before they fuel another wave of home foreclosures. The Federal Deposit Insurance Corporation (FDIC), which protects consumer deposits when banks fail, recently recommended that lenders provide certain borrowers with a temporary respite from mortgage payments, or a forbearance. That relief would last up to six months, and sometimes longer, as the lenders work on long-term loan modifications." This new forbearance plan was … (2 comments)
lenders: Prime Mortgages Make Up One Third of Foreclosure Actions
- 09/26/09 04:58 AM
According to this Forbes.com article, Prime Mortgages Are Failing, between April and June of 2009 13% of all homeowners in the United States were either behind on their mortgage payments, or in foreclosure. If that is not bad enough news, the article goes on to state that while subprime (sub prime) ARM loan defaults decreased, the decrease was offset by large a large increase in the number of delinquent prime mortgages (that is mortgages to the most credit worthy borrowers who actually invested down payments, had verifiable jobs and excellent credit). The article quotes Jay Brinkmann, chief economist of the Mortgage … (4 comments)
lenders: My Thoughts on the "Doomed" Housing Market: Listen When "Dr. Doom" Speaks
- 09/15/09 03:32 PM
According to this CNBC article, US Economy Facing 'Death by a Thousand Cuts': Roubini, Nouriel Roubini says "more banks will fail and residential real estate prices have more room to decline." According to Roubini, the economy faces a real threat of a "double dip" recession due to the severely damaged financial system and a lack of consumer spending. Roubini says "the securitization market is all but dead, the credit markets are still frozen and consumers will continue to save more rather than spend and boost growth." He predicts that by the time this financial and economic crisis is all over the … (2 comments)
Over 6,600 Home Foreclosure Filings Per Day According to this REUTERS article, Foreclosures mark pace of enduring U.S. housing crisis, in the US there is a foreclosure every 13 seconds which translates into "more than 6,600 home foreclosure filings per day, according to the Center for Responsible Lending, a nonpartisan watchdog group based in Durham, North Carolina. With nearly two million already this year, the flood of foreclosures shows no sign of abating any time soon." According to the article, "the country's worst housing downturn since record-keeping began in the late 19th century may only get worse since foreclosures, which started … (0 comments)
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