Posts Tagged ‘foreclosures’

“By the time the Senate returns next Monday from its July 4 recess, some 55,000 more homes will have entered foreclosure. And that’s hardly the full picture of the growing calamity. More than three million homeowners are currently at risk of default and millions more are expected to join them in the coming year as [...]

Here are the blog posts I starred in Google Reader last week. (If you use Google Reader, you can subscribe to my shared items.)

The Alphonso Jackson Legacy. Mark Ireland comments on the Washington Post’s look at the legacy of HUD chief (and Bush appointee) Alphonso Jackson. While Jackson oversaw the government body in charge of [...]

Surprise Surprise . . . mortgage rescue scams on the rise!!! Beware of anyone offering to rescue your home from foreclosure. If you are tempted, find a consumer lawyer to review the deal prior to closing.

Looks like YouWalkAway.com was one of those “right place, right time” startups. Bloomberg reports that foreclosures are skyrocketing as more and more homeowners just give up. Mortgages are secured loans, after all. Banks just never counted on having to accept the collateral instead of the payback. [via Consumerist]

More news than I can keep up with lately. Here are a few choice tidbits:

‘Zombie debt’: When collectors haunt you (Newsday)
Fed’s Rate Cuts Bring No Relief For Consumers’ Credit Card Bills (Washington Post)
Killer Credit (In These Times)
Suit Alleges Widespread Fraudulent Legal-Aid Scheme (WSJ Law Blog)
Major lenders put freeze on foreclosures (CNN/Money)

In Part 1 and Part 3, Sarah Ludwig and Herman De Jesus discuss the foreclosure crisis in New York City. De Jesus points out that subprime loans are the only loans available in many minority neighborhoods.
Part 2 features Nerida Soto-Cuccia, an ordinary, well-educated, middle-class homeowner who landed in foreclosure as a result of a subprime [...]