Downtown Detroit is home to one of the worst housing markets in the country, as prices of homes have collapsed and foreclosures have soared in the city’s depressed economy.
As Mitt Romney officially claimed the Republican Party nomination for president this week in Tampa, police there warned protesters against squatting in vacant houses that dot the area. Foreclosures recently spiked again in the Tampa region, where homes have shed half their value since the housing market crashed.Click to continue
The interest rate at the center of a British banking scandal is little-known outside the financial industry but provides the architecture for trillions of dollars in contracts around the world, including mortgages.
The rate is called LIBOR, short for London interbank overnight rate. A British banking trade group sets it every morning after international banks submit estimates of what it costs them to borrow money...
California will become the first state to write into law much of the national mortgage settlement negotiated this year with the nation's top five banks, and expand it to all mortgages, under wide-ranging legislation approved by state lawmakers on Monday.
Majority Democrats sent the homeowner protection package to Gov. Jerry Brown despite opposition from business and lending organizations and most Republican legislators...
“Jamie Dimon gets kid-glove treatment from Senators,” the front-page headline in Politico screamed after the JPMorgan Chase CEO testified and was questioned by the Senate Banking Committee late last week.
Fast forward to this week. Politico's Kate Nocera and other Beltway scolds are warning the House Financial Services Committee not to give Dimon such “kid glove” treatment when he testifies in the other chamber Tuesday...
This weekend on the Huckabee show on Fox, National Mortgage Professional Magazine columnist David Lykken was interviewed by Mike Huckabee. Watch the video below:
...predicted to rise to more than 40% of home sales will be foreclosures...
...I believe that this industry has tried so hard to do things right. We are suffering from a volume issue...
...The average loan isn't delinquent by 30, 60, 90 days...The average across the country is 480 days delinquent...Click to continue
The jobs crisis is putting more Americans at risk of losing their homes.
One in 10 households is facing foreclosure, and more than 2 million homes have been repossessed since the recession began. Few expect the outlook to improve until companies start to hire steadily again and layoffs ease.
And while there was some good news Thursday — a modest decrease in the number of Americans filing for jobless benefits for the first time in a month — the figure is still too high to bring down the unemployment rate.
So the housing crisis goes on.Click to continue
The 2,315 page Dodd-Frank financial regulation bill that passed the Senate 60-39 on Thursday and will be signed by President Obama next week should not be called "financial reform."
Instead, it should be called what for what it is: pages and pages of massively costly, counterproductive and possibly unconstitutional mandates on nearly every type of business except for those government-sponsored enterprises at the root of the crisis.Click to continue