News About Government Repo Homes
With foreclosures persisting, it does not seem that the real estate market will rebound until 2013. Even then the increase will be modest compared to the decimation of the market since the crash. From 2016 it might go up by 3% annually.
Chicago City Sued by FHFA for Enforcing Law That Mandates Lenders to Maintain Foreclosed Properties or Pay Heavy Penalties
FHFA, the regulator of Fannie Mae and Freddie Mac has brought a lawsuit against Chicago City for issuing an ordinance that has made the lenders responsible for maintenance of vacant properties. They have also been asked to register the units by paying fees. There is fear that this ordinance would be repeated in other states.
In Pittsburgh, the number of foreclosures has decreased. The plummeting numbers may paint a very rosy picture that the economy is bouncing back. However, there may be a completely different reason behind that. Experts say that the local and federal governments are encouraging mortgage lenders to modify loans. Creditors too are working while people are availing of unemployment benefits.
After the eviction of OWS from Zuccotti Park the protestors have got themselves more organized and set up office close to New York Stock Exchange in the heart of the financial zone of Manhattan. They operate in cramped quarters, conferring and organizing while keeping in touch with other Occupy members across America.
The attorney general of Nevada said two officers have been hauled up on 600 charges for directing a “robo-signing” system. Subsequently, many thousands of documents have been signed leading to the loss of innumerable homes unjustifiably. From 2005 to 2008, Sheppard and Trafford directed their employees to sign on foreclosure papers and to notarize these forged signatures.
Although legal experts say there is nothing wrong for underwater to walk away there are many who are held back by emotional and moral constraints. It does not harm credit scores in a big way as previously thought. Moreover it is better than enduring foreclosure as the borrower can recover within a year or maximum two.
The veterans returning home since 9/11 are having a tough time adjusting to civilian life. Transition courses could not fully bridge the gap. The tanking of the economy made things worse as their military skills and certificates did not get due recognition anymore.
Freddie Mac has asked for an additional financial aid of $6 billion to make up for the loss that it has posted in the last quarter. Taxpayers have already spent around $169 billion to save Freddie and Fannie. The chief of Freddie argued that homeowners are now refinancing at low rates and this may help them but the agency is running losses.
Dog-Lady Explains That She Rescues the Dogs That are Facing an Uncertain Future in These Troubled Times Wrecked by the Foreclosure Crisis
Ironically dogs in trouble in these troubled times has brought back meaning to a septuagenarian great-grandmother in Oakley who cares for innumerable dogs in her own home. She has teamed up with HOLA to see to their secure future. Caring for the jobs has kept her alive – she claims.
Romney’s comments regarding allowing foreclosures to touch the bottom have draw flak from many quarters. Experts feel that the economic situation is more complicated than defense or foreign affairs. It seems the housing segment will continue to be weak till 2012 November elections.