Subject: Foreclosure & Financial Crisis
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The Federal Reserve System is sponsoring a national summit on September 1 and 2 to discuss methods and resources for encouraging neighborhood stabilization in the aftermath of the U.S. home mortgage foreclosure crisis. The forum will showcase findings from Federal…
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Here’s a headline o’ the times, courtesy of The Wall Street Journal though it’s a shame that we were ever in a place where buying a home was anything other than buying a place to live: “Fed’s Hoenig: Mistake To…
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All we can say is “ouch.” Dow Jones reports that Thursday’s hearings held by the House Oversight and Government Reform Committee designed to assess HAMP’s progress resulted in what amounted to a criticism of the changing rules and bureaucratic hurdles…
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Financial regulators proposed yesterday to allow all activities carried out under the auspices of NSP to count toward a lender’s CRA compliance. This would only last as long as NSP is in effect. So, for example, donating foreclosed properties in…
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Housing Wire reported this morning that mortgage giant Fannie Mae has authorized its servicers to reduce mortgage payments or suspend payments altogether for those homeowners affected by the BP oil spill, either by lost wages or damages to property. According…
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Walking away from one’s mortgage, particularly a mortgage that is underwater, has increasingly become a viable option for homeowners who can no longer live by the terms of their mortgage contract—a contract that stipulates that a homeowner pays the monthly…
Residents of Detroit, Cleveland, Memphis, Buffalo are probably surprised to know that they didn’t make 24/7 Wall Street’s list of 13 Housing Markets that Will Never Recover. This is probably just because their housing prices hadn’t risen enough to take…
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The rate of permanent loan modifications for homeowners involved in the government’s Home Affordable Modification Program increased increased in March by roughly 13 percent, or 68,000 modifications, in a sign of positive news for the government program that has, to…
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The National Low Income Housing Coalition (NLIHC) will release its annual Out of Reach report at 11 a.m., ET, today. Speakers will release for 2010 the often-cited Housing Wage, which shows, for every state, metropolitan area and county in the…
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At a March 23 hearing, “The Future of Housing Finance,” conducted by the House Committee on Financial Services, Illinois Republican Judy Biggert criticized HUD’s Office of Federal Housing Enterprise Oversight in its former role as Freddie and Fannie’s safety and…
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The New York Times is reporting a new tack taken by the Obama administration to address the foreclosure crisis, this time acknowledging that some homeowners need to simply get out of their mortgage by way of a short sale, where…
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As President Obama last week headed west to Nevada to promote a $1.5 billion program that would hone in on five states—Nevada, Florida, Michigan, Arizona, and California—hit hardest by the housing bust, concerns for a real overhaul of the Treasury’s…
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When Tishman Speyer Properities and Blackrock announced a few weeks back that they would default on their $3 billion mortgage loan, it looked as though the principal owners of New York City’s sprawling, 11,000-unit Cooper Village and Stuyvesant Town would…
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The administration last week announced changes to its Home Affordable Modification Program (HAMP) after falling short of its goals of staving off foreclosures by way of mortgage modifications, with some saying the program has actually hurt the economic recovery because…
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The New York Times has a pretty good rundown of all the players involved in the collapse of the sale of New York City’s Cooper Village and Stuyvesant Town apartment complexes, replete with this quote: Its the poster child for…
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The Wall Street Journal is reporting that the purchaser of two colossal apartment complexes on Manhattan’s east side, Peter Cooper Village and Stuyvesant Town, has abandoned them to its creditors, after it defaulted on the on the $4.4 billion debt…
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Thinking about walking away from your mortgage because of your underwater mortgage? Stephen Colbert, in his inimitable way, tells us to think again, and to honor mortgage because “your honor was so precious to the banks that they bundled it…
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What used to be dismissed as a bogeyman by real estate professionals is now a reality of unknown capacity: homes that fall into the shadow inventory of foreclosure. The December report from Lending Processing Services indicates that one in every…
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The reconciliation that takes place Thursday mornings at Philadelphia City Hall is not some attempt to further prove that Philadelphia is the City of Brotherly Love, it’s part of a citywide program that allows homeowners in danger of defaulting on…
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Dean Baker, co-director for the Washington, DC-based Center for Economic and Policy Research will present his case in the Winter 2009 issue of Shelterforce for a homeowner’s right to rent in an effort to reduce the impact of the ongoing…
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National Housing Institute
