New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure.
Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards for [...]
3 roadblocks to Obama’s mortgage rescue
NEW YORK (CNNMoney.com) — Loan servicers are overwhelmed by the flood of applications. Mortgage investors are angry about a congressional bill prohibiting them from suing servicers that modify loans. Foreclosures are rising as unemployment soars.
Nearly three months after President Obama first announced his $75 billion mortgage rescue effort, his administration is still refining the program [...]
Slow Start to U.S. Plan for Modifying Mortgages
The Obama administration’s plan to help millions of troubled homeowners avoid foreclosure by reducing the size of their mortgage payments is just getting off the ground.
Homeowners protested foreclosures in Elmont, N.Y., last month. The federal mortgage modification plan would help those who owe more on their homes than the homes are worth.
So far, two months [...]
Executive Calls ’30s Housing Solutions Superior
A former Fannie Mae executive has deemed Depression-era efforts to modify ailing mortgages more successful than those being used in the current housing crisis. The executive, Edward J. Pinto, who was Fannie’s chief credit officer in the late 1980s, argues in a paper prepared for a research group that current modification efforts by the [...]
Read Full Post | Make a Comment ( 1 so far )The Housing Crisis and a Fight-Back Program
The current economic crisis has been building for years. At its root is the massive elimination of decent-paying jobs and lowering of wages in the U.S. and worldwide, a phenomenon explained and analyzed so well in the party’s newest book, “Low-Wage Capitalism.”
The capitalist class was able to delay the inevitable economic collapse in significant part [...]
Southern California saw unit sales rise while prices dropped.
Inland home sales continued to rise amid falling prices in July as bargain hunters locally and throughout Southern California bought up foreclosure properties in affordable neighborhoods, research firm DataQuick Information Systems reported Monday.
While the number of resale homes sold rose almost 50 percent in Riverside County and 25 percent in San Bernardino County, median prices [...]
