Mortgage Foreclosure News
Foreclosure rates across the country are soaring, and that means a steady flow of new information, statistics, court decisions, legal actions, and possibly even new legislation relating to the mortgage industry and mortgage foreclosures. This page is continually updated with the latest information about foreclosure trends, the impact on property values in your area, legal decisions that may impact your own mortgage foreclosure situation, and more.
Nevada Senator Calls for Renewable Energy in Housing Bill
Nevada Senator John Ensign (R) has raised a fuss that may be delaying the housing bill being considered in the Senate currently. The bill is Congress' most comprehensive and ambitious response to the housing crisis, offering the chance for nearly 400,000 homeowners to trade mortgages with skyrocketing interest rates for fixed-rate packages with government-backed loans.
Detroit Foreclosures Become Farmland
The strategies for dealing with a foreclosure on an individual basis are often little understood; yet, an even less understood phenomenon is how neighborhoods deal with a rash of foreclosures. Of course, abandoned homes that are untended start to reflect poorly on a neighborhood if enough of them accumulate. A glut of foreclosed homes can even begin to lower property values in a neighborhood. According to an NPR report, a group in Detroit called Urban Farming is taking a new approach to abandoned properties by tilling and planting the unused land, turning the spaces into urban gardens for food products. The group has worked with Wayne County to recycle, in effect, 20 plots in a pilot program that could expand if all goes as expected.
New Century Signed Contracts Limiting Number of "Bad Loan" Rejections
An NPR report on the mortgage crisis detailed how investment banks willingly and knowingly accepted bad loans--to the extent that they had hard numbers on what to accept and what to reject. Economist Dean Baker has the gory details: According to its report, one investment bank had a contract with New Century, a leading issuer of subprime debt, that it would reject no more than 2.5 percent of its loans. Of course, such a contract would be an invitation to submit bad loans.
Consumer Credit Skyrockets in March
The tough outlook for the economy has made many consumers feel the ill effects and caused them to make many changes in their day-to-day life. But according to new figures made available, via Bloomberg.com, many aren't quite ready to give up the affluent lifestyles to which they have grown accustomed.
Another Unintended Consequence of the Foreclosure Crisis
The San Jose Mercury News is reporting that local health officials are worried about the potential for disease epidemics like West Nile Virus carried by mosquitoes. And where would mosquitoes carrying the deadly disease be likely to breed in record numbers? The swimming pools of foreclosed homes.