Bank of America has at last repaid the $45 billion it had taken from the taxpayers. There are rumors coming from Washington about a swath of new regulations. This has prompted the bank to put in more teeth into its lobbying tactics starting from the close of 2009.
Bank of America spent in all $3.6 million [...]
28 Jan
Posted by Julia Redstone as Finance
New York City in its attempt to save housing threatened by investors has started off a new programme to save rented apartments belonging to the modest category. These were badly impaled by private equity companies during the time of the boom and then allowed to crumble and be foreclosed upon when borrowers failed to make [...]
26 Jan
Posted by Julia Redstone as Finance
There are genuine fears that inflation at a galloping rate is just waiting to pounce. The economy of USA is indicating some of the classic symptoms that precede inflation of the worst type.
A basic principle of economics is that prices go up when the government prints too much money; to put it simply – when [...]
Here is an interesting trend. Most regions in the US witnessed foreclosures last year except for New Jersey and Pennsylvania. According to RealtyTrac, at least one out of 45 houses was foreclosed, making the total percentage 2.21 per cent.
In fact, foreclosure notices went up from1.03 per cent in ’07 to 1.84 per cent in ’08. [...]
The Treasury Department has acknowledged that the Obama government’s plan to help at least 50 per cent of homeowners is yet to be launched. It may be pointed out here that the Federal government, in an effort to stem foreclosures, has come up with the Making Home Affordable Program.
As part of this program, loans [...]
20 Jan
Posted by Julia Redstone as Finance
The representatives of some of the big banks of Wall Street admitted that some of their activities were “improper”. They pleaded that they could not gauge ahead the severity of the financial crisis and were sorry for the mistakes. They were speaking before a commission set up by the Congress to get to the roots [...]
15 Jan
Posted by Julia Redstone as Foreclosure
One of the developers in Tampa is 52 year old Larry Pioli who lives in the swank area of New Tampa’s Grand Hampton. He has been in this line for a good number of years and has personally invested in three properties. Two have slipped into foreclosure. Pioli has been pointing the finger at others [...]
13 Jan
Posted by Julia Redstone as Foreclosure
The ten years of the first decade of the 21st century (2000 to 2009) has been stained by a series of investment bubbles. It kicked off with the dot.com bubble and came to a close with foreclosures and oil dominating the decade. It looks like the first year of the next decade will be the [...]
11 Jan
Posted by Julia Redstone as Mortgage
One person can be blamed for bursting the bubble – Lloyd Varma. He defaulted on 20 mortgages for 10 properties in Queens.
Only 3 years previously Varma appeared to be an ordinary citizen displaying no opulence for the outsider. But he managed to persuade 10 banks to grant him 20 mortgages to purchase 10 houses stretched [...]
10 Jan
Posted by Julia Redstone as Finance
In Redwood City – the suburbs of San Francisco, Giuseppa Bagnarol had built a retreat comprising of a complex of three houses cascading down the hillside. On the night before her death at the age of 82 she was served a foreclosure notice asking her and her family to get out.
Her daughter Carolina Bagnarol has [...]
