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 [...]
The US economy is on the verge of tottering. President Obama has asked banks to hike lending. He says that he is flooded with letters from the business houses who are not being able to borrow money for project expansion.
The President observes that the banks have already got a lot of assistance from the government. [...]
08 Jan
Posted by Julia Redstone as Finance
2009 came to be pockmarked with deep dark spots of despair that are fortunately beginning to heal; it remains to be seen how long it will be before the scars disappear into history.
Sale of automobiles dropped to its lowest since the last 26 years. General Motors and Chrysler had to seek bankruptcy protection but they [...]
In last December the policy makers of the Federal Reserve Board expressed divergent opinion about whether to stop or expand relief programmes regarding mortgage rates.
On 15th and 16th December the board held closed door meetings. From the minutes it was learnt that the Federal plan involving $1.25 trillion to purchase mortgage securities from the two [...]
07 Jan
Posted by Julia Redstone as Foreclosure Crisis
There are weak signs that the foreclosure crisis is retreating. The number has fallen again last November marking a trend that has been continuing for the last four months. The banks are appearing to be more amenable by putting in more effort to modify mortgages.
But tucked away in some corners bombs are ticking threatening to [...]
06 Jan
Posted by Julia Redstone as Foreclosure
The economic climate is bad. Homeowners are still guessing about how low the price of their houses would fall.
According to Zillow that tracks the real estate market online, last summer it was observed that those who had bought houses two years previously, when the markets had reached their peak, had the highest numbers of [...]
According to RealtyTrac, 3.9 million foreclosure notices have been sent to Americans. This will mark record filings for the 2nd year in a row. In 2009, the number of filings will surpass the number of 2008. That is primarily because of unemployment. Even price of houses have eroded, which is a major factor plaguing the [...]
05 Jan
Posted by Julia Redstone as Foreclosures
A group of activists tried to contact bank officials but when the latter refused to accept the calls their answer was to barrage their gardens with bullhorns together with plastic sharks numbering thousands.
It worked! A nondescript group in Cleveland has now assisted about 12,774 borrowers to ward off foreclosure from 2005. It has stopped [...]
04 Jan
Posted by Julia Redstone as Foreclosed Houses
In the current drooping real estate market tenants are envied – they do not have to have headaches about financing repairs to the house, dues to be paid to house owners associations or even property taxes. But the off side is that they are throwing away dollars each month without being able to build up [...]
