Foreclosure Crisis

Source: www.msnbc.msn.com --- 14 hours ago
By the time deputies came to escort Addie Polk out of her home of 38 years, the 90-year-old had taken out her life insurance policy and placed it next to her pocketbook and keys in the neatly kept house. ...

Source: news.yahoo.com --- 16 hours ago
AP - She shot herself in the chest Oct. 1 before she could be taken away from the foreclosed house, which was worth less than its mortgage from the day she took out the loan. ...

Source: www.propeller.com --- 1 day ago
In the middle of the raging Foreclosure Crisis the biggest coup by the rich is taking place, said Michael Moore. Here no guns are being ... ...

Source: www.mcall.com --- 3 hours ago
As deputies came to escort Addie Polk out of her home of 38 years, the 90-year-old had taken out her life insurance policy and placed it next to her pocketbook and keys in the neatly kept house. ...

Source: abclocal.go.com --- 1 day ago
Some Cook County residents concerned about the Foreclosure Crisis attended a Mortgage Foreclosure Summit on the South Side Saturday. ...

Source: www.palmbeachpost.com --- 1 day ago
Real estate investor Donill Kenney is trying to be part of the solution to the Foreclosure Crisis. ...

Source: www.economy.com --- 1 day ago
A Foreclosure tax could correct the problem that precipitated the Crisis. ...

Source: raymondpward.typepad.com --- 6 hours ago
Let’s say you’re a tenant who pays the rent on time. Unfortunately, your landlord defaults on the mortgage. Result: the bank forecloses and you are evicted. Or not, if you live in Cook County, Illinois. The Trib reports:As the nationwide mortgage Crisis puts the squeeze on homeowners, the Cook County sheriff's office is on pace to evict more people than ever from foreclosed homes. At least it was until Wednesday, when Sheriff Tom Dart announced he wouldn't do it anymore. Dart cited the growing number of evictions that involve rent-paying tenants who suddenly learn their building is in Foreclosure because the landlord neglected to pay the mortgage. By refusing to do any Foreclosure-related evictions, the hope is that banks will change their policies....See also the Sun-Times story. Hat tip to God’s Politics. ...

Source: npach.org --- 12 hours ago
The U.S. economy is in turmoil. Earlier this year, Bear Stearns received a massive federal government subsidy, in order to facilitate a fire sale. In recent weeks, the government has taken over Fannie Mae and Freddie Mac, and seized control of AIG. Foreclosures continue to rise, and the stock market is volatile. Now, federal officials and congressional leadership are discussing a Wall Street bailout that could cost U.S. taxpayers up to $700 billion. In these troubled times, as Congress acts to protect the safety and soundness our of financial system, we must not forget that the cause of our current problems is the mortgage and Foreclosure Crisis. While the impact may be felt across many sectors of the economy, what we have is at its heart a housing problem – one which demands housing-related solutions . HUD recently declared that homelessness was down, a statement reported breathlessly by far too many in the media. Despite this government spin, cities across the country have been reporting a huge influx in homelessness due to foreclosures and a declining economy . Last week, a HUD spokesman acknowledged that their numbers predated the Foreclosure Crisis, and that the agency has no idea of how rising foreclosures are actually affecting homelessness, terming it “a great question,” and stating that “we’re still trying to get to that.” We understand the vulnerable position so many families are in – a recent report tells us that over 2 mi ...

Source: www.thebrickranch.com --- 8 hours ago
Dayton gets a kinda sorta bailout. The Dayton BizJournal reports: The greater Dayton area will receive about $20 million from the federal government to stabilize neighborhoods and stave off the housing Crisis pains and abandoned houses. The U.S. Department of Housing and Urban Development is awarding $6 million in grant dollars to Montgomery County, where the Foreclosure rate is 6.5 [...] ...

Source: americans-away-from-home.com --- 1 day ago
" How we will emerge from this Crisis is not yet known. But we know how we got into it. The question — which is about to be put to the voters in November — is whether the nation will learn from its mistakes, or whether the deregulatory, anti-government ethos of the last several decades will be alllowed to reassert itself when the economy begins to recover." Asked by the editorial board of the New York Times, this question is haunting. Yet still more chlling is: "At last count, 12 million homeowners had zero or negative equity in their homes. Millions are in some stage of Foreclosure. Retirement and other savings, for those Americans who have them, are being decimated, and unemployment is rising. Consumers are recoiling, an understandable reaction, but one that will reinforce the downward economic trend. There surely are more economic shocks in store, among them, corporate defaults and state-government budget emergencies" Comments on the Bailout, anyone?  ( NY Times Editorial here ). Carole ...

Source: blog.lawforlife.com --- 7 hours ago
This article, from GetRichSlowly.org  does a great job at demonstrating how the current economy is affecting the average person. Drama in Real Life: Foreclosure! By:  J.D. Roth of GetRichSlowly.org Most of the time, the talk about the housing bubble and the credit Crisis and the faltering U.S. economy seem rather abstract to me, as if people were discussing a problem in Canada or Mexico. Or Norway. I've spent the past four years focused on my own financial situation, ignoring the outside world. The national economy often seems remote from my own personal economy. But there are millions of average people who have been affected by this country's fiscal woes. My little brother, Tony, is one of those average people. He's in dire financial straits. In 2004, Tony bought a house in Portland for $415,000. In 2006, he got a new job in central Oregon, so he moved his family to Bend. He put the Portland house on the market. He intended to rent a place in Bend until his existing home sold, but they he found a house he liked. He applied for a loan and was approved. He bought the house. The house in Portland never sold. For the past two years, Tony has been making $5200 in mortgage payments every month. Or, lately, not making the payments. He ran out of money long ago. Tony agreed to let me interview him yesterday in order to share his story with other GRS readers. Note: Tony knows he made some poor choices, and he blames himself for his current p ...

Source: www.detroitgreens.org --- 1 hour ago
by Cynthia McKinney September 25, 2008 Last week, I posted ten points (that were by no means exhaustive) for Congressional action immediately in the wake of the financial Crisis now gripping our country. At that time, the Democratic leadership of Congress was prepared to adjourn the current legislative Session to campaign, without taking any action at all to put policies in place that protect U.S. taxpayers and the global community that has accepted U.S. financial leadership. Those ten points, to be taken in conjunction with the Power to the People Committee's platform available on the campaign website at ( http://votetruth08.com/index.php/resources/campaignplatform ), are as follows: 1. Enactment of a Foreclosure moratorium now before the next phase of ARM interest rate increases take effect; 2. elimination of all ARM mortgages and their renegotiation into 30- or 40-year loans; 3. establishment of new mortgage lending practices to end predatory and discriminatory practices; 4. establishment of criteria and construction goals for affordable housing; 5. redefinition of credit and regulation of the credit industry so that discriminatory practices are completely eliminated; 6. full funding for initiatives that eliminate racial and ethnic disparities in home ownership; 7. recognition of shelter as a right according to the United Nations Declaration of Human Rights to which the U.S. is a signatory so that no one sleeps on U.S. streets; 8. ...

Source: blog.totalbankruptcy.com --- 9 hours ago
Tent cities are popping up all around the country as the economy worsens, more jobs are lost and the mortgage Foreclosure Crisis continues. ...

Source: www.foreclosurelistingsblog.com --- 1 hour ago
Due to the rising housing Crisis so many families are facing the problem of Foreclosure. As so many families are dealing with Foreclosure so many people seek the government to help them to stop Foreclosure. But there are some government agencies that help distressed homeowners in stopping foreclosures The Department of Housing and Urban Development) The department [...] ...