Pending Home Sales Plummet 7.6 Percent In January
The number of buyers who agreed to purchase a home fell sharply in January, a sign that demand for housing is sinking this winter as stormy weather slammed Eastern states.
Fannie Mae Posts 4Q Loss, Wants $15.3 Billion In Additional Government Aid
Fannie Mae needs another $15 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned its losses will continue this year.
The rescue of Fannie Mae and sister company Freddie Mac is turning out to be one of the most expensive aftereffects of the financial meltdown. The new request means the total bill for the duo will top $126 billion.
And the pain isn't over. Fannie warned Friday that it will need even more money from the Treasury, as unemployment remains high and millions of Americans lose their homes through foreclosure.
via Fannie Mae Posts 4Q Loss, Wants $15.3 Billion In Additional Government Aid.
Short-Sale Program Will Pay Homeowners to Sell at a Loss – NYTimes.com
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
via Short-Sale Program Will Pay Homeowners to Sell at a Loss – NYTimes.com.
Obama Administration Floats Idea To Ban All Foreclosures Until Government Review
The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government's Home Affordable Modification Program.
via Obama Administration Floats Idea To Ban All Foreclosures Until Government Review.
Financial Scams, Foreclosure Scams, and How To Avoid Them While Protecting Yourself From Shady Bill Collectors
How you can tell if a settlement offer is valid
1. Agree on the terms and conditions
2. Ask the company to mail you a signed copy of the settlement offer
3. If they say you must make a decision right now, tell them to fax the offer to you instead
4. Tell them you will not agree on the phone, but will return a copy of their signed settlement offer to them, with your signature, by registered mail
No shame in foreclosure!
I like the bulldozer story! Makes me want to go to RSC today and rent one! I could take down all four of the buildings on our property! I think the what the banks are doing criminal! With more and more information coming out someone has to stop this mess!
Our house is scheduled to go to “auction” on June 15, 2010 at the Deschutes County Court House. Now I went and watched a few of those auctions. It appeared to me the guys who were bidding were all from out of state. hum… Do you think the banks are buying back the houses from their own auctions?
Seems when things are down greed takes over and “people” look at our loss as their gain. Who cares about the people in the homes; we are going to make money!!! So much for the great American public joining forces.
How many homes could we have saved if we were texting to donate $10 to save peoples homes? Can you believe there are still individuals out there who believe people in foreclosure have done this to themselves.
We purposely bought too much house in 2006 when we were making six figures and then we gave up half of our investments and deliberately ruin the economy just to get out of our house that we had our own money in! Right and I am a vampire. That is how likely it is that the American middle class did this instead of the huge Wall Street Corporate greed monster.
There is no shame in foreclosure. Why keep your house if it will take you decades to break even what is owned and the bank keeps raising the principal with each missed or lowered payment? Don’t keep it! Don’t spend everything you have to stay in it just to loose it. The economy isn’t turning around that fast. The next six months are going to tell a lot about the “recovery” we are in.
Talk to an attorney in your state who is local. Don’t get scammed by “too good to be true” offers by companies or individuals. Stick with people you can trust.
We are even getting letters from Realtors wanting to help us short sale our house. Like I would trust them to make sure a short sale document from the bank was in our best interest. NOT, they have a vested interest in making money on the deal. HIRE AN ATTORNEY!
DO NO SIGN ANYTHING~ NOT EVEN THE “TRAIL” PAYMENT DOCUMENTS WITHOUT AN ATTORNEY READING THEM!!!
Am I clear? Do not sign anything with out an attorney reading it for you! It’s worth the $150 not to get stuck in a contract where you give up your rights.
That’s all for now! Have a great day. And remember: You are not what you own! Your value is inside and those who really care see it.
Terry Hoskins: Ohio Man Bulldozes $350K Home To Avoid Foreclosure
An Ohio man says he bulldozed his $350,000 home to keep a bank from foreclosing on it.
via Terry Hoskins: Ohio Man Bulldozes $350K Home To Avoid Foreclosure.
Consumer Complaints Soar On Mortgage ‘Rescue’ Schemes (VIDEO)
As many Americans sank deeper into financial trouble last year, a record number reported that they fell victim to schemes seeking to profit from their misfortune, according to a federal report released Wednesday.
via Consumer Complaints Soar On Mortgage ‘Rescue’ Schemes (VIDEO).
UnHAMPered | The New Republic
UnHAMPered | The New Republic.
The government response to the financial crisis has been a spectacular success for the financial industry. Big banks are now solvent—on paper at least—and have returned to paying bonuses that strike most Americans as, well, vulgar. Their recovery stands in sharp contrast to the millions still trapped in mortgages that they cannot afford.
