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Foreclosure Articles

Posted on February 13   By MLP Blog
The subprime crisis is reaching critical mass. A record number of foreclosure notices swept across the country this spring, another sign of the subprime disaster's growing intensity. What's all the more frightening is that this landmark April-to-June quarter marks the third straight quarter that a new record has been set. Foreclosure notices were at 0.65 percent in that latest quarter, up from 0.58 in the January-March stretch that started this year, according to a report released this wee.... Read More...
Posted on February 13   By MLP Blog
Casualties continue to mount as the subprime crisis rakes the housing market. Mortgage applications plummeted last week, according to the Mortgage Bankers Association. The drop is indicative of growing unrest in the housing market, as rising interest rates, stricter lending guidelines and the subprime bubble continue to affect prospective homeowners. Applications to buy homes dropped 3 percent and mortgage application volume fell 3.4 percent the week ending June 15, according to the MBA Market C.... Read More...
Posted on February 13   By MLP Blog
Democrat Charles Schumer introduces proposals to tame the ‘Wild West’ of sub-prime lending. WASHINGTON — In a bid to stop a wave of foreclosures, Sen. Charles E. Schumer (D-N.Y.) on Thursday urged Congress to approve $300 million for counseling and outreach efforts to help beleaguered borrowers hold onto their homes through refinancing deals and other financial strategies that would require cooperation from private lenders. Schumer also proposed legislation to hold mortgage bro.... Read More...
Posted on February 13   By MLP Blog
NEW YORK (AP) - As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose. EMC Mortgage Corp., specialist with a $78 billion portfolio of subprime loans - for homeowners with weak credit - this week launched a 50-person team it calls "the Mod Squad." Members will spend an unlimited time on the phone with troubled borrowers, sifting through their bills .... Read More...
Posted on February 13   By MLP Blog
WASHINGTON: Amid new signs that the housing slump is worsening, Senate Democrats are saying that hundreds of millions of dollars of new federal aid may be needed to assist homeowners at risk of foreclosure. The call Wednesday for federal involvement from Charles Shumer, a Democrat from New York and chairman of the Joint Economic Committee, came on the same day the National Association of Realtors issued a forecast that the median price for existing homes would decline for the first time since 19.... Read More...
Posted on February 13   By MLP Blog
Study: 1.1 million more mortgage defaults expected over next 6 years. About 1.1 million additional home foreclosures are expected over the next six years as adjustable-rate mortgages – which made home buying more affordable to U.S. buyers in recent years – reset to higher payments, according to a study by research firm First American CoreLogic. The expected $112 billion in losses won't break the mortgage industry but will inflict pain on lenders and borrowers affected by the default.... Read More...
Posted on February 13   By MLP Blog
The Mortgage Bankers Association (MBA) quarterly delinquency report is jammed full of information reported from dozens of different perspectives – all loans, prime, subprime, government guaranteed and not, national, regional, and by state, and by several different categories of delinquency. The information is important (witness the stock market reaction on Tuesday) and interesting but can be tough to read and understand. First, the report cuts data into several categories of.... Read More...
Posted on February 13   By MLP Blog
I am working on a new research project involving foreclosures in the sub-prime market. I keep coming across some really intriguing data sets. Courtesy of a RealtyTrac, below is a “Heatmap,” showing the foreclosure filings on a per capita basis. The Redder the state, the more per capita filings there are. Kinda surprising the way the concentration shakes out, ain’t it? Colorado leads the nation, followed by Nevada, with Texas and Florida not too far behind. > Real Estate Foreclo.... Read More...
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