Foreclosure Crisis Update: Underwater Homeowners Reach 7.5 Million!

Reports show that the number of underwater homeowners is now 7.5 million and is alarmingly growing because owing more than the actual worth of the house is typically the first step to foreclosure. "Aside from this figure, about 2.1 million are also over the edge — that is...

JP Morgan Chase Holds Foreclosures

JPMorgan Chase has stepped up its foreclosure help efforts as it announced last 31st of October its plan to address the foreclosure problem being experienced by the nation through freezing foreclosures for the coming two months and restructuring loans."The report of Business...

Condos in Foreclosure Create Problems for the Association

In the last couple of years, the housing industry has been in very bad shape — thanks primarily to the growing number of foreclosed properties including condo units. For this reason, many condo associations are having problems involving fee collection. "National...

Obama/Biden: When the Judge Becomes Your Mortgage Broker

Obama/Biden: When the Judge Becomes Your Mortgage Broker By: Bill Hitchcock From the Palin/Biden Vice Presidential debates on October 2, 2008 Biden:”Number two, with regard to bankruptcy now, Gwen, what we should be doing now — and Barack Obama and I support it — we...

Financial Weapons Of Mass Destruction

"Financial Weapons Of Mass Destruction photo credit: laffy4k New York Times called the possibility of an AIG liquidation “as close to an extinction-level event as the financial markets have seen since the Great Depression.” We keep hearing that the current...

jaw dropping

"WASHINGTON (AP) -- Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering...

Gap Between Prime and Subprime Foreclosures Narrowing

The foreclosure crisis, which hit the subprime industry at the beginning of 2006, has now crossed-over to the prime mortgages. As the non-profit alliance HOPE NOW reported that for the month of July, about 105,000 of the 197,000 foreclosure filings originated from prime...

Los Angeles Foreclosure Homes- Down so Long, Seems Like Up?

The country’s most populous state could very well be the first to hit the lowest point of the existing mortgage sector crisis. As values continued to rise in the first five years on the century, California saw an increasing number of sub-prime loans originate. The Center...

Wealthy Struggle in US Credit Crisis

With news announced that American house prices have plunged by up to 15% in the subprime crisis, it has been revealed that America's wealthy are beginning to feel the pinch, struggling with their mortgages and credit card bills, with lenders tightening their lending...