From the monthly archives:
A new report released by S&P Case/Shiller Home Price Index showed an average 11 percent decline in 20 key markets. Such new record low has further deepened the housing market crisis but experts were not at all surprised.
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Last February, the foreclosures rate in California dropped considerably compared to last month’s records. This included a 7.6 percent drop in Notices of Default, 15 percent drop in Foreclosures at Auctions and 20 percent decrease in Notices of Trustee Sale.
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Although foreclosure activity actually fell by about 4% nationwide during February, Florida continues to experience one of the most dramatic bank foreclosures surges in the country, with rates rising nearly 8% in the second month of 2008.
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To combat and somehow slow down the growing problem in the mortgage industry, a new foreclosure rescue plan was launched in Washington.
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The city of Pittsburgh, Pennsylvania, has taken steps to help homeowners fight the rising trends in foreclosure listings and repossessions by lenders by pledging to provide more assistance to homeowners in need. Pittsburgh, which has experienced significant foreclosure activity over the past few years, is holding steady at a rate of having 1in every 140 homes in some stage of the foreclosure process, and following the lead of other cities and states, officials have taken it upon themselves to do something about the problem.
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Fraud allegations made against the Countrywide Financial Corporation brought the Federal Bureau of Investigation at the company’s doorstep. The investigation will involve the examination of underwriting and lending practices as well as possible misrepresentation of subprime loan-related losses. Countrywide, one of the biggest lenders in the nation was acquired by Bank of America last January after its subprime lending operation resulted to billions in losses.
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One of the reasons why there is trouble in the subprime mortgage industry is the unscrupulous behavior of predatory lenders. Because of this, mortgage fraud has become a major concern in the real estate industry. Falling victim to mortgage fraud can be quite distressing and not to mention, financially-crippling. During the last housing boom, many home buyers made the big mistake of taking out mortgage loans that ended with them losing their homes to foreclosure.
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In an effort to help owners stop foreclosure, the House Financial Services Committee is formulating a plan to create a federal corporation that will have the ability to purchase troubled loans. If the plan works out, both lenders and home owners would have to accept losses in certain amounts. Lenders will obviously have to forgive a portion of the mortgage debt while owners will have to agree to a new repayment scheme that would be more affordable but may take longer to fully pay off.
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