The Senate is scheduled to take on the economic stimulus program which includes the foreclosure prevention and the confirmation of Timothy Geithner as secretary of the Department of Treasury.
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From the monthly archives:
January 2009
As the country sees itself continually dip lower amid the economic slowdown, many Americans ask how such a catastrophe could happen to a powerful and strong nation such as ours.
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With fear of losing their homes from repossession, potential homebuyers hold their horses. This piles-up more newly-built homes, depressing the home construction industry.
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Thirty-four year-old Nicole Lyder, a mortgage broker in Boston, was sentenced by a Suffolk County judge to two years of imprisonment after she pleaded guilty to charges of falsifying mortgage papers for unqualified clients in order to get sales commissions. These clients eventually went into foreclosure as their income never really qualified for the loans that Lyder got for them.
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In an effort to help prevent more foreclosures, the Federal Housing Finance Agency (FHFA), the overseer of the government-controlled Freddie Mac and Fannie Mae recently announced that a new Home Valuation Code of Conduct will take affect this coming May. The new plan was created to ensure the correctness of home appraisals of mortgages from both companies and to curb mortgage fraud. According to policy makers, overvalued homes have been one of the leading causes of foreclosures.
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The past year saw erratic mortgage rates, reflecting the country’s national housing crisis and foreclosure problem.
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Efforts by FDIC Chairman Sheila C. Bair to persuade President George Bush’s administration to help homeowners in danger of foreclosure are finally getting results. Bair’s loan modification plan is said to be nearing approval at the White House of Management and Budget.
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