I am hoping we can all recover from this real estate nightmare. A friend of mine is selling houses in Orland with swimming pools in a nice area for US$150,000. A give away however most people still cannot afford it. Americans aren't known as "savers" so this is a great deal for those who have been saving money for a long time.
International Level: Politics 101 / Political Participation: 0 0%
Fed penalizes 10 banks on mortgage practices:
The Federal Reserve said it's taken enforcement action against 10 banks over "a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing. Ref. Source 3
I agree with this move. We need to help each other in this situation we're all facing. People need housing but they don't have the cash to afford them. I am hoping things will change soon.
International Level: Politics 101 / Political Participation: 0 0%
US largest mortgage firms penalized:
Treasury officials said on Thursday that the three banks -- Bank of America, JPMorgan Chase and Wells Fargo -- have abused homeowners and violated the rules of the Home Affordable Modification Program (HAMP), The Huffington Post reported. Ref. Source 4
If you aren't playing by the rules you're going to be penalized no matter how big your company may be or bank. Just because we're in a difficult situation doesn't mean we're now going to start taking advantage of our people.
International Level: Politics 101 / Political Participation: 0 0%
It is so sad for me to see families left out in the streets because of this crisis. More sad is the fact that banks do not consider the children who they are putting out from their homes because their parents cannot afford the mortgage payments because they lost their job to some company making a yearly profit in the millions. Its a crazy country where real estate and mortgages are concerned.
International Level: Junior Politician / Political Participation: 71 7.1%
Banks to Pay $25 Billion Bribe For Immunity
States Negotiating Immunity for Banks over Foreclosures
By By Scot J. Paltrow
50 State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents. Ref. Source 6
Mortgage Payments One Month Late Jump as Economy Weakens:
The percentage of U.S. Mortgages overdue by one month rose to the highest level in a year in the second quarter as homeowners who lost jobs were unable to make their payments Ref. Source 7