11 Articles match "America","Foreclosures","Subprime"

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• Lenders help their customers curb foreclosures
  
  headquartered in Cleveland, Ohio — is working with churches, social workers and the United Way to help troubled borrowers avoid foreclosure. Bank of America Corp. a Kansas City-based subprime mortgage lender, helps its customers find jobs. The $3 million investment has prevented As borrowers falling behind on their mortgage payments increase in number, they are getting help form an unlikely source — the mortgage industry. Banks are increasingly testing new strategies to help curb mortgage delinquencies .
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Big Ben Is Finally Talking Foreclosures
  
  Big Ben Bernanke, that guy at the top of the nation’s financial food chain, finally admitted Tuesday in an address to a group of the nation’s community bankers that foreclosures are not going to go away anytime soon. The Fed Chief gave two reasons for the bleak forecast (both of which have been espoused in previous posts in this blog): 1) further declines in housing prices are expected; and 2) significant resets of adjustable interest rates to unaffordable levels for many borrowers who were convinced to take out the more risky loan products of the past few years. Speaking at the
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Will Main Street Sink Wall Street?
  
  Two Bear Stearns hedge funds that invested heavily in subprime mortgage securities racked up huge losses last month after they made bad bets on complex securities backed by risky mortgages. The near-collapse of the two Bear Stearns hedge funds proves that the depth of America’s foreclosure fiasco is far from over. The wizards on Wall Street — worried that the subprime mortgage debacle Mounting mortgage defaults by American homeowners with shaky credit have claimed their first Wall Street casualty, as investment banking giant Bear Stearns shuffled the leadership of its asset-management division and lost billions in the risky hedge fund market last month.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• March Mania and RealtyTrac's Sweet 16 Foreclosure List
  
  This weekend, as the best college basketball players square off, RealtyTrac will tip off its Sweet 16 foreclosure list. SW, Albuquerque, NM — Opening Bid: $83,892 SOUTH REGION SEMIFINAL With many homeowners singing the post-Katrina blues in Louisiana and Mississippi, buying a foreclosure property is a slam dunk for seasoned real estate investors. Charlotte, NC — Opening Bid: $10,700 Scoring points in the foreclosure market is easier than reaching Each spring brings the beginning of the real estate sales season and the end of college basketball, culminating with March Mania and the much awaited NCAA Sweet 16 playoff.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• From $2B Bailout to $4B Buyout at Countrywide
  
  Just late last year Bank of America infused $2 billion into the coffers of Countrywide Financial to support the floundering lender’s attempt to survive the subprime mortgage mess — which reportedly almost forced the firm into filing for bankruptcy protection earlier this week. Now with Countrywide’s stock weak and its value depressed, it is being widely reported that Bank of America is paying $4 billion in stock to buy out the company — in which it already had a 16 percent stake in convertible preferred stock after the bailout. It didn’t take long from a historical perspective.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• High-End Foreclosures Rising Among Top Tier Homes
  
  High-End Foreclosures Rising Among Top Tier Homes By Octavio Nuiry, RealtyTrac Staff Writer    Until now, the foreclosure crisis was confined to a narrow niche of middle-class urban communities and outer-rim new housing developments where first-time homeowners and real estate speculators benefited briefly from favorable financing. But increasingly there are signs that the foreclosure problem is spilling over into wealthier areas, where prime borrowers — and even high-end real estate developers — are rapidly falling behind on their
  www.realtytrac.com - Tuesday, February 3, 2009
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• Not Enough Rope in Administration's Lifeline' Program
  
  Last week Treasury Secretary Henry Paulson threw out what the administration considers to be a life preserver to homeowners facing foreclosure. Called “Project Lifeline,” it has the backing of Alphonso Jackson, Secretary of Housing and Urban Development, and Faith Schwartz, Executive Director of the Hope Now Alliance, a foreclosure prevention coalition of the public and private sectors. The Administration has encouraged six of the nation’s Just a few short months ago President Bush stood in front of the press and swore that it was not the federal government’s job to bail out either lenders who made bad loans or speculative homebuyers who purchased more home than they could rightly afford utilizing the so-called “exotic” or “liar loans” popularized over the past few years.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• It Used to Be a Day Job
  
  The far-reaching implications of the nation’s foreclosure crisis continue to snowball a little more every day. In its latest evolution, what started out as the lending industry selling undesirable loans to undeserving/unqualified borrowers who are now going into foreclosure by the thousands, has now filtered down to a lack of jobs for day laborers around the country. People feel sorry for the distressed homeowners who are losing their homes as their adjustable rate And they felt really bad when the story broke about all the pets being left behind by foreclosed homeowners who either couldn’t afford to take the pet with them, or thought someone would find them and take care of them.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• How Much for Those Lender Assets in the Window?
  
  In September Merrill was bought by the Bank of America for $29 a share . billion in subprime loans. Expected remaining losses: 19 percent ($30.706 billion) “The JPMorgan Chase valuations are must reading for any buyer of mortgage-backed securities,” says Jim Saccacio, Chairman and CEO at RealtyTrac.com, the countrys largest source of foreclosure listings and data. “What One can How Much for Those Lender Assets in the Window? By Peter G. Miller    Long ago there was a song which asked the magic question, how much for that
  www.realtytrac.com - Tuesday, February 3, 2009
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• Another Approach to $700 Billion Bailout
  
  If a typical home has an average sale price of about $220,000 (many homes now facing foreclosure were financed several years ago with two loans, thus first loans are often significantly less than current market values), and if the average mortgage is $176,000 (80 percent of market values) then the total value of such mortgages would be $440 billion. If the refinancing program was limited to half of the homeowners who will probably lose their homes to foreclosure, Uncle Sam would need to provide loans worth $220 billion. "(Another) alternative idea works like this: Instead of replacing
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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