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December 2, 2008 9:47:44 PM CST


repossessions

repossessions news stories

3 Stories

SUV Credit Crunch
Rolls Over Ford

Sinking value of big vehicles crashes auto firm's credit wing

(Newser) - Ford's plans to get back in the black are being forced off the road by woes at its lending arm, the Wall Street Journal reports. The auto giant made a lot of cut-rate loans on trucks and SUVs in recent  years and has been unable to recoup losses on bad loans through repossessions because of the plummeting resale value of bigger vehicles. More »

More about:  Ford SUV credit trucks used cars repossessions

Agents Use 'Cash for Keys'
to Stem Owner Vandalism

Foreclosed properties bear marks of parting shots

(Newser) - Banks and mortgage companies are hoping a “cash for keys” policy will stem a growing problem for lenders taking possession of foreclosed homes: dispossessed homeowners trashing their houses on the way out the door. Cheaper and faster than eviction proceedings, the policy is "win-win for both parties," an agent who handles foreclosures tells the Wall Street Journal . More »

More about:  credit crisis subprime crisis housing market foreclosure repossessions

Home Seizures by Banks Jump 90% in Year

Lenders reclaim 45K properties as mortgage payments rise

(Newser) - Banks seized more than 45,000 homes in January, nearly double the number from a year ago and up 8% from December, Bloomberg reports. Rising adjustable-rate mortgage payments were the culprit. Total foreclosure filings, which include default and auction notices in addition to seizures, increased 57% to 233,001, the sixth consecutive month with more than 200,000 filings. More »

More about:  subprime crisis housing crisis foreclosure mortgage defaults default housing sales repossessions

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