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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: foreclosure

foreclosure stories: 205 news summaries

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Poll: Americans Back Economic Intervention

A growing majority blames financial crisis on deregulation

Dec 11, 08 6:14 AM CST
(Newser) - A clear majority of Americans approve of Washington taking firm steps to intervene in the nation's struggling economy, a Los Angeles Times poll finds. Two-thirds favor tighter restrictions on financial institutions and 60% back help for homeowners facing foreclosure. A huge 87% blamed deregulation for the economic crisis—up 25% ... More »

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foreclosure • US government • US economy • financial institutions • free markets • bailout • deregulation • financial crisis

OPINION

Forget That Stimulus Bill:
5 Things Obama Should Fix

Obama shouldn't rely on a stimulus package for a cure-all

Dec 10, 08 5:53 PM CST
(Newser) - Barack Obama and his team are devoting much effort to a proposed stimulus package for 2009, but that is simply a superficial fix, writes James K. Galbraith in Mother Jones. “The effect ends when the stimulus does, when the sugar shock wears off,” says Galbraith, who suggests five... More »

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Barack Obama • foreclosure • housing • Social Security • economic stimulus package • payroll taxes • financial crisis • President Obama

Bird Shelters Overrun as Foreclosures Take Toll

Exotic animals not always welcome, and require special care

Dec 5, 08 2:52 PM CST
(Newser) - The US foreclosure epidemic, hard on all kinds of pets, appears particularly devastating for exotic birds, Reuters reports. People forced to vacate their homes are finding that cockatiels, macaws, and the like won’t fly at their new digs. Shelters for cats and dogs aren’t equipped to handle the... More »

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pets • foreclosure • subprime crisis • animal shelters • financial crisis • exotic birds • cockatiel • macaw • cockatoo • sanctuary • recession depression

Bernanke Plugs More Help
for US Homeowners

Fed chief outlines ideas for public, private sector to slow foreclosures

Dec 4, 08 4:54 PM CST
(Newser) - Ben Bernanke says more must be done to halt record US home-foreclosure rates, the New York Times reports. The Federal Reserve chief suggested several options today, including the government buying bad mortgages en masse and refinancing them through a government-insured program, and strengthening a scheme aimed at lowering homeowners’ monthly... More »

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Ben Bernanke • Federal Reserve • foreclosure • mortgage • mortgage rates • mortgage debt • housing bubble • mortgage defaults • mortgage delinquency • financial crisis

Shoppers Can't Halt Commercial Mortgage Crisis

Retailers will default, no matter how many sweaters you buy today

Nov 28, 08 9:02 AM CST
(AP) - Black Friday shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. Hotels in Tucson, Ariz., and Hilton Head, SC, also are about... More »

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foreclosure • credit crisis • mall • retail sales • holiday shopping • commercialism • mortgage defaults • financial crisis

Home for the Holidays: Florida Mulls Foreclosure Ban

Governor wants holiday moratorium

Nov 25, 08 4:10 AM CST
(Newser) - Florida Gov. Charlie Crist is considering a Christmastime moratorium on home foreclosures similar to the 90-day halt urged by California Gov. Arnold Schwarzenegger, reports the Tallahassee Democrat. Crist is unsure whether he has the legal authority to impose a moratorium. He may have to negotiate a halt with the state's... More »

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foreclosure • Charlie Crist • moratorium • subprime crisis • banks

Fannie, Freddie Will Stop Foreclosures Over Holidays

Some 16K affected by pause

Nov 20, 08 4:38 PM CST
(Newser) - Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension... More »

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foreclosure • Freddie Mac • Fannie Mae • housing crisis • subprime crisis • financial crisis

 Iraq Vets Hit by Financial Woes 

Disabled veterans struggle to find jobs, keep homes

Nov 18, 08 9:29 AM CST
(Newser) - Many soldiers returning from Iraq are finding themselves up against a new enemy: their finances. Unemployment, lack of credit, and foreclosures all seem to be hitting veterans harder than the average citizen, the New York Times reports. "You fill out a job application and you can’t write ‘... More »

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veterans • disabled • US military • foreclosure • disability • unemployment

 Obama: 
 We've Got 
 to Stop 
 Foreclosures 

President-elect also backs aid for auto industry, but not a 'blank check'

Nov 16, 08 7:07 AM CST
(Newser) - Saving people's homes from bank foreclosures will be a priority of his economic crisis plan, President-elect Obama said in an interview airing tonight on 60 Minutes. "We've got to set up a negotiation between banks and borrowers so that people can stay in their homes. That is going... More »

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Barack Obama • foreclosure • mortgage • housing • subprime crisis • financial crisis • President Obama

FDIC Pushes Plan to Ease Mortgage Payments

Bush camp opposes using bailout funds

Nov 14, 08 8:42 AM CST
(Newser) - Officials at the FDIC are butting heads with the Bush administration over the bailout once again, yesterday outlining a plan to prevent 1.5 million foreclosures in the coming year by having banks sharply reduce monthly payments on mortgages, the Washington Post reports. The government would guarantee half the losses... More »

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Henry Paulson • foreclosure • Treasury Department • FDIC • subprime crisis • mortgage defaults • financial crisis • Sheila Bair

 City of Detroit 
 Seeks $10B 
 Bailout 

Council votes to seek funds to create jobs, stop foreclosures

Nov 13, 08 5:53 AM CST
(Newser) - Detroit's city council is calling for the federal government to bail out the city to the tune of $10 billion, reports the Detroit News. The funds would be used to create jobs, improve mass transit, and tackle the city's foreclosure crisis. Council members are also seeking meetings with federal officials,... More »

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Michigan • foreclosure • city council • bailout • Kenneth Cockrel Jr.

Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

Nov 11, 08 10:37 AM CST
(Newser) - Fannie Mae and Freddie Mac will roll out a plan today to modify hundreds of thousands of loans in an effort to prevent foreclosures, the Wall Street Journal reports. The mortgage giants, under federal conservatorship, aim to reduce mortgage payments to no more than 38% of household income. Private banks... More »

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foreclosure • mortgage • housing • Freddie Mac • Fannie Mae • loan • subprime crisis • financial crisis

GLOSSIES

$30M Mansion
Sinks Hearst 
Heiress 

Spendthift widow overspent on lavish home, lifestyle

Nov 10, 08 5:37 PM CST
(Newser) - Even America's wealthy can live beyond their means, and Veronica Hearst—widow of Randy, the son of newspaper mogul William Randolph—outspent her fortune by millions, Vicky Ward writes in Vanity Fair. Her undoing was the July 2000 purchase of a $30 million mansion in Florida once owned by the... More »

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foreclosure • heiress • millionaires • mansion • Veronica Hearst

Feds Near $50B Plan to Guarantee 3M Mortgages

Treasury, FDIC working on measure to help avoid more foreclosures

Oct 29, 08 4:36 PM CDT
(Newser) - The Treasury Department and the FDIC are working on a plan to guarantee the mortgages of 3 million struggling homeowners, the Washington Post reports. Under the plan, lenders would reduce monthly payments so owners could avoid foreclosure. If the homeowners defaulted anyway on the reconfigured loan, the government would repay... More »

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foreclosure • mortgage • Treasury Department • FDIC • housing crisis • bailout • financial crisis

How One Woman's Home, and Dream, Foreclosed

One woman's story helps us understand today's financial mess

Oct 26, 08 6:42 PM CDT
(Newser) - When a California woman bought a home 3 years ago, she had little idea that her mortgage would help drag down the nation's economy—and the world's, the Sacramento Bee reports. Erin O'Hagan and two family members pooled incomes to buy a $475,000 Sacramento home, and planned to refinance... More »

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foreclosure • home values • adjustable-rate mortgages • financial crisis

Feds Warming to $40B Homeowner Bailout

Plan would give banks an incentive to rework troubled mortgages

Oct 23, 08 6:33 AM CDT
(Newser) - Homeowners struggling to pay their mortgages would get help from the federal government under a $40 billion plan FDIC Chair Sheila Bair is expected to unveil today, reports the Wall Street Journal. Bair’s initiative, which would offer banks financial incentives to rework troubled mortgages into more affordable ones, is... More »

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Henry Paulson • foreclosure • FDIC • bailout • financial crisis • Sheila Bair

Clinton Housing Chief Paved the Way for Risky Loans

How American Dream Became Economic Nightmare

Oct 19, 08 11:27 AM CDT
(Newser) - The top housing chief of the Clinton administration helped launch a major financing wave that transformed the American dream of homeownership into reality for thousands of people—whether they could afford it or not, reports the New York Times. From his post, Henry Cisneros loosened mortgage restrictions for first-time buyers,... More »

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White House • Bill Clinton • foreclosure • mortgage • housing • Department of Housing and Urban Development • financial crisis • financial meltdown • Henry Cisneros

(Newser) - A witch’s brew of factors is cursing the US housing market, reports the New York Times, driving home prices ever lower as they search for bottom. Rising unemployment, higher interest rates, lower wages, and a glut of foreclosures are likely to continue to keep the market depressed through... More »

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housing market • foreclosure • home sales • home prices • financial crisis

analysis

Bank Rescue Won't Lift Home Prices, Stop Foreclosures

Continued downward spiral drives consumer spending down, killing net worth

Oct 15, 08 9:46 AM CDT
(Newser) - Economists are increasingly concerned that the government rescue plan is missing the root cause of the foundering US economy: still-falling home prices, reports the Wall Street Journal. And, while the bailout of banks and financial institutions could ease the pain of the slump, unless help is extended to the... More »

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housing market • foreclosure • home prices • bailout • financial crisis

 Calif. Portends 
 Recession to Come 

The housing bubble burst there first ... is California a sign of things to come in US?

Oct 9, 08 9:02 AM CDT
(Newser) - Trend-setting California may be the “canary in the mine shaft,” its own recession showing the rest of the country what a national downturn could look like, reports the Wall Street Journal. The state’s $1.8 trillion economy has been bludgeoned by an unemployment rate among the... More »

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California • bankruptcy • foreclosure • recession • unemployment • financial crisis

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