Foreclosure backlog deepens. Once borrowers start missing payments, they spend an average of a year and nine months, or 611 days, in foreclosure before banks repossess their homes, according to LPS Mortgage Monitor. That’s more than twice as long as three years ago, when the average was 251 days. Earlier his year, the average was 523 days.
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ForeclosureBusinessNews.com: "Foreclosure News the Average Joe Can Use!" According to the MSNBC article, No end in sight for foreclosure quagmire: Four years after a wave of rogue mortgage lending sent the U.S. housing market into the worst collapse since the Great Depression, the devastating flood of resulting foreclosures shows no sign of abating.
Housing Downturn Broadens and Deepens: The panic has now brought about a new phase in the housing downturn – what I label Phase II. In Phase II, a deteriorating economy starts to kick the bottom out of the rest of the housing market.
They’re facing increasing weakness in their commercial-loan and commercial mortgage-backed securities inventories (the next shoe to drop). And banks are increasingly facing heightened exposure to.
Next, recycle the TARP profits into new loans for people facing foreclosure and coming out of adjustable-rate. there isn’t any one silver bullet big enough for this mess. The approach should have.
The Risks of the Mortgage Mess: The Banks’ View. its potential liability related to mortgage servicing and the possible damage to its reputation resulting from its foreclosure and mortgage.
bottom yet. People are still losing their jobs. Homes are going into foreclosure at a rate of 120,000 a month. Many who feared foreclosure in their future say they tried to work with the banks for "loan modification" — but they "were denied or given the runaround," Rep. Mike Quigley of Illinois said.
Foreclosures Forecast to hit 15 million homeowners. As the foreclosure crisis broadens to include more areas of the country, all sorts of homeowners are falling into its trap from a wide array of incomes, races and cultures. This epidemic like the mortgages that produced it doesn’t discriminate based on race, creed, income, national origin or background.
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