Foreclosure1 Blog

The most commonly given reasons for the foreclosure crisis is predatory peddling of sub-prime mortgages (ARMs) to gullible ignorant buyers. Those who contracted the mortgages are not above blame – they falsified their incomes, wrongly took the help of unscrupulous appraisers to raise the value of the houses being mortgaged so as to avail of […]

All the political bigwigs and stalwarts – President Bush, Obama, John Edwards, Mitt Romnay, Hillary Clinton and John McCain – are singing the same tune about foreclosures. All agree that the government must do something to put a check. All agree that the borrowers occupying houses are innocent and that the lender is the predator. […]

The economic predictions are gloomy. There are more houses for sale in the market than buyers. Figures do not hold out much hope for the future – rather statistics indicate that the market will be flooded with more and more foreclosed houses begging to be sold. But auctioneers Hudson & Marshall seem to have brought […]

At the City Hall in Trenton a large map is spread out on the table covered with black dots – pockmarks of foreclosures. The owners are burdened with high interest charges but they do not want to come forward. The problem before the city fathers is to see that these dots do not spread.
The […]

The eye of the foreclosure storm in USA is centered in Cleveland. The city is not taking it lying low – it has filed cases against 21 banks accusing them of having become a public nuisance by playing around with sub-prime mortgages in and around the inner city. As a result property values have plunged […]

A record number of houses in Southwest County fell to foreclosures in 2007 leading to a plunge in the real estate market. From October 2006 to September 2007 more than 26,000 mortgages defaulted. Every quarter the numbers continue to rise. Lenders are briskly seizing houses. In Southwest County banks own 1,900 houses – that […]

The urgent call of the hour in cities like Detroit is to tackle slumlords and bring down deserted houses. Bush made loud noises about tackling foreclosures but the medicine he has prescribed in consultation with the mortgage kings will be of little help on the actual battlefield in the jumbo cities – especially Detroit.
The plan […]

In a statement the former mayor of Cleveland, George Voinovich expressed his grave anguished concern for the ongoing foreclosure crisis in US. He is a senator from Ohio (R-Cleveland) and a former Governor.
He is especially concerned about the repercussions of the foreclosure crisis. Cleveland is his hometown and it is one of the worst affected […]

Paulson the US Treasury Secretary is on a tour trying to booster up support for the government for its foreclosure relief plan. He underlined that the plan was not a blank bail out for people who contracted reckless agreements. In an interview with a television channels he said that foreclosures are bad both also for […]

Henry Paulson Jr. the US Treasury Secretary and Governor of California, Arnold Schwarzenegger met at Stockton to discuss foreclosure matters on Tuesday 18th. Stockton can be termed the foreclosure capital of US! During the third quarter of this year Stockton, situated 80 miles from San Francisco, has the highest foreclosure rate among the 10 metro […]