When people are overwhelmed by debt but
don't want to file for bankruptcy, I typically recommend they make two appointments:
Delinquencies on commercial mortgage-backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research.
California led the nation in delinquent loans, closely followed by Texas and Florida.
Scores of homeowners who thought they'd cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market's recovery.
This week, the Obama administration summoned mortgage company executives to Washington to demand they move faster to lower payments for homeowners sliding toward foreclosure. Treasury officials called on the companies to hire and train more people quickly to field applications for relief.
The U.S. foreclosure crisis is spreading, and areas that previously appeared immune are now seeing the numbers rise, according to a report yesterday from RealtyTrac Inc., of Irvine, Calif., which tracks filings nationwide.
Five months after securing a sweet deal to buy IndyMac Bank, the new owners say they are fulfilling their obligation to modify troubled home loans.
Some frustrated borrowers and housing counselors, however, say it's anything but easy to deal with the institution, now known as OneWest Bank.
A Beverly Hills real estate agent to the stars and an appraiser were convicted Monday on federal charges of conspiracy and bank fraud for their roles in a multimillion-dollar Westside real estate fraud ring, but jurors couldn't reach a verdict on another prominent agent accused of being part of the scheme.
Only 9% of eligible home loans have been changed under the Obama program. BofA and Wells Fargo, which participated even less, say the report doesn't reflect modifications made outside the plan.
Nine banks that received government aid money paid out bonuses of nearly $33 billion last year -- including more than $1 million apiece to nearly 5,000 employees -- despite huge losses that plunged the U.S. into economic turmoil.
Housing is fast dividing into two markets: Sales of low- and moderately priced homes are picking up and values have stopped falling in some parts of the nation. But on the upper end, sales remain mired in a deep slump and price declines are expected to accelerate.