From CNN today.
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KERRY AND MENINO TOUT PLANS TO PREVENT FORECLOSURES
Sen. John Kerry joins Boston Mayor Thomas Menino at a workshop on Saturday on preventing home foreclosures. Kerry has introduced legislation in the Senate to offer safer loans for first-time homebuyers and help homeowners refinance subprime loans. In addition, five different mortgage services are planning to send teams to meet with Boston homeowners who are struggling to pay their mortgages. The workshop takes place at 11 a.m. Saturday at Madison Park High School, 75 Malcolm X Boulevard, Roxbury.
I found this article that basically summarizes everything I want to touch on in my article. Basically, there is this phenomenon known as postparchment depression. It happens to college grads when they graduate and realize that they may not be qualified for the job they expect to get. Pretty excited about relating this to the housing crisis.
So our first drafts are due in two weeks.
In the meantime, we have a 3-5 page ethics paper due.
So yeah, I’m about to have a nervous break down.
Just thought I’d share.
-jga
U.S. News & World Report has a variety of articles on the housing crisis with interesting angles. I thought you guys might like to read some of them.
Including, Should you lose sleep over Investing in Foreclosed Property? An excerpt:
“But the misery, fear, anxiety, and anger experienced by someone about to lose a home is an opportunity for foreclosure investors, who are prepared and eager to swoop in and snap up the property at below-market rates, often with cash or a cashier’s check in hand and sometimes well before the property is due for the courthouse steps.”
Also, The Haunted Housing Market.
An excerpt:
“There is no time to delay in combating the trends. Monetary policy cannot make bad investments turn good. Cheaper mortgages won’t cure the market where properties are plunging so much in value. The collapse of value will affect all homeowners and, through them, the whole economy. It’s bound to be the most pressing issue in this presidential election year. Voters in the primaries and general election should look to candidates with credible policies in mind to address this downturn.”
Also, At the Mercy of the Market.
And then 3 Key Ways to Buy Foreclosed Property.
Excerpt:
“More than a million foreclosed and “distressed” properties are expected to hit the market this year, from two-bedroom starter homes to 20-room mansions. But while the banks that own many of them are now preparing to sell them en masse at auction, most of the best properties will be sold long before the gavel comes down.”
Even tips in Talking with a Foreclosure Guru.
Enjoy.
kinda interesting…
MORE LENDERS MAKE CUTS;
Group sounds warnings
BYLINE: By JAY FITZGERALD
SECTION: FINANCE; Pg. 021
LENGTH: 321 words
The Massachusetts Mortgage Association warned yesterday of possible layoffs and reduced mortgage products due to additional lenders scaling back activities here as a result of new regulations.
“I’ve been in this market for 18 years and never seen anything like this,” Denise Leonard, the association’s executive director, said of firms announcing they were either pulling out of the Massachusetts market or curtailing offerings due to new mortgage-related rules that took effect yesterday in the state.
The Herald last week reported that Well’s Fargo and Indymac Bank were either radically changing the way they compensate mortgage brokers or ceasing lending altogether due to new rules implemented by Attorney General Martha Coakley.
Leonard said her organization has since learned that other lenders are pulling out or changing the way they do business here, too.
They include Freedom Mortgage, GuaranteedRate, Crescent, AmTrust, Taylor Bean & Whitaker, Countrywide and Vertice, she said.
She warned of “huge economic impacts” if those companies cut back their business with area mortgage brokers, some of whom may go under if those firms sharply limit lending deals with them.
She added out-of-state lenders that remain will be offering fewer types of mortgage products, which could be “extremely detrimental to consumers.”
But Coakley, who last month issued guidelines she hoped would soften any blow against the mortgage industry here, is refusing to back down from her new rules, which she said are intended to reduce industry abuses that contributed to the subprime mortgage market crash.
Bruce Marks, head of the nonprofit Neighborhood Assistance Corp. of America, said he feels little sympathy for the mortgage-brokerage industry, which he said treated many customers unfairly before the recent subprime mortgage meltdown. He said Coakley’s new rules will help “bring back fairness and integrity” to the mortgage market.
Shaken Foundations: Local Impact of the National Housing Crisis
About us
Sara Alterman compares an urban (Area 4 Cambridge) and a suburban community (Sudbury) and examines the symbiotic impact of foreclosures.
Eric D’Orazio examines who is profiting off the foreclosure crisis.
Javier Garcia-Albea explores how communities are fighting back against rising costs and foreclosure.
Katelyn Harding examines the growth of McMansions in towns like Wellesley, Lincoln and Weston.
David Maltz looks at how urban renters are affected by the rising costs to live.
Colleen Thompson examines how recent college graduates are affected by high housing costs in Boston.
About this project
A multimedia collaboration of Emerson College’s graduate journalism students, Shaken Foundations examines how the national housing crisis affects Massachusetts communities across race and class lines. How is the housing crisis affecting renters? How are communities fighting back? Where do people go when they have to abandon their homes? Who is profiting from the foreclosure crisis? These are some of the questions Shaken Foundations attempts to answer.
