Foreclosure/ Bank-Owned (REO)

If a person has been steadily employed and paying income taxes their entire life, they should not lose their home following the circus of the last 8-9 years when gas prices quad-rupled, among other things.  I have a better solution:  Forgive all home mortgages.  A person with multiple homes would write-down their primary residence only.  […]

Despite the fact that the $250 billion the government plans to invest in banks is intended to help them make new loans, J.P. Morgan Chase, BB&T, and Zions Bancorporation are among the financial institutions hoping to use the money to acquire other banks.
While some experts are worried such deals could further the trend of […]

The proposed financial bailout package being considered by lawmakers will come at a cost of as much as $700 billion.
To put it in perspective, using numbers from the U.S. Census, the $700 billion is equal to:

About $2,300 per American
About $6,000 per U.S. household
About 85 percent of the New York State economy
The combined economies of […]

September 18, 2008
Foreclosures: Trouble Tarnishes Paradise
In some of America’s wealthiest enclaves, the economic slowdown is putting multimillion-dollar mansions on the foreclosure list.
According to RealtyTrac, an online foreclosure marketing firm, “In this real estate cycle, no ZIP code, no neighborhood, was immune.”
The biggest drivers of problems in the mansion market were buyers who took out loans […]

The housing crisis is spreading to many luxury neighborhoods, as mansion-size defaults stun the industry. Robert Frank on who’s suffering, what places have been hit hardest — and who could be next.
By ROBERT FRANK
In 2003, Robert Provost snapped up a $2.5 million villa with its own boat dock in Sarasota, Fla. A finance chief for […]