Foreclosures drop to lowest level in 7 years
Source: CNN
NEW YORK (CNNMoney)
The foreclosure crisis is showing signs that it's finally fading away.
The number of new foreclosure filings -- which includes default notices, auctions and bank repossessions -- dropped 15% to a total of 113,454 properties in November, according to RealtyTrac, an online marketer of foreclosed properties.
That was the biggest monthly decline since November 2010, and foreclosure filings are now at the lowest level since December 2006. From a year ago, filings are down 37%.
"[T]he depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed," Daren Blomquist, vice president at RealtyTrac, said in a statement.
Along with general economic improvements that have made it possible for homeowners to stay on top of mortgage payments, people are also trying harder to hold onto their homes as housing prices continue to rise.
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Read more: http://money.cnn.com/2013/12/12/real_estate/foreclosure-low/
mitty14u2
(1,015 posts)THE MONSTER
How a Gang of Predatory Lenders and Wall Street Bankers Fleeced Americaand Spawned a Global Crisis
Another look at the subprime mortgage lending meltdown, with a focus on the predatory housing finance corporation Ameriquest and the once-venerable Wall Street firm of Lehman Brothers.
Formerly a staff reporter for the Wall Street Journal, Hudson (editor: Merchants of Misery: How Corporate America Profits from Poverty, 1996) is now a senior investigator at the Center for Responsible Lending. Recent books about the global financial meltdowns have designated a variety of villains. Roland Arnall (19392008), founder of Ameriquest, has appeared in many of those previous books, but Hudson makes him the center of his narrative. The immigrant son of a Czech mother and a Romanian father, the boy settled in Los Angeles and became a real-estate developer before entering the mortgage-loan business. In Hudsons eyes, Arnall always lacked a moral compass. He obsessed about hiring as many young salesmen as possible who would lie to potential customers and forge documents if it meant bringing a new mortgage into the portfolio. The consumers must share the blame because they signed papers they failed to understand, but that was part of Arnalls planprey on poorly educated marks, many of them minorities and widows, starting in Orange County, Calif., and working outward from there. The insanely profitable business became more profitable still after the entry of Wall Street investment bankers such as Lehman Brothers, which could package the financially unsound mortgage loans and sell them to greedy investors. Hudson does a workmanlike job unfolding Arnalls biography, though the facts about his business tactics, personal life and emotions never quite solve the puzzle of how he slept at night, given the huge numbers of lives he ruined as the marks lost their homes. The saga is doubly depressing because Arnall hired from a seemingly endless supply of amoral salesmen and managers. Hudson is a master of context, supplying the pre-1990s history within the mortgage-lending business, Wall Street and the government-regulation realm.
https://www.kirkusreviews.com/book-reviews/michael-w-hudson/monster-predatory-lenders/
From the TOP down, This was sanctioned, Loaning money without collateral was contrived by Dutch and implemented by unscrupulous greedy Bast$#@^^'s in power, you can go from Enron to the meltdown and find the same people involved, we have been scammed in a on going coup by corporations and private billionaires with ungodly amounts of money, they are not done.
warrant46
(2,205 posts)Lose your House--- It Hurts
Lose your Food----(fill in the blank)