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Organizing your community to bring public attention to builder’s bad deeds and seeking assistance from local, state and federal elected officials has proven to be more effective and much quicker for thousands of families. You do have choices and alternatives.  Janet Ahmad

Foreclosure Latest News
Foreclosures Daily.Com: Georgia foreclosures worsen
Wednesday, 18 April 2007

Number of foreclosures in county skyrockets
The number of foreclosures filed in Gwinnett jumped more than 260 percent from 2000 to 2006, according to statistics compiled by Equity Depot, a company that tracks foreclosures. The percentage increase in Gwinnett was larger than the ones in Clayton, Cobb, DeKalb or Fulton counties.Dan Immergluck, an associate professor with the City and Regional Planning Program at Georgia Tech, says the impact of high foreclosure rates in cities across the country, including metro Atlanta, is worsening.

Bay Area home defaults worst in years
Tuesday, 17 April 2007

The number of Bay Area homeowners who failed to pay their mortgages on time more than doubled in the first quarter compared with the same time last year, as home values flattened and fewer homeowners could sell or refinance to escape mortgages they can't afford. But mortgage defaults are not yet poised to deflate home prices, as is the case in some other parts of the state, a real estate information firm reported Monday. Statewide, the number of default notices sent to homeowners hit its highest level in almost 10 years.

Forclosures and market going to get worse before it gets better
Saturday, 14 April 2007

U.S. Homebuilders Face Bankruptcy Risk in '08, Lawyers Say
The collapse of the subprime mortgage market may push some big U.S. homebuilders toward Chapter 11 beginning next year, according to bankruptcy advisers and lawyers who specialize in the real estate industry. The weakest publicly held builders are staying out of bankruptcy by relying on the profits they made when sales boomed and on the public debt they sold in those years, said Ronald Greenspan, a lawyer and financial adviser to the creditors of four bankrupt subprime mortgage lenders. Homebuilders issued $3.6 billion in public debt in 2005 and 2006, though only $600 million of that comes due this year, Greenspan said.

More bad loans highest in history
Monday, 09 April 2007

Bad Loans Put Wall St. in a Swoon
Stocks fell broadly and sharply yesterday afternoon after a report on mortgage defaults indicated that the troubled housing market will weaken further before showing signs of improvement. Yesterday’s report by the mortgage bankers found that about 0.54 percent of all home loans entered foreclosure in the fourth quarter, the highest ever in the 37-year history of the survey. The problems were most heavily concentrated among subprime mortgages, but the default rates also increased on loans made to prime borrowers and on loans that are part of government programs.

Ohio foreclosures, little oversight
Friday, 06 April 2007

Predatory lending, little oversight create bad situation for homeowners, and help won't be coming soon
"We are overwhelmed, and unfortunately when people call we're telling them that we just don't have the staff to handle them," said Jim McCarthy, MVFH president and CEO. To compound the problem, scam artists looking to make a quick buck are using foreclosure and other public records to prey on panicked consumers, said Beth Deutscher, executive director of the Home Ownership Center of Greater Dayton.

Boston Globe - Nightmare for homeowners
Thursday, 05 April 2007

Nightmare for homeowners
Today, within a 14-block area, there are 11 property owners who can no longer afford their monthly mortgage payments, and the banks that lent them the money are reclaiming the properties. "It's so sad," said Linda Soucy, acting director of the Methuen Arlington Neighborhood Inc., a nonprofit that works to improve the economic, educational, and social levels of residents in the city's poorest neighborhood. "Some people were so eager to get into a home that they let other people bamboozle them."

Lenders closing doors
Wednesday, 04 April 2007

Civil rights groups urge 6-month halt to foreclosures
Civil rights groups called today for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages or face lawsuits. A coalition of advocacy groups said mortgage lenders should immediately halt foreclosures on so-called subprime mortgage loans made at high interest rates to people with weak credit histories. More than two dozen subprime lenders have either closed their doors or gone bankrupt since late last year. Those that remain in business have drastically trimmed their staffs, and larger, national lenders have eliminated jobs in their subprime mortgage divisions as they tighten credit standards.

Charlotte Observer - Sold A Nightmare Part One
Thursday, 29 March 2007

Sold a Nightmare Part One
Seventy-seven buyers have lost homes to foreclosure in Southern Chase, a subdivision of 406 homes...Some homes sat empty. Others became rentals. Prices dropped. Standing in his side yard last fall, Mark Tingley pointed to holes in his siding, garbage in neighboring yards, overgrown lawns, junked cars. He feels angry, cheated and trapped.

Market Instability Caused by the Plight of Homeowners?
Wednesday, 14 March 2007
Washington Post: Mortgage Report Rattles Market
By David Cho and Dina ElBoghdady A national survey showing that a soaring number of homeowners failed to make their mortgage payments in the last quarter of 2006 rattled lawmakers in Washington and the markets in New York yesterday, as the Dow Jones industrial average plummeted 2 percent, or nearly 243 points.
ABC News - Risky Loans & Foreclosures
Friday, 09 March 2007
Fed Chair Pleas for Tighter Mortgage Rules
The Federal Reserve chairman urges Congress to tighten mortgage regulations on the giant mortgage companies Fannie Mae and Freddie Mac. Defaults on mortgages have increases as housing prices have weakened. Borrowers in 2005-2006 default more than 2 times the rate of browwers in 2003-2004... ABC News Report
Foreclosures & Scams Rising
Thursday, 01 March 2007

New Jersey Cautioned About "Surplus Funds" Scams Amid Rising Foreclosure Filings
Some homeowners facing foreclosure are being subjected to scams that ultimately could cost them tens of thousands of dollars, Attorney General Stuart Rabner and Acting Consumer Affairs Director Stephen B. Nolan announced. As foreclosure filing rates are increasing nationally, scams targeting homeowners facing foreclosure are rising as well. These scams typically target “surplus funds” to which homeowners may be entitled if their homes are sold at a sheriff’s sale.

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