Word: banks
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...After meeting with British Premier Gordon Brown on Tuesday, Netanyahu spent Wednesday huddling with U.S. President Barack Obama's Middle East envoy, George Mitchell, in London. Central to both discussions were European and American efforts to get Netanyahu to agree to a freeze on the construction of West Bank settlements - one of the main conditions Palestine has set for resuming talks with Israel. (See pictures of Israel's assault on Gaza...
...Merkel on the last leg of his European jaunt. Though Merkel has always been careful to avoid pressuring Israel in public on the issue, German officials have said the Chancellor will remind Netanyahu during their meeting on Thursday of Berlin's position that all settlement activity in the West Bank be halted and that a final peace agreement be based on a two-state solution. (See pictures of life under Hamas in Gaza...
...that reason, Williams believes those lenders need to step up and do more to help struggling local homeowners revise their loans and hang on to their houses - and he wants to give his frustrations some legal teeth. Williams has proposed a city ordinance that could penalize banks that fail to offer modifications before starting foreclosure proceedings. Local governments have no formal legal oversight over banks, but under Williams' ordinance, if a lender's number of foreclosure actions in Miami Gardens over a designated period exceeds the number of loan modifications it offers to financially burdened or delinquent homeowners, the city...
...Milligan's lender has already started foreclosure without offering a loan modification, primarily because it feels Milligan's retiree income is insufficient. Milligan says it would be sufficient if she could get a loan revision, which she believes the bank has an obligation to consider. "I never really understood the kind of adjustable-rate loan I was given, which I feel was a bit predatory, given my economic circumstances," she says. "I'm even willing to buy the house outright from them for what I'm told they'd probably get it for at auction, around $100,000. Anything...
...Milligan knows that the bank's first impulse, from a business standpoint, is to try to auction the house and at least get some long-term mortgage-interest revenue out of the sale. That's a big reason so many banks have balked at loan modifications in spite of MHA: they'd rather roll the dice with another owner since studies show many modified mortgages still go south, just delaying the inevitable. But in cases like Miami Gardens, says Milligan's lawyer, Miami real estate attorney Rashmi Airan-Pace, lenders need to realize that as foreclosures mount and infect neighborhoods...