Word: foreclosees
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As for renegotiating mortgages, a new program goes into effect tomorrow (it was part of the housing bill passed over the summer) that uses up to $300 billion in FHA guarantees to encourage mortgage servicers to move people out of adustable-rate subprime loans into fixed-rate loans with lower...
The goal of this financial finagling: to pocket the difference between the $400,000 loan and the actual $216,000 purchase price, and then simply abandon the home and force the banks to foreclose - sticking them with property worth far less than the amount they had loaned. It was a...
...says. "I figured it was worth the gamble." And a gamble it truly is. The only surefire way to get out of a crushing mortgage is to stop mailing in checks and incite the bank to foreclose. Hence Short Refi Me's sister program, Home Free Me, which walks foreclosees through the process...
Whatever problems Countrywide had, he concluded, came from bad decisions at the top, not malfeasance on the ground. Once the deal closes later this year, Lewis pledges to do right by Countrywide's borrowers. "We will bend over backwards not to foreclose," he says. "We will find a way to...
CONTEXT Longer hemlines are showing up in fashion designs for spring 2008, indicating that U.S. economic woes could worsen. Nicole Miller and Josh Goot had hemlines at the knee, and Generra and Miss Sixty's hems were mostly midthigh. The fashion houses could just be foreshadowing what will come next...