Word: loans
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Dates: during 2000-2009
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...Miami Gardens officials acknowledge that they don't know what percentage of their at-risk homeowners have gotten loan modifications. (Williams' ordinance would also require the banks to provide that data.) But the spike in foreclosure signs tells them it's too few. And given the city's grinding 15% unemployment rate, many believe they have no choice but to try to leverage banks into taking MHA more seriously...
...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...
...which would limit competition." But even if it doesn't pass, the effort reflects the impatience many communities have with the banks they believe helped lure them into the housing horror. And it echoes the Obama Administration's exasperation. Treasury Secretary Timothy Geithner recently chided banks for their poor loan-modification performance: so far only 9% of the 3 million-plus at-risk mortgagees have received relief, like rate or principal reductions to reduce monthly payments, despite the federal Making Home Affordable Program. This year MHA made $75 billion available to the nation's 38 major home lenders for that...
...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...
...crucial for areas without irrigation, also failed in 2002 and 1987 - and the government is responding in the usual way, by expanding rural subsidies. In his Independence Day speech to the nation on Aug. 15, Prime Minister Manmohan Singh promised to postpone the date for repayment of farmers' bank loans and to give breaks on interest payments for short term crop loans. This comes on top of last year's $14 billion farm loan waiver program, price supports for agricultural products and an ambitious jobs scheme, which guarantees 100 days of work to the poor in rural areas. "There...