Word: mortgagee
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But the city of 110,000 people just north of Miami is staring at another figure today: a 13% home-foreclosure rate. That's the second highest in Florida, a state that now has the nation's highest rate of homes - 23% - either in foreclosure or delinquent on mortgage payments...
...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 express purpose. (Read "Is Florida the Sunset State...
Their goal is to help homeowners like Ruby Milligan, a single, 61-year-old retired middle school teacher who suffered a mild stroke a few years ago. During the housing boom, when her three-bedroom Miami Gardens house was appraised at what she now acknowledges was an unrealistic $294,000...
Dick Fuld was warned. Years before Lehman Brothers tumbled into bankruptcy, roiling markets and setting off a string of massive bailouts, underlings informed the investment bank's CEO that Lehman should get out of real estate before the credit bubble burst. Fuld ignored them. So while the bank's chief...
Investors may be jittery, having watched a number of mortgage REITs, such as New Century Financial Corp. and American Home Mortgage Investment Corp., file for Chapter 11 bankruptcy protection over the past couple of years, and others, such as Arbor Realty Trust and Gramercy Capital, struggling to stay afloat. Even...