Word: mortgagee
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The by-products of the news will challenge the government's plan to help people stay in their homes through programs like mortgage payment modifications. The programs were meant to build a foundation under housing prices and keep worthy homeowners in their houses by reducing monthly payments. But, homes in...
People are also less likely to want to take advantage of programs that allow them to keep properties that are still falling in value because of a deteriorating housing market. Having a mortgage that is deeply underwater is not attractive to many people, even if their payments on that properties...
The news about foreclosure rates is also a challenge to bank earnings and balance sheets. If the government could have kept hundreds of thousand of mortgage holders in their houses, banks would keep at least some of the income for the properties. Those same banks now face large write-offs...
None of this means that the recent talk of a turn in the economy is necessarily nonsense. It's just an indication that consumer spending, typically a driver of economic upturns, may well be a drag this time. Personal-consumption expenditures as measured by the Commerce Department's Bureau of...
By mid-summer, the Administration's plan to help worthy mortgage holders reduce their monthly payments should show early signs of slowing the year-long acceleration of foreclosure rates. If unemployment and desperation among people with homes worth less than their mortgages leads a greater and greater number of mortgage...