Word: mortgagees
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The lenders insist they need neither carrot nor stick to do what's right in this emergency, and indeed, many banks, including JPMorgan Chase, Citigroup and Wells Fargo, have already instituted loan-modification programs (if only, critics say, to head off any government-imposed solution). "We've always been committed...
But Florida homeowner advocates say most lenders were hardly as amenable to mortgage relief last summer as they've become in recent months, when local governments like Miami Gardens began pressing the issue. "We're seeing a change, more willingness among the banks to cooperate," says Arden Shank, head of...
Under the current NSP guidelines, cities are required to steer their buyout money into designated areas, usually zones with a high concentration of foreclosures and subprime home loans. The cities are also supposed to acquire the properties at a discount of at least 5% from current market value. But one...
Either way, it was obvious at Tuesday night's clinic how desperately these communities need massive mortgage aid right now - and how big a challenge providing it can be. A large group of residents from a newer, more upscale Miami Gardens housing development called Coconut Cay showed up for loan...
It’s a sign of the times that a panel on the financial crisis could draw 200 people to the Harvard Kennedy School in 25-degree weather. Nobel laureate Joseph Stiglitz headlined a panel of financial experts in the John F. Kennedy Jr. Forum yesterday. He said that...