Word: mortgagees
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Philip Cummins, a 26-year-old electrician, bought a three-bedroom home in Adamstown in 2007 at the peak of the property boom. Like many first-time home buyers, he took out a 100% mortgage, which he pays off in monthly installments of $2,400. In the past two years...
The run on FDIC funds is raising questions about how well the agency has contained the costs of the credit crisis. Bank failures are not of the FDIC's making: the Federal Reserve failed to rein in mortgage-lending, while regulatory agencies like the Office of Thrift Supervision allowed banks...
Unlike similar legal fields such as bankruptcy, foreclosure is rarely a full-time practice and is often handled by real estate attorneys or legal-aid-services agencies. Still, more than 3 million property foreclosures were filed in the U.S. last year; South Florida is expected to see more than 150...
That specter of judicial paralysis helped spur UM law professor Michael Froomkin to create the foreclosure-defense program. It places fledgling attorneys like Paschal with legal-aid-service organizations to help tackle the backlog of cases - more than 50,000 foreclosure filings so far this year in Miami-Dade County...
A growing number of court jurisdictions are attempting to reduce the need for lawyers, as well as the glut of cases, by mandating mediation between lenders and homeowners. Courts that cover Miami-Dade now require such arbitration, as do courts in cities like Philadelphia. But the efforts to modify mortgage...