Word: mortgagees
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Boemio specializes in short selling, in a particularly Vegas way. Basically, she finds clients who owe more on their house than the house is worth (and that's about 60% of homeowners in Las Vegas) and sells them a new house similar to the one they've been living in...
Selling their old place still won't be easy. A smattering of opportunistic buyers - while a good start - doesn't unlock an entire market. Thanks to falling home prices, some 20% of mortgage holders nationwide owe more than their house is worth. Many of them are trapped, unable to move...
Still Too Late for Some It would be less monstrous if more people could take advantage of government and bank programs that would allow them to stay in their homes. But this part of the equation has been difficult in Boise and nationwide - the reason the Obama Administration recently invited...
After 35 years in the mortgage industry, Tom Birch took a job as a housing counselor at Boise's Neighborhood Housing Services this past winter. He spends his days meeting with people who can no longer afford their mortgage payments. It has been tough going. More than most, Birch appreciates...
The financial crisis came about because we got complacent, depending on all-knowing financial experts - mortgage lenders, Wall Street sharpers, the Federal Reserve - to run our system expertly. But then the experts did the same thing, imagining that they had laid off all their risks on other experts. Until finally...