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...number of homeowners headed toward foreclosure is rising so quickly that "you need somebody to project what the projections will be - because they're just changing so fast," said Lindley Higgins, the applied-research manager at NeighborWorks America, an urban revitalization project created by Congress. A decade ago, Higgins said, 400,000 foreclosures nationwide was a busy year. America may see 2.5 million...
...message from the lawyers was that Zachery must pay up or get out: "Should you wish to retain the property," the letter declared in boldface type, "demand is hereby made upon you for immediate payment of $188,101.57 plus interest." Zachery immediately called the modification number, only to be told once again that his application was missing. The woman was polite but unyielding as she informed Zachery that his home was scheduled for sale on March 20 on the steps of the Jackson County Courthouse. "And then," he says, "she asked me in a nice voice, 'Is there anything else...
...Brutal Game There are about 75 million homeowners in America, according to the U.S. census. The latest gloomy estimates suggest that upwards of 6.4 million homes are at risk of sinking into foreclosure by the end of 2012. That number has no precedent, and its impact is only beginning to register. Populist pundits have struck a nerve with angry denunciations of Obama's plan. "See if we really want to subsidize the losers' mortgages," CNBC's Rick Santelli demanded - and the gut level reaction of millions of taxpayers across the country was, unquestionably, no. Not if we have a choice...
...vast majority of the nation's banks are still stable. But the report notes that 12 banks failed last quarter and a total of 25 failed last year. That was the highest number since 1993, when 50 failed. More disturbing, an additional 252 banks, representing $159 billion in assets, went on the FDIC's "problem list," up from 76 institutions, worth $22 billion, at the beginning of 2008. That increase is already translating into what could be a record number of bank failures in 2009. Already this year, 19 banks have failed...
...moment to take them over. The list for the final quarter of 2008 had 252 banks on it. This figure was up nearly 50% from the previous quarter, but given that some of the nation's largest banks seem to be on the brink of failure, the number 252 seems unexpectedly...