Phoenix The government has a website that publishes the miserable statistics and farcical jokes behind the foreclosure modification programs which is called Making Housing Affordable. Some government wag must have seen the billboard we drove past in Phoenix yesterday advertising new houses with the line: selling at “foreclosure prices.” I guess their idea of a …
Category: Foreclosure
Bank America Pays $110 M More for Countrywide Foreclosures
Toronto Bank of America settled with the U.S. Federal Trade Commission for $110 million to offset the fact that on “hundreds of thousands” of foreclosures Countrywide stole and cheated from people before B of A bought the outfit. Angelo Mozilo, the former head of Countrywide, was once famously quoted in a bit of braggadocio as …
Wanted: Foreclosure Transparency
New Orleans Reading the article in the New York Times today about families pulling themselves together by not paying “rent,” which is to say their mortgage payments, while waiting for banks to foreclose, echoed the one thing I heard over and over again in Phoenix last week. The only good thing anyone could say, was …