Phoenix I spent most of the day in meeting with Frances Gomez, her brother, and Teresa Castro, talking about her case and what could be done to resist foreclosures and win real relief for tens of thousands of homeowners facing this catastrophe because of federal and banking inaction here where this problem is ground zero …
Category: Foreclosure
Principal Reduction Versus Arrogant Banks
New Orleans From the day the latest foreclosure modification plan as announced several weeks ago, and it became clear that banks saw their participation as voluntary, I said this was not going to work. The government orchestrated immediate acceptance by their subsidiaries, Citi and Bank of America, but as surely as I predicted that was …
Finally Mortgage Writedowns
New Orleans When it comes to the gnarling problem of loan modifications and saving the citizen wealth that homeowners have built in their property, the record in the Great Recession has been terrible. There are no sure signs that it is going to get better under the new announcements of an enhanced $50 billion dollar …