New Orleans I’ve been harping on the drastic need for lenders (banks and their buddies) to write down significant parts of the homeowners’ outstanding balance to right size loans and prevent foreclosures, so I read an article in the Wall Street Journal by James Hagerty yesterday with eager anticipation hoping to find the industry was …
Category: Foreclosure
500,000+ Flee Mortgages in 2008
New Orleans I have taken some heat for recommending that homeowners who are underwater walk away from their mortgage obligations in the face of totally, and now admittedly, inept response to the foreclosure crisis by the Obama Administration all facilitated by the total greenwash of the banks by Treasury Secretary Geithner. It seems according to …
Modernize the CRA
New Orleans US Congresswoman Eddie Bernice Johnson (D-TX) the great community and people’s advocate from Dallas has the right idea and is building support for her bill to bring the 33 year old Community Reinvestment Act (CRA) up to snuff so that it can work for the 21st century as effectively as it did when …