Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
W S
Servicing / The Ticker

Former HUD Secretary: Foreclosure crisis underestimated

/ Print / Reprints /
| Share More
/ Text Size+

Henry Cisneros, former HUD Secretary (during the Clinton administration), believes the entire nation underestimated the impact of the foreclosure crisis in the overall economic recovery process not only zapping consumer confidence but also leaving homeowners threatened by foreclosures hanging from the banking and financial sector.

The crisis kept prices low in the real estate market, dragging sales and preventing new home builders from competing with those low prices. “The foreclosure was right at the front of the economic recovery and contributed greatly to the slowness and the flatness of the recovery,” Cisneros said. “Although in the last year and a half the Administration has really stepped up and launched a number of different programs, I believe the banking sector has not done all they could.”

Source: Voxxi
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus