Foreclosure rates in the greater Miami area remain astonishingly high, but they’re headed in the right direction. In March, 13....
A debate is stirring in Michigan over legislation that aims to shorten the redemption period for homeowners in foreclosure, The...
Money manager BlackRock criticized the use of principal forgiveness in state and federal settlements with banks over faulty foreclosure practices saying they could encourage homeowners to default, according to a Bloomberg article.
That creates an “Armageddon scenario,” BlackRock Vice Chairman Barbara Novick said Wednesday at a press briefing.
“If you start having people who are currently paying their underwater mortgages say, 'Oh there’s a new entitlement program: My brother-in-law got a deal, my neighbor got a deal, my officemate got a deal, why shouldn’t I get a deal?’ then you’ve got a much, much bigger problem,” she said at the company’s offices in New York. “Not to belittle the current problem, but it would dwarf the current problem.”
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