tinydancer
Diamond Member
Bloomberg has an article saying that this Foreclosure deal is going to spur home seizures now.
Interesting piece. Different angle.
Foreclosure Deal to Spur U.S. Home Seizures
By Prashant Gopal and John Gittelsohn - Feb 9, 2012 4:30 PM CT
The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.
Lenders slowed the pace of foreclosures as they negotiated with attorneys general in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With today’s agreement, banks are likely to resume property seizures.
“The best thing about the settlement, frankly, is that it will be done,” said Stan Humphries, chief economist for Seattle-based Zillow Inc. (Z), a provider of home-sales data. “The shadow of the settlement hung over the market for a year now.”
Foreclosure Deal to Spur U.S. Home Seizures - Bloomberg
Interesting piece. Different angle.
Foreclosure Deal to Spur U.S. Home Seizures
By Prashant Gopal and John Gittelsohn - Feb 9, 2012 4:30 PM CT
The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.
Lenders slowed the pace of foreclosures as they negotiated with attorneys general in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With today’s agreement, banks are likely to resume property seizures.
“The best thing about the settlement, frankly, is that it will be done,” said Stan Humphries, chief economist for Seattle-based Zillow Inc. (Z), a provider of home-sales data. “The shadow of the settlement hung over the market for a year now.”
Foreclosure Deal to Spur U.S. Home Seizures - Bloomberg