Monday, May 19, 2008

Bush Doesn't Want to Bail Out Lenders

Bush has threatened to veto a House-passed Democratic measure aimed at preventing foreclosures. It would have the government step in to insure up to $300 billion in new mortgages for distressed homeowners; Bush says it would "reward speculators and lenders."

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Friday, May 9, 2008

Who is looking to buy foreclosures?

A recent survey by Trulia helped determine a little more about who is more willing to buy, or at least look at foreclosures.

  • About 60 percent of single/never-married adults are more likely to be at least somewhat interested in purchasing a foreclosure. People who are single just tend to have less obligation towards finding a nice house now. They don't have a problem purchasing something that may need to be fixed up. Providing adequate housing for their family is not the number one concern for single people.
  • Younger adults, ages 18 to 34, are the more likely than other age groups to consider buying a foreclosure with 69 percent expressing interest. Many in this demographic area are also single. They're young and looking for a deal.
  • Only 32 percent of adults 55 and older are interested in buying foreclosures. Older people are just not as motivated to try something new.

Monday, May 5, 2008

Bernake Warns More needs to be done to Stop Foreclosures

With foreclosures continuing to rise, Ben Bernake says more needs to be done to prevent foreclosures..High rates of delinquency and foreclosure can have substantial spillover effects on the housing market, the financial markets and the broader economy," Bernanke said in a dinner speech to Columbia Business School in New York. "Therefore, doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It's in everybody's interest," he said.Some 1.5 million U.S. homes entered into the foreclosure process last year, up 53 percent from 2006, Bernanke said. The rate of new foreclosures looks likely to be even higher this year, he said.To provide more relief, Bernanke again called on Congress to give the Federal Housing Administration, which insures mortgages, more flexibility to help distressed borrowers at risk of losing their homes. He also again urged lawmakers to move ahead on legislation revamping Fannie Mae and Freddie Mac, which finance mortgages

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