An intriguing new survey by the Massachusetts Association of Community Development Corporations finds that nearly one-quarter of homeowners facing foreclosure who sought counseling were able to obtain a loan modification from their mortgage lender. Drawing from 1,143 people who have sought assistance from non-profit agencies providing housing counseling, the survey also contains information about the […]
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Loading ...The map to the right shows the overwhelming majority of subprime loans and foreclosures in New York City have been in minority neighborhoods. (Created by NEDAP via NY Times) The map tells an often-overlooked fact: the subprime crisis has hit minority neighborhoods harder than white ones.
The banking industry sometimes claims the differences in lending between […]
(No Ratings Yet) Loading ...The wide-ranging housing bill recently passed by Congress includes a program to help homeowners avoid foreclosure, money for community development, and other measures. One of its important provisions is a one-time tax benefit of $7,500 (or 10% of the home’s purchase price, whichever is less). Unlike many of the existing tax benefits of home ownership, […]
(No Ratings Yet) Loading ...I think this article describes the origins of the mortgage crisis as good as any, and outlines the drawbacks of any bailout. However, I’m interested in the root of the problem. What can we do to minimize the number of foreclosures to begin with?
First, a bit on where we are. Although hard facts are hard […]
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