U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth.
IndyMac Bancorp Inc. became the second-biggest federally insured financial company to be seized by U.S. regulators after a run by depositors left the California mortgage lender short on cash.
The Federal Deposit Insurance Corp. will run a successor institution, IndyMac Federal Bank, starting next week, the Office of Thrift Supervision said in an e-mailed statement today. Customers will have access to funds this weekend via automated teller machines. Regulators intend to eventually sell the company.
The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Senator Dick Durbin put out an action alert. He wants you to write your representatives demanding a bankruptcy amendment to allow judges to renegotiate mortgages in bankruptcy court.
This is a really much needed change in the law so I hope you all email your representatives.
He has made it easy for you, just fill out your zip and click send.
Carlyle Group said creditors plan to seize the assets of its mortgage-bond fund after it failed to meet more than $400 million of margin calls, heightening concern about a lending freeze that led to a plunge in the dollar and global stock markets
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