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From the monthly archives:

March 2009

Ellison’s Bill to Protect Renters in Foreclosed Homes

by Anthony ParkerMarch 24, 2009

Since 2007, Minnesota foreclosed homes has been spreading rapidly in the state, leaving hundreds of families homeless and devastating communities.

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House Empowers Judges to Prevent Foreclosures

by Mark GoodmanMarch 13, 2009

Finally, the U.S. House has approved the bankruptcy judge empowerment proposal, one of the most significant proposals in President Barack Obama’s program to avert foreclosures. By a vote of 234 to 191, the lawmakers gave bankruptcy judges the power to reduce the mortgage loans of Americans in bankruptcy to save them from foreclosures. But the bill has to be first approved by the Senate and signed by the president before homeowners hoping for the approval of this option can rejoice.

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Millions Not Qualified for Program to Head Off Foreclosures

by Danny GibsonMarch 10, 2009

President Barack Obama’s Homeowner Affordability and Stability Plan might not be able to achieve its goal of helping 9 million troubled homeowners save their homes from foreclosures. Because of the many restrictions included in the program, millions of homeowners would not qualify.

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Congressional Panel Wants More for Stopping Foreclosures

by Danny GibsonMarch 9, 2009

The U.S. Congressional Oversight Panel has praised President Barack Obama’s $275-billion program to stop foreclosures, but also faulted it for not including second mortgages and for not instituting a legal framework that could facilitate loan modification. Specifically, the panel cited the lack of a scheme to help owners of second mortgages and the lack of legislation to empower judges to help bankrupt homeowners avoid foreclosures.

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Donovan Explains Plan to Slow Down Foreclosure Listings

by Mark GoodmanMarch 4, 2009

Housing Secretary Shaun Donovan sounded very optimistic about Obama’s program to slow down foreclosure listings when he appeared before the Senate and testified about how the administration will spend $75 billion to help millions of homeowners. He told senators the full details of the program will be released at program launching. He also said the administration is expecting to process millions of modifications quickly, hoping to slow down the rate of foreclosure listings by April.

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JPMorgan, Home Equity Losses and Tax Foreclosures

by Anthony ParkerMarch 2, 2009

New York City banking firm JPMorgan has warned its investors of bleaker things to come during a shareholder meeting in the city on Thursday. The bank said losses from home-equity lending could rise to $1.4 billion for every quarter in 2009. Last quarter, the bank posted a loss of $770 million in its home equity lending operations. It could be said that among the bank’s home equity borrowers are individuals who lost properties to tax foreclosures.

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