Items of Interest:
Kai Wright / The Nation:
The Subprime Swindle -- Nearly 18,000 homes faced foreclosure in the Atlanta area during the first quarter of 2008, an almost 40 percent jump from the first quarter of 2007. In Fulton County, which encompasses most of the city's core and is heavily African-American, one in 122 homes was in foreclosure in the first week of April. A digest of Atlanta's March 2008 "foreclosure starts" was as thick as the phone book...
But the disaster is depressingly man-made. And this neighborhood reveals a deeply troubling dimension of it, one that will echo long past the recovery everyone hopes will soon come: for black America, the "mortgage meltdown" looks less like a market hiccup than a massive strip mining of hard-won wealth, a devastating loss that will betray the promise of class mobility for tens of thousands of black families...
Renovators in Limbo -- Banks Freeze Homeowners' Credit Lines; Fancy Finishes Are Out, Cheaper Appliances In
Lenders are cutting off more home-equity lines of credit, crimping homeowners' plans for honed-stone tiles, copper roofs and other costly improvements.
Borrowing against home equity has been a major source of funds fueling the renovation boom of recent years. But big lenders, including Bank of America, Citibank, Countrywide Financial, Washington Mutual Bank and USAA, collectively have told hundreds of thousands of customers this year that their home-equity lines have been frozen. Lenders typically include language in their agreements that allows them to cap or cut off a credit line if home values decline, or if a borrower fails to make payments on time...
- Foreclosure Rage Equals Jail Time for Mortgage Broker - Housing Wire
- Foreclosure Stimulus to Boost Tech's Four Horsemen
- Just The Mention Of Foreclosure Draws A Crowd - Diana Olick, CNBC Realty Check
- A Beacon of Sanity in Subprime - BusinessWeek
- UK House prices won't recover until 2015, ex-MPC expert warns - Telegraph
- Dogs bite a chunk out of homeowners insurance - Lasner on Real Estate
- Alt-A Pain Still Ahead -