Tag: Foreclosure

Still not convinced of the need for a mortgage rescue plan? Read more about foreclosure issues in Colorado.

While packed with carrots encouraging mortgage lenders to modify troubled loans, President Barack Obama’s plan to stem the foreclosure crisis still awaits its stick: the empowerment of bankruptcy judges to alter the terms of primary mortgages.

Some Cleveland, Ohio neighborhoods have a message for banks that abandon their foreclosed houses or unload them at fire sale prices to speculators: Stop dumping your trash on us.

One in 390 Colorado homes Colorado received a foreclosure filing in October, enough to vault the state to the fifth-highest rate in the nation, up from the 10th-highest the month before, according to figures compiled by RealtyTrac Inc. Weld County led the state in foreclosures, with one in every 216 homes in some phase of foreclosure, according to the Fort Collins Coloradoan.

As the government, housing advocates and banks like Citigroup and JPMorgan Chase struggle to streamline loan modifications and stave off foreclosures, one tactic keeps coming back to life as a sure-fire weapon: the 90-day mortgage moratorium.

Retiring Rep. Tom Tancredo (R-English) could have a future writing speeches for Sen. Barack Obama after his term winds down in January. In a speech urging bipartisan support for the financial rescue plan on Wednesday, Obama echoed lines about the crisis from a statement Tancredo issued Monday.

Like Congress as a whole, the Colorado delegation is divided on how best to right the nation’s shaky economy. But as Republicans and Democrats in Washington, D.C., belittled the Bush Administration’s $700 million bailout package Thursday as a request for a “blank check” from taxpayers, and bickered with each other about “core agreements” of an alternative to the Bush Administration’s economic bailout proposal, Colorado lawmakers took opposing stances on whether the government should intervene at all.

Rep. Dennis Kucinich (D-Ohio) introduced legislation today to bar political parties from challenging the eligibility of voters whose homes have been foreclosed.

The good folks at PublicMarkup.org have placed the competing $700 billion mortgage bailout plans online to allow the public to read and comment on them while Congress considers its options in the midst of the greed-fueled nosedive of Wall Street.

Rep. Ed Perlmutter, a member of the key House Financial Services Committee, on Monday added his voice to a chorus urging caution in the face of a $700 billion Treasury Department proposal to bail out troubled credit markets. "[I] have doubts about the foxes guarding the henhouse or giving the Bush Administration any more authority over anything," the first-term Democrat said in a statement.