Friday, October 15, 2010

from-a-maine-house-a-national-foreclosure-freeze: Personal Finance News from Yahoo! Finance

Read full article it is eyeopening if you are wondering what all the foreclosure freeze hubub is about!

from-a-maine-house-a-national-foreclosure-freeze: Yahoo! Finance: "It should have been a routine foreclosure, with Mrs. Bradbury joining the anonymous millions quietly dispossessed since the recession began. But she was savvy enough to contact a nonprofit group, Pine Tree Legal Assistance, where for once in her 38 years, she caught a break.

Her file was pulled, more or less at random, by Thomas A. Cox, a retired lawyer who volunteers at Pine Tree. He happened to know something about foreclosures because when he worked for a bank he did them all the time. Twenty years later, he had switched sides and, he says, was trying to make amends.

[Click here to check home loan rates in your area.]

Suddenly, there is a frenzy over foreclosures. Every attorney general in the country is participating in an investigation into the flawed paperwork and questionable methods behind many of them. A Senate hearing is scheduled, and federal inquiries have begun. The housing market, which runs on foreclosure sales, is in turmoil. Bank stocks"

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