New mortgage delinquencies rise again - Los Angeles Times

New mortgage delinquencies rise again - Los Angeles Times:

The number of home loans 30 days in arrears has risen two straight quarters, leading to new worries about the economy. Severely delinquent mortgages and foreclosures decline.

August 27, 2010|By E. Scott Reckard and Alejandro Lazo, Los Angeles Times

"Economists attributed the increase in newly delinquent mortgages to the country's persistently high unemployment.

'It takes a paycheck to make a mortgage payment,' said Jay Brinkmann, chief economist for the Mortgage Bankers Assn. He said the trend could lead to another increase in foreclosures if the employment picture doesn't brighten soon.

'Unfortunately, since April, there has been almost no job growth at all, so I think that is where the risk lies looking forward,' said Christopher Low, chief economist at Chicago investment firm FTN Financial.

The declines in serious delinquencies and foreclosures were caused in part by a since-expired federal tax credit for home purchases, Brinkmann said. The credit caused a brief spike in sales, allowing some late-paying borrowers to catch up by selling their properties."

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California rejects bill to protect homeowners from foreclosure | Credit.com

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California rejects bill to protect homeowners from foreclosure | Credit.com:

"According to the San Francisco Chronicle, the legislation would have prevented lenders from beginning foreclosure proceedings until after they rendered a decision about a consumer's loan modification status. The bill would have also allowed homeowners to sue if they failed to comply with the measure.

Lenders that choose to participate in the federal government's modification program are barred from initiating a foreclosure until the application has been officially decided upon. But according to the Chronicle, the government does not have an 'enforcement mechanism' to ensure compliance with this rule.

Senator Mark Leno, who authored the legislation, said he will continue to explore options to help homeowners avoid foreclosure and protect their assets."

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FUTURE Voters and FUTURE Homeowners (sigh)

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TODAY IS BROUGHT TO YOU COURTESY OF MY EMAIL BOX. My email box overflows, so once in a while I look at some of the items in it with an expectation of what are you selling me now. I opened this mail up and there to tickle my funny bone was a copy of this ad from San Fransisco. There was no source and I could not locate any entries in Snopes. The subject line read: Subject: Unkilled hamburgers ... California mentality

SO I'll pass it on to you - Enjoy... I'll leave you to your thoughts!