MedWorm provides a medical RSS filtering service. Over 6000 RSS medical sources are combined and output via different filters. This feed contains the latest medical blog items that have been tagged with 'foreclosure'. Sat, 03 Sep 2011 02:43:33 +0100 http://www.medworm.com/index.php?rid=4570527&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FGUU2a_74L4w%2F By Mark A. CalabriaWith State AGs and the Federal Government pushing to further extend the mortgage foreclosure process for late borrowers, one might assume that these government officials believe that further delay has no costs, and is at most a transfer from the lender to the borrower.  Judging from the results of a recent working paper, by economists Shuang Zhu and Kelley Pace at Louisiana State, they would be wrong.  Further foreclosure delays impose significant costs, not just on the economy and lenders, but also on other borrowers. Zhu and Pace start with the observation:   "The longer the period between first missing payment and foreclosure sale, the more valuable the default option becomes. The borrower preserves the option to either keep defaulting or cure the default in the f... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4570527 Thu, 10 Mar 2011 18:19:05 +0100 4570527 http://www.medworm.com/index.php?rid=4086462&cid=t_229983_136_f&fid=37852&url=http%3A%2F%2Fdonnatrussell.com%2F2010%2F10%2F20%2Fbanks-to-underwater-homeowners-dont-get-comfy%2F New cartoon by Trussell & Trussell on Politics Daily. Banks to Underwater Homeowners: Don’t Get Comfy. Missed out on Katrina? Now Katrina is coming to you!     Filed under: Politics Daily Tagged: banks, foreclosure, housing crisis, humor, mortgage, political cartoon, robert donna trussell, underwater (Source: Donna Trussell) Donna Trussell blogs http://www.medworm.com/rss/comments.php?id=4086462 Wed, 20 Oct 2010 16:52:51 +0100 4086462 http://www.medworm.com/index.php?rid=4074043&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FaF8faw0Z0fI%2F By Mark A. CalabriaWith the recent discovery of “robo-signers” and other paperwork problems in the mortgage foreclosure process, several prominent congressional Democrats have called for a national moratorium on mortgage foreclosures.  At least one large lender has already started to implement one.  A moratorium, however, would be irresponsible and harmful. And the White House is correct to oppose it. Whatever mistakes might have been made by lenders do not change the basic fact: most foreclosures are happening because the borrower is not paying the mortgage.  I recently talked to one large lender who said of their delinquent mortgages that over a fourth have not made a payment in over two years.  How exactly is someone who has been getting two years of free rent a victim?... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4074043 Thu, 14 Oct 2010 16:25:24 +0100 4074043 http://www.medworm.com/index.php?rid=3772421&cid=t_229983_136_f&fid=37852&url=http%3A%2F%2Fdonnatrussell.com%2F2010%2F07%2F20%2Fdemocrats-to-middle-class-yes-we-can-ignore-you%2F New cartoon by Trussell & Trussell on Politics Daily. Democrats to Middle Class: Yes, We Can . . . Ignore You. Filed under: Politics Daily Tagged: comics, congress, democrat, economy, foreclosure, middle class, political cartoon, recession, unemployment (Source: Donna Trussell) Donna Trussell blogs http://www.medworm.com/rss/comments.php?id=3772421 Wed, 21 Jul 2010 04:16:37 +0100 3772421 http://www.medworm.com/index.php?rid=3440773&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fr8fY6JzKBAY%2F By Chris Moody How to make tax law more fair and efficient. Gene Healy: Why terrorism isn’t an existential threat: “It’s worth remembering that terrorism has always been a weapon of the weak — and it usually fails” Was the Iraq War worth it? Malou Innocent: “Don’t believe the hype. The Iraq war remains a mistake of mammoth proportions. And Iraq’s election represents a pyrrhic victory, as the economic, political, and moral costs of the occupation far outweigh any benefits.” Doug Bandow on the problem with international alliances: “Washington collects alliances like people collect Facebook friends. …Contrary to the U.S. government’s current practice, America needs fewer allies. Washington should no longer act as the world’s ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3440773 Tue, 06 Apr 2010 14:51:58 +0100 3440773 http://www.medworm.com/index.php?rid=3440776&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FChEMsILdlbw%2F By Mark A. CalabriaWhile considerable attention has rightly focused on the failure of President Obama’s various mortgage foreclosure plans to actually lower the rate of foreclosures, few have bothered to even ask whether the plan is allowable under the TARP statute. Alex Pollock at AEI first raised this issue during testimony before the Congressional Oversight Panel.  Alex’s point is that TARP only allows the modification of mortgages that are actually acquired by the government.  Recall the original purpose of the TARP was to buy “troubled assets.”  In managing those assets, Congress required the executive branch to come up with a plan to assist the borrowers behind those troubled assets. Apparently unlike the Treasury department, I believe we should go back to ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3440776 Mon, 05 Apr 2010 19:59:19 +0100 3440776 http://www.medworm.com/index.php?rid=3290796&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FSvNOqGq_Sxs%2F By Mark A. CalabriaToday in Las Vegas, President Obama will take another $1.5 billion in taxpayer money and let it ride another spin on the roulette wheel otherwise known as foreclosure assistance.  This time, however, he’s not even bothering to send the money to homeowners; its all going to state governments.   That’s correct, he’s sending a huge check to select state governments to use in almost any manner they choose, as long as it offers some pretense at propping up the housing market.   The assistance will be targeted at those states that have seen at least a 20% decline in home prices.  Subsidizing states because their housing markets are getting more affordable almost makes one yearn for the days when we subsidized states because their housing markets ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3290796 Fri, 19 Feb 2010 20:18:29 +0100 3290796 http://www.medworm.com/index.php?rid=3003845&cid=t_229983_109_f&fid=36089&url=http%3A%2F%2Fthesituationist.wordpress.com%2F2009%2F11%2F18%2Fthe-situation-of-mortgage-defaults%2F This article suggests that most homeowners choose not to strategically default as a result of two emotional forces: 1) the desire to avoid the shame and guilt of foreclosure; and 2) exaggerated anxiety over foreclosure’s perceived consequences. Moreover, these emotional constraints are actively cultivated by the government and other social control agents in order to encourage homeowners to follow social and moral norms related to the honoring of financial obligations – and to ignore market and legal norms under which strategic default might be both viable and the wisest financial decision. Norms governing homeowner behavior stand in sharp contrast to norms governing lenders, who seek to maximize profits or minimize losses irrespective of concerns of morality or social responsibilit... The Situationist blogs http://www.medworm.com/rss/comments.php?id=3003845 Wed, 18 Nov 2009 04:01:17 +0100 3003845 http://www.medworm.com/index.php?rid=2886418&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FqU-D-xKXTAk%2F Perhaps the worst feature of the bailouts and the stimulus has been that, whatever their merits as short terms fixes, they have done nothing to improve economic policy over the long haul; indeed, they compound past mistakes. Here is a good example: For months, troubled homeowners seeking to lower their mortgage payments under a federal plan have complained about bureaucratic bungling, ceaseless frustration and confusion. On Thursday, the Obama administration declared that the $75 billion program is finally providing broad relief after it pressured mortgage companies to move faster to modify more loans. Five hundred thousand troubled homeowners have had their loan payments lowered on a trial basis under the Making Home Affordable Program. The crucial words in the story are “$75 billio... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2886418 Mon, 12 Oct 2009 17:35:51 +0100 2886418 http://www.medworm.com/index.php?rid=2712178&cid=t_229983_111_f&fid=36048&url=http%3A%2F%2Ffeeds.b5media.com%2F%7Er%2Fb5media%2FAHeartyLife%2F%7E3%2F-DDqMCY2-wA%2F Thirty-seven percent of people undergoing foreclosures of their homes meet the criteria of diagnosis for major depression, suggest study findings published in the most recent issue of American Journal of Public Health. That percentage is considerably higher than the National Alliance of Mental Illness report of about 5 to 8% of the general adult population has major depression. The researchers, from the University of Pennsylvania School of Medicine, found many interesting points. The press release says: compared to a sample of residents in the general public, those in foreclosure were more likely to be uninsured (22% compared to 8%), though similar health problems were seen among both the insured and uninsured nearly 60% reported that they had skipped or delayed meals because they couldn... A Hearty Life blogs http://www.medworm.com/rss/comments.php?id=2712178 Tue, 18 Aug 2009 23:40:16 +0100 2712178 http://www.medworm.com/index.php?rid=2648969&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FBD5--XR6c8s%2F As covered in both today’s Wall Street Journal and Washington Post, the Obama administration has called 25 of the largest mortgage servicing companies to Washington to try to figure out why the Obama efforts to stem foreclosures has been a failure. The reason such efforts, as well as those of the Bush Administration and the FDIC, have been a failure is that such efforts have grossly misdiagnosed the causes of mortgage defaults.  An implicit assumption behind former Treasury Secretary Paulson’s HOPE NOW, FDIC Chair Sheila Bair’s IndyMac model, and the Obama Administration’s current foreclosure efforts is that the current wave of foreclosures is almost exclusively the result of predatory lending practices and “exploding” adjustable rate mortgages, where l... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2648969 Tue, 28 Jul 2009 16:04:22 +0100 2648969 http://www.medworm.com/index.php?rid=2645269&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fq8DOqyA2Dec%2F Over the last week, speaking at a variety of events, I heard three different representatives of the Left; first a Democrat US Senator, then a senior member of the Obama Administration, and finally a “consumer” advocate, all repeat the same narrative:  all was fine in the housing market until predatory lenders forced hard-working honest families into foreclosure, which reduced house prices, bringing the economy to a crash.  That’s correct, apparently the Left believes we all would still be seeing double-digit home price appreciation if it wasn’t for those evil lenders. Undoubtedly foreclosures, especially those that result in houses that remain vacant for a considerable amount of time, have an adverse impact on surrounding property values.  Many constitute a serio... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2645269 Mon, 27 Jul 2009 15:32:12 +0100 2645269 http://www.medworm.com/index.php?rid=2405038&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FN_eTKAOix2M%2F Recently on Leno, President Obama compared some financial products to an exploding toaster. His words: When you buy a toaster, if it explodes in your face there’s a law that says your toasters need to be safe. But when you get a credit card, or you get a mortgage, there’s no law on the books that says if that explodes in your face financially, somehow you’re going to be protected. So this is — the need for getting back to some common sense regulations — there’s nothing wrong with innovation in the financial markets. We want people to be successful; we want people to be able to make a profit. Banks are critical to our economy and we want credit to flow again. But we just want to make sure that there’s enough regulatory common sense in place that ord... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2405038 Wed, 13 May 2009 15:23:22 +0100 2405038 http://www.medworm.com/index.php?rid=2405043&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FtZlSp42e6lw%2F Yes, I know.  It’s hard to believe.  Fannie Mae continues to lose money and, even more surprisingly, isn’t likely to ever pay taxpayers back for all of the billions that it already has squandered.  Rather, it says it will need more bail-out funds — probably another $110 billion this year alone. Reports the Washington Post: Fannie Mae reported yesterday that it lost $23.2 billion in the first three months of the year as mortgage defaults increasingly spread from risky loans to the far-larger portfolio of loans to borrowers who have been considered safe. The massive loss prompts a $19 billion investment from the government to keep the firm solvent, on top of a $15 billion investment of taxpayer money earlier this year. The sobering earnings report was a reminder of the f... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2405043 Tue, 12 May 2009 22:12:16 +0100 2405043 http://www.medworm.com/index.php?rid=2389654&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FcRLV8Ocl2WM%2F After the Senate’s rejection last week of allowing bankruptcy judges to re-write mortgage contracts, the so called “cramdown” provisions, it was starting to look as if the Senate cared about respecting private contracts. Sadly, such concern has been short-lived. Tucked away in the mortgage bill is a provision that gives servicers of mortgages, that is, the entities that collect payments and perform modifications on behalf of the actual investors in mortgages, a “safe harbor” from any litigation by investors if the servicer chooses to follow the interests of the borrower or the government, rather than fulfilling their fiduciary duty to the investors. Supporters of the safe harbor claim that too many foreclosures have taken place due to contractual restrictions ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2389654 Wed, 06 May 2009 17:07:55 +0100 2389654 http://www.medworm.com/index.php?rid=2255988&cid=t_229983_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FQenFhWkZ_No%2F Peter Van Doren and I have been puzzling over this very interesting NYT op-ed on home foreclosures by Yale economist John Geanakoplos and Boston University law professor Susan Koniak. If G&K’s story is right, then shouldn’t there be an opportunity for some clever financiers to help struggling homeowners keep their houses, help banks and other investors repair their balance sheets — and the financiers could help themselves to piles of cash in the process? G&K argue that all three parties to a home mortgage — the homeowner, the lender, and the loan servicer who works as a go-between — currently face grim financial prospects: Many homeowners are “underwater” — that is, they owe more on their mortgages than their homes are now worth. Accord... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=2255988 Tue, 10 Mar 2009 18:45:44 +0100 2255988