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Tag Archives: housing crisis

Looking for a bright future for people of Mississippi

From Will Loftin’s perspective as senior vice president and consumer banking executive for Regions Bank, the future looks bright for Mississippi. Loftin is responsible for consumer banking operations in the central and southern parts of Mississippi, representing 80 branches and more than 600 employees. Statewide, Regions has more than 146 branches and over 1,600 employees. In a recent meeting at ...

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State's foreclosure rate plummets

ACROSS MISSISSIPPI — Foreclosure actions against Mississippi homeowners fell 29 percent from March to April. That is according to Irvine, Calif.-based RealtyTrac, which counts foreclosure actions nationwide. Last month, there were 369 foreclosure-related notices in Mississippi — down 29 percent from March and up 10 percent April 2009. Those notices range from an initial notice of default to outright repossession. ...

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Coast home foreclosures spike

MISSISSIPPI GULF COAST — The number of homeowners along the Mississippi Gulf Coast in danger of losing their residences jumped sharply during the first three months of 2010, according to a report released today. Irvine, Calif.-based RealtyTrac, which tracks foreclosure actions nationwide, said that 369 foreclosure-related notices went out during the first quarter in Gulfport-Biloxi, a 195 percent increase from ...

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State's foreclosures more than double

ACROSS MISSISSIPPI — The number of Mississippi homeowners facing or hit by foreclosure has more than doubled over the past year. That is according to RealtyTrac, which tracks foreclosures nationwide. In March, 518 Mississippi properties were targeted for some kind of foreclosure action, ranging from a notice of default to outright repossession. In March 2009, there were 221 such actions ...

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Bankers doubt loan-forgiveness policy

WASHINGTON — Top banking industry executives are skeptical about helping troubled borrowers by forgiving a portion of their debt. The executives told lawmakers on Tuesday they are reducing the amount that troubled borrowers owe on their home loans only in limited cases. That’s because consumers who are paying their mortgages on time are likely to see such reductions as unfair, ...

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State's non-current loans still high

The latest Mortgage Monitor report released by Lender Processing Services Inc. shows that the total number of delinquent loans was 21.3 percent higher than the same period last year. Although the data showed a small 1.45 percent seasonal decline in delinquencies from Jan. 2010 to Feb. 2010 month-end, the national delinquency rate still stood at 10.2 percent. The report is ...

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Ex-Fannie Mae executives to face questions

WASHINGTON — Two former top executives of Fannie Mae will face questions today about the government-created mortgage titan’s role in fomenting the housing boom and its eventual bust. Daniel Mudd, Fannie Mae’s chief executive during the housing boom, and Robert Levin, the company’s former chief business officer, are due to appear in the third day of hearings examining the roots ...

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White House to announce mortgage relief

WASHINGTON — After months of criticism that it hasn’t done enough to prevent foreclosures, the Obama administration is expected to announce today a plan to reduce the amount some troubled borrowers owe on their home loans. People briefed on the plan said the effort will let people who owe more on their mortgages than their properties are worth get new ...

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Bank of America forgiving some troubled mortgages

CHARLOTTE, N.C. — Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure. The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to 30 percent of some customers’ total mortgage balance. The homeowners must be at least 60 days delinquent on their loans and owe ...

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Existing home sales fall — again

WASHINGTON — Sales of existing homes fell for a third straight month in February, pushing sales down to the lowest level since last July. There is concern that the fragile housing rebound could falter, making it harder for the overall economy to recover. The National Association of Realtors said that sales of previously occupied homes dropped 0.6 percent in February ...

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