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Another State Moves on the Mortgage Crisis

Started by washingtonindependent · 10 months ago

Add West Virginia to the list of states suing Countrywide Financial Corp., alleging its loans were predatory and harmful to consumers, Housing Wire reports. California, Connecticut, Florida, Illinois, and the city of San Diego already have filed similar suits against the troubled firm, ... Continue reading »

1 comment

  • Amy_Roberts

    8 months ago

    California is to mortgage lending what Chicago is to pork bellies. Just kidding. California should be the poster child for a mortgage-loan bailout. In few other places have so many taken on such onerous debts with so little equity. Unfortunately, the crisis in California is going to get much worse, and there is no bailout that will solve it. Why? Because if the first stage of the foreclosure crisis was about people who could not afford their mortgages, the next stage will be about people who have every reason not even to try to pay their mortgages. Unfortunately, when it comes to the California crash, these striking numbers are not the end.Option ARM loans were heavily marketed to upper-tier home buyers in California. It's hard to know how bad the option ARM crisis will be before it actually happens.

    Source: www.mortgagefit.com
    reply

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