Articles related to: Foreclosure Crisis
Housing experts identify Milwaukee as one Of America’s Worst “Hot-Spots” where homeowners & communities are still at-risk
A new report by UC Berkeley’s Haas Institute for a Fair and Inclusive Society, “Underwater America: How the So-Called Housing ‘Recovery’ is Bypassing Many Communities,” identifies Milwaukee as one of the US cities where the most serious housing crises still persist.
Milwaukee is listed as in the top 15 cities that face the most extreme levels of lost equity, where the most underwater homes are located, and where families are most acutely vulnerable to foreclosure.
By Charlene Crowell
A broad coalition of state and national organizations is pushing to preserve a key federal program that has helped more than 1.1 million troubled homeowners and reduced mortgage payments by a median savings of $546 each month.
The Home Affordable Modification Program (HAMP), created in response to the nation’s housing crisis, is set to close shop on December 31. Housing and consumer advocates are urging the U.S. Treasury Department to reconsider ending the program.
A March 26 letter to Jacob J. Lew, U.S. Treasury Secretary, was signed by 14 …
News, Upcoming Events »
A Stop Foreclosures and Evictions, Moratorium NOW! public meeting will be held at the Amalgamated Transit Union hall, 734 N. 26th Street, Milwaukee on Saturday, June 23 beginning at 1 p.m. The event, sponsored by the Wisconsin Bail Out The People Movement, is free and open to the public.
“Wisconsin, as in many other states, is suffering the worst housing crisis since the Great Depression of the 1930’s. The banks-through illegal foreclosures and evictions-are destroying poor and working people’s neighborhoods and communities throughout Wisconsin and nationwide with the worst bankers crimes …
News, Urban Business »
Barrington M. Salmon,
Staff writer special to the NNPA from the Washington Informer
After more than a year of negotiations, five of the nation’s largest mortgage providers agreed last week to pay $25 billion after investigations by the Department of Justice, state attorneys general and state regulators revealed widespread abuse and fraudulent practices that led in part to the meltdown of the housing market.
This is the largest federal-state civil settlement in U.S. history and sets the stage for the Obama Administration, through the federal government, to put in place safeguards to …
By Cassandra Lans
Objections are continuing to grow over the State’s failure to direct all of the federal foreclosure settlement funds to victims who have lost homes, or facing the prospect of losing them. Last week, MICAH held a press conference that was attended by various city and state legislators including Milwaukee Mayor Tom Barrett, voicing their objection to how Governor Walker and Attorney General Van Hollen used $31 million of the settlement for budget holes.
This week, the objections to this decision continues to grow statewide. On Wednesday, Feb. 22 Mayor …
By Lynda Jones
This week Milwaukee Inner City Congregatons Allied for Hope (MICAH) organized a press conference to demand that ALL $31.6 million Foreclosure Fraud Settlement dollars be directed to homeowners. Governor Scott Walker and Attorney General JB Hollen have decided to use these dollars to plug up state budget holes instead.
Leaders in MICAH and around the community spoke out against using this money from a Federal Government settlement with five of the Nation’s largest banks over foreclosure abuse and fraud. The moral implication of the measure has moved leaders in …
Several references include encouraging plans for the African American community
Before a crowd of more than 500 individuals, Mayor Barrett delivered his State of the City Address. His remarks touched on several new initiatives including the Mayor’s Manufacturing Partnership, the “Fix it First” program and a Milwaukee Sustainability Plan.
He delivered his address at Ingeteam located at 3550 W. Canal St. “I chose Ingeteam and the Valley as this year’s State of the City venue because our successes here should serve as a reminder – an inspirational reminder – that we can …
With local foreclosure concerns, and rescue scams on the rise, more and more homeowners are looking for legitimate assistance and additional resources to help them avoid losing their homes. In response to this need, the City of Milwaukee, the Metropolitan Milwaukee Fair Housing Council, Take Root Milwaukee and a number of other nonprofit, government, and lender partners have teamed up to offer a foreclosure prevention event on Thurs., Oct. 21, for troubled homeowners in the Milwaukee area.
Event participants will have the opportunity to meet directly with lenders and local nonprofit …
Moore worked to include funding in Wall Street Reform Bill
This week, U.S. Congresswoman Gwen Moore (DMilwaukee) announced that Wisconsin will receive more than $51.5 million to help keep unemployed homeowners in their homes.
This announcement comes on the heels of news that after months of decline, foreclosure rates in Southeastern Wisconsin rose last month.
Moore, a member of the House Financial Services Committee, worked to create this new program in recently enacted Wall Street reform legislation. The bill was signed into law last July and the Housing Department began distributing the funding …
Federal data shows when financial institutions work with homeowners to lower mortgage payments the default rate drops.
A report from the Office of the Comptroller of the Currency and Office of Thrift Supervision showed recent modification efforts have lead to a decrease in default rates.
In the second quarter of 2009, only 18 percent of borrowers who had their mortgages modified were delinquent after three months. In the first quarter the delinquency rate was over 30 percent. With a 69 percent increase in home retention actions for the third quarter of 2009 …