Mortgage clinic restructures loans for homeowners

Mortgage clinic restructures loans for homeowners
Forbes

ATLANTA -- Standing in the lobby of the Georgia World Congress Center Tuesday, emotional homeowners debated the pros and cons of a mortgage restructuring event that drew thousands hoping to save their piece of the American dream.

Some, like Tina Alexander, were frustrated that after waiting in line for hours, she still wouldn't be able to see a mortgage counselor.

Foreclosure bill is now tied to state's budget
The Arizona Republic

The fate of Arizona's controversial new foreclosure law known as Senate Bill 1271 is now part of the state's budget battle.

Legislation that would repeal the most debated part of the law has been introduced and tied to current budget legislation. SB 1271, which passed in July, requires homeowners who go into foreclosure to show they have lived in the house for six straight months. If homeowners can't prove that, they are liable to lenders for the difference between their mortgage and what their home resells for. In the current Valley housing market, the difference is generally more than $100,000.

Economists Call for Bernanke to Stay, Say Recession Is Over
The Wall Street Journal

Economists are nearly unanimous that Ben Bernanke should be reappointed to another term as Federal Reserve chairman, and they said there is a 71% chance that President Barack Obama will ask him to stay on, according to a survey.

Meanwhile, the majority of the economists The Wall Street Journal surveyed during the past few days said the recession that began in December 2007 is now over. Battling the downturn defined most of Mr. Bernanke's term, which began in early 2006 and expires in January, and economists say his handling of the crisis has earned him four more years as Fed chief.

'A Recovery Only a Statistician Can Love'
The Washington Post

The pile of economic data indicating that the worst of the recession is over just keeps growing. In the past few weeks, the government has reported that businesses last month shed the smallest number of jobs in nearly a year. The savings rate, after rising rapidly, held steady at levels not seen in at least five years. And from April to June, productivity surged to a six-year high.

But the same data also explain why any recovery isn't going to feel like one anytime soon for millions of Americans. Its existence will be confirmed by statistics, but, over at least the next year, the benefits are unlikely to materialize in the form of higher wages or tax receipts or more jobs

What's Your Senator's Mortgage Terms?
DSNews

The Senate Ethics Committee introduced a bill last week that would require members of Congress to disclose their personal mortgage information to the public.

According to Ethics Committee Chairman Barbara Boxer (D-California), the transparency ensured by such disclosure requirements is the key to accountability in government. “We must continually revisit ethics in government, and strengthening our disclosure rules takes an important step forward,” Boxer said.