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Consumer groups argue that part of the redefault problem is lenders' reluctance to make the sorts of changes that will really improve a homeowner's chances. While the popular notion of loan modification might have the lender lowering an interest rate or reducing the overall loan balance, many work quite differently. For example, one of the most widely implemented changes is to simply spread missed payments over the remaining life of the loan. That has the perverse effect of raising, not lowering, a homeowner's monthly payment. The nonprofit Center for Responsible Lending estimates that nearly half of the loan...
...Public Mistrust RE Michael Grunwald's piece on how Washington failed us: I'm neither Republican nor Democrat, and I am disgusted with both [Oct. 13]. Both presidential candidates want to blame Wall Street, and there is surely some merit to that. But the heart of the problem rests with Freddie Mac and Fannie Mae, two quasi-government corporations. Despite several attempts by legislators to call attention to the impending crisis, lawmakers like Senator Christopher Dodd - the No. 1 recipient of campaign contributions from Fannie and Freddie - preached the soundness of these institutions. This is not a failure...
...shelters exceeded supply due to the nationwide economic downturn. The Council’s consideration of homelessness follows an effort by Mass. Governor Deval Patrick to end family homelessness and cut the state’s costs by using a preventive approach. But councillors said they thought the problem would only get worse in the near future, citing the state’s budgetary woes and Question 1, a ballot initiative that could abolish the income tax in Massachusetts, which voters will decide on this Election Day. “With the social service cuts we’re seeing...
...specter of uninterred corpses has powerful evocations in Britain, where a strike by gravediggers in the 1978 "Winter of Discontent" left mortuaries struggling to cope. As the current delays only affect a percentage of welfare recipients, it is unlikely that this year will see a problem anywhere close to the scale of the 1978 crisis (which forced health officials to consider mass burials at sea). But Britain's undertakers have offered a corporeal reminder of how financial crises can infringe in intimate ways. "We are the forth richest country in the world," MP Kawczynski says. "The idea that you would...
...problem is, that the world has been slow to recognize the change. "I am sure I am going to hear people say, 'Who is Mogae? Like last year, people said: 'Who is Chissano?', says Ibrahim, referring to inaugural winner, former Mozambique President Joaquim Chissano, another of Mugabe's neighbors who stepped down peacefully and voluntarily. "But everybody knows Mugabe...