Scott Pelley reports on the mortgage crisis that’s far from over, with a second wave of expected defaults on the way that could deepen the bottom of the US recession.
EverythingFinanceBlog.COM An escrow is when you include your taxes and insurance with your monthly mortgage payment. Read More: everythingfinanceblog.com
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democracynow.org – The US Justice Department has unveiled a record mortgage settlement with the nation’s five largest banks to resolve claims over faulty foreclosures and mortgage practices that have indebted and displaced homeowners and sunk the nation’s economy. While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them. We speak to one of the settlement’s most prominent critics, Yves Smith, a longtime financial analyst who runs the popular finance website, “Naked Capitalism.” “The settlement, on the surface, does look like it is helping homeowners,” Smith says. “But in fact, the bigger part that most people don’t recognize is the way it actually helps the banks with mortgages on their own books. … The real problem is that this deal is just not going to give that much relief.” Towatch the complete daily, independent news hour, read the transcript, download the podcast, and for the additional Democracy Now! reports about the US financial meltdown, visit www.democracynow.org FOLLOW DEMOCRACY NOW! ONLINE: Facebook: www.facebook.com Twitter: @democracynow Subscribe on YouTube: www.youtube.com Listen on SoundCloud: www.soundcloud.com Daily Email News Digest: www.democracynow.org Please consider supporting independent media by making a donation to Democracy Now! today, visit www.democracynow.org
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The Harpers are dear clients of ours. We have done several loans for them, and they are wonderful people to get to work with.