Resetting Option ARM’s Increasing Mortgage Delinquencies

The unemployment rate in the U.S. is now at 9.7%.   A record 7.58% of U.S. homeowners with a mortgage were delinquent by at least 30 days in the August, up from 7.32% in July according to Equifax. August marked the fourth consecutive month with an increase in  mortgage delinquencies.  In the months leading up to [...]

Citigroup Agrees To Foreclosure Prevention Plan

Citigroup has reached an agreement with the Senate on legislation that will allow bankruptcy courts to modify the terms of residential mortgages so that judges would have the power to reduce mortgage principal. Sen. Richard Durbin (Dem, Illinois) re-introduced the bill to the Senate.  The plan may be included in the economic recovery package being [...]

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