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Mortgage, Foreclosure Mess Broadens, Deepens

 · For tax purposes, the borrower is deemed by section 79 of the Income Tax Act to have disposed of the property in exchange for proceeds equal to the amount of principle outstanding on the mortgage at the time of the foreclosure. For the borrower, this treatment potentially results in.

The changes, being coordinated with the Democratic majority in Congress, are likely to include a new initiative to stem mortgage foreclosures.some analysts. ago the final winner in this disruptive.

Compared with the previous contractions, job losses in 2008 accelerated more rapidly. During the first8 months of the year, job losses were relatively mild, averaging 137,000 per month; then, in September and October, losses accelerated to an average of 351,000 per month.

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The mortgage mess, housing crisis, bankster screw-up-whatever you choose to call it-is – at it’s core, an outward manifestation of the BIG Cover-up. The biggest.

Indicating growing sophistication among issuers and investors, commercial mortgage-backed securities (CMBS) and other, more complex instruments, including credit derivatives and credit default swaps, are embraced. Throughout the cycle, the market broadens and deepens, becoming more and more global.

Foreclosures: ‘Worst three months of all time’. During that time, 937,840 homes received a foreclosure letter — whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

After everything I’ve learned and written about the foreclosure mess, my verdict is: The banks are responsible for 90% of the problem, troubled homeowners 10%. Yes, every foreclosure involves a homeowner not paying his mortgage. But every foreclosure also involves a bank that made the loan.

Foreclosure Mess Deepens, as Experts Fear that U.S. Has Yet to See the Bottom.. The business failed and Ramirez couldn’t afford the two payments, mortgage and loan.

JANET S. NORTHRUP, OF counsel telephone: 713/759-0818 ww.hwa.com THE SUB prime mortgage mess AND ITS POTENTIAL EFFECT ON COMMUNITIES AND COMMUNITY DEVELOPMENT by Janet S. Northrup Heather Heath McIntyre

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