Foreclosures still up, the spread of foreclosure avoidance scams has even claimed the attention of the President.
The article notes a tremendous amount of interest in refinancing, but no one I know is doing that for homeowners whose mortgages now exceed the value of their home.
Almost everyone I talk to in Detroit falls in that category.
The Treasury Secretary announced plans to come down hard on the foreclosure scammers on Monday.
Late to the party, as many knew this was inevitable when the mortgage companies were throwing money out the window, not caring whether the borrowers could pay or not.
When you are in the lending business, and you have an entire category known as liar loans. . . . .
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