The Great Recession
Tuesday morning, The Wall Street Journal trumpeted “Slump Over, Pain Persists” on the front page. I almost spit my coffee across the room. Seriously? Over? It’s official: The 2007-2009 recession, which wiped out 7.3 million jobs, cut 4.1% from economic output and cost Americans 21% of their net worth, marked the longest slump since the …
Tough News for Homeowners
Homeowners have been getting hit pretty hard recently. With many of the economic problems eroding equity in homes, sending record numbers into foreclosure, and further depressing prices, those of use with mortgages are starting to wonder why we didn’t just stay in that apartment we had in college. Sure, it was small and smelled a …
Busy Week
As we head into the long Independence Day weekend, we thought you’d like to know what has been going on at the legislature all week (aside from the budget, which passed yesterday. We’re still digesting that.) Here’s a quick summary of bills we have been either active with or been keeping our eye on: Both …
Updates on DNA and Homebuyer Protection
Just a quick update of two bills we have been working on – one in favor, and one against. SB 1015, otherwise known as the Homeowner and Home Buyer Protection Act, took one step closer to making it into law when it cleared the Financial Institutions Committee this afternoon. While opponents continue to claim the …
Homeowner and Homebuyer Protection Act
Last year, the NC House passed a bill called the Homeowner and Homebuyer Protection Act, which was designed to thwart all sorts of scams surrounding housing and mortgage fraud. At the last minute, the bill was seriously watered-down, much to the glee (and credit) of the housing industry lobby. However, this year we have a …
Reports says cost of foreclosure goes well beyond just losing the house
A new study on the impact of foreclosures on Latino families says losing a house can lead to depression, poor academic performance by children and financial devastation. None of these findings are likely to be surprising to anyone who has been foreclosed upon or knows someone who has lost their house to foreclosure. The study, …
N&O reports that State program helped to avoid foreclosures – but more is needed
The State Home Foreclosure Prevention Project, announced last November, enables homeowners who are having trouble remaining current on their mortgages to call a toll-free number and receive counseling and legal advice through a network of government and nonprofit agencies. (more)