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State Attorneys Taking Stance Against Mortgage Rot
The fallout of the mortgage sector will continue to impede the growth of the national economy causing more people to lose their jobs. The personal financial situation of millions of Americans will continue to worsen unless the housing downfall is stopped.
But in the opinion of Mitt Romney, Republican Presidential aspirant, the housing crisis can only be stopped when the huge dark cloud of foreclosure hanging high above the nation is cleared. Unfortunately, it has been estimated that the foreclosure problem in the US will hang around for quite sometime to come.
New home sales posted their biggest jump in nearly 20 years today, climbing to their highest level since 2008. Sales climbed more than 15% in January versus the previous month.
The market was surprised by an unexpected jump in home sales when it should have been no surprise at all since the stock market always seems to be behind the curve.
Well they just released Thursday that the five largest banks in the United States provided $19 billion in write-downs to some 240,000 borrowers.
This is all part of the same state and federal resolution for violations having to do with foreclosure-processing involving Bank of America, Ally, J.P. Morgan Chase, Wells Fargo and Citigroup.
Well looks like we're back to the Bush real estate bubble era as President he Barack Obama has decided that many of the rules he implemented in 2011 through the Dodd Frank financial overhaul were apparently a bad idea now that he can't get the economy moving fast enough.
Expect 2013 to include relaxing the rules for lenders as the real estate market continues to hit walls with higher interest rates and even tighter banks.