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Posts Tagged ‘housing crisis’

Resistance to Housing Foreclosures Spread Across the Land

Posted by smeddum on January 26, 2009

Resistance to Housing Foreclosures Spread Across the Land
Friday 23 January 2009
Truthout
by: Ben Ehrenreich, The Nation

Local grassroots groups are taking action and putting the pressure on federal regulators for a “real, comprehensive” solution to the mortgage crisis that has led to millions of foreclosures across the nation. 
Community-based movements to halt the flood of foreclosures have been building across the country. And they’re not the usual suspects. Read the rest of this entry »

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The Bank Bailout’s Side Effect: Rising Mortgage Costs

Posted by smeddum on October 17, 2008

The Bank Bailout’s Side Effect: Rising Mortgage Costs

By STEPHEN GANDEL – Fri Oct 17, 1:00 am ET yahoo.news

The government’s effort to boost bank lending to end the credit crisis is hurting one of the areas critical to the nation’s recovery: mortgage rates. In the past week, the average mortgage rate on a 30-year fixed home loan has jumped more than one half a percentage point to 6.74%, according to Bankrate.com. That might not sound like much, but it is the biggest one-week rise in the normally stable lending rate in 21 years. Some economists say mortgage rates could soon top 7%, a level they have not seen in more than six years. Read the rest of this entry »

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German property may soon lure sovereign wealth

Posted by smeddum on October 9, 2008

German property may soon lure sovereign wealth

Guardian

Reuters, Thursday October 9 2008
By Dave Graham
BERLIN, Oct 9 (Reuters) – Sovereign wealth funds (SWFs) from Asia and oil-rich nations may be set to jump in to the German real estate market, helping to support a sector which has been knocked down but not out by the financial crisis. Read the rest of this entry »

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France weathers worldwide housing price bust

Posted by smeddum on October 9, 2008

France weathers worldwide housing price bust
October 9, 2008 The Web in France
France and especially Paris seem set to withstand the worst of the drop in residential real estate prices.

It’s only news in the US — the real estate boom is well and truly over. prices are falling around the country as foreclosures turn real estate auctions into fire sales. The trend, albeit on a less catastrophic scale, is starting spread around the world, with Britain, Spain and Ireland seeing home prices falling. France has begun to feel the effects of the housing-price meltdown trend, but some signs indicate that France, and Paris in particular, will weather the storm better than most countries in Europe and certainly better than the US. Read the rest of this entry »

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Housing Advocates Call to “Bail Out Main St., Not Wall St.!” at Federal Reserve Protest

Posted by smeddum on September 26, 2008

Housing Advocates Call to “Bail Out Main St., Not Wall St.!” at Federal Reserve Protest
by Jason Pramas (Independent), Sep-26-08 Housing Leather District openmediaboston

BOSTON/Leather District – As an immediate response to the growing financial crisis and the sub-prime mortgage scandal which was its major trigger, 30 people from local housing advocacy organizations and unions gathered in front of the Federal Reserve Bank of Boston on Tuesday to demand a federal bailout for working families instead of financial services companies. The event was organized by the Boston Chapter of the Association of Community Organizations for Community Reform Now and the Massachusetts Alliance Against Predatory Lending. Read the rest of this entry »

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Halifax becomes last of big four lenders to hit homeowners with punishing rate rises

Posted by smeddum on June 21, 2008

And so claims made by the government that their bailout of the banks with public money would lead to better mortgage deals turns out to be fraudulent: that money seems to have gone into the latest bubble in commodities which impoverishes everyone except the financiers and the producers.

By BECKY BARROW (Daily Mail)
Last updated at 9:46 PM on 20th June 2008

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The death knell was sounded for the cheap fixed mortgage tonight as Britain’s biggest lender raised rates by up to 0.5 per cent.

Halifax – which provides one in five new mortgages – pushed up the cost of more than half of its fixed-rate deals.

It became the last of the ‘Big Four’ to impose massive rate rises on cash-strapped homeowners this week. Read the rest of this entry »

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