Jazz Legend Avoids Foreclosure
- By:
- MortgageLoan.com | July 02, 2008
Renowned jazz vocalist, Ernestine Anderson has been able to stave off the threat of foreclosure - for now.
The Houston born singer had been faced with the prospect of losing her home after an article in the June 30 edition of the Puget Sound Business Journal revealed that a mortgage company in California had put Anderson's home in foreclosure.
As reports circulated, so did support and the donations inevitably followed - with more than $50,000 flooding in. According to Carmen Gayton, a friend of the Anderson household, the money arrived on Monday.
Speaking to the Puget Sound Business Journal, Gayton singled out Quincy Jones for his effort. The Grammy and Oscar award winning musician and producer penned the first check towards Anderson's foreclosure cause.
Speaking to the Seattle PI, Anderson was moved by the public show of support towards her plight. "I'm relieved and humbled. You have no idea what it feels like to know people care."
A financial manager has volunteered to help Anderson manage the funds as support continues to stream in.
Bankruptcy Reform Back on the Table
- By:
- Bill Rice - MortgageLoan.com | November 21, 2008
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL).
TARP is Closed for Relief Until Further Notice
- By:
- Bill Rice - MortgageLoan.com | November 20, 2008
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
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