If you own a home, the cost of the financial crisis could have been foreclosure, which swept up 4.4m homes.
In Philadelphia, Chicago, and St Louis, demonstrators protested against foreclosure.
The final category, tied to irregularities in foreclosure processes, is currently the subject of negotiations with a number of state attorneys-general.Based on the total volume of securities involved, BofA could potentially be on the hook for hundreds of billions of dollars, says Chris Whalen of Institutional Risk Analytics, a research firm.
It has the highest unemployment rate in the country (7.6%) and the third-highest foreclosure rate, and was the only state to lose a large number of jobs in 2007.
One organisation, ForeclosurePets.org, runs an online billboard that allows people facing foreclosure to find a home for their pet.
So are the well-educated.In this section Shopaholics wanted Tied to the mast Thirst-quenching Sleep therapy Duties call Counter insurgency Can pay, won't pay Deliver us from competition Reprints Related items The foreclosure plan: Can't pay or won't pay?Feb 19th 2009Anger about bail-outs of banks or carmakers does not weaken the moral barrier to default.
A new bankruptcy court, combined with new foreclosure laws, was supposed to encourage Thai debtors to bargain in good faith.
But foreclosure is time-consuming and expensive, taking 18 months on average and costing an estimated 20-25% of the loan balance.
Will getting some cash out of borrowers in the short term (by, say, extending the life of the loan to reduce the payments) prove a better deal for investors than immediate foreclosure?It is one thing to assess the effects of modifying terms on a single mortgage-backed security, which is likely to have one firm servicing it.
Modification makes economic sense, she argues: because the costs of foreclosure are high, keeping those who are struggling, but not basket-cases, in their homes should maximise loan recovery.
The bank, America's largest mortgage servicer, is being pushed towards a costly settlement with state attorneys-general, who have been investigating banks' foreclosure practices.
