It is indeed time to sort out the mess brought about by sloppy paperwork regarding foreclosure procedures. With homeowners filing lawsuits left and right plus state attorneys general combining efforts to investigate on the matter, banks are really under hot water. They face further heat as they are set to make appearances in twin hearings in Congress this week.
Congress hearings on foreclosure practices are set for Tuesday and Thursday this week and are expected to renew pressure on banks to come up with ways of keeping borrowers in their homes. …

When the country was hit by the economic crisis, the real estate market was hit the hardest. Even now, when the economy is already starting to stabilize, the real estate market is still struggling to keep its grounding – aside from the declining prices, the mounting number of foreclosed homes is proof of this. It is then no wonder that more and more homeowners and lawmakers are clamoring for banks and mortgage servicing companies to stop foreclosures and review their current processes.
The push to freeze foreclosures came when Ally (formerly …

House Minority leader John Boehner of Ohio lashed an attack on President Barack Obama and his allies during his Tuesday speech in Cleveland. He criticized the way the president has been handling economic affairs and called for the resignation of top economic advisers.
Boehner began his speech by demanding that Obama avoid the “job-killing tax hikes” that he’s been implementing. The Minority leader accused the administration that it is taxing half of the small businesses’ income with higher rates.
Furthermore, he also launched a tirade against the way the president is handling …

If businessmen believe the government should take a backseat in most things business, they have a different take when it comes to the mortgage market. In fact, they feel that when it comes to mortgages, the government should have more involvement.
Last Tuesday, the Obama administration invited banking executives and asked them for advice regarding changing the government’s role in the mortgage market. Though they were in disagreement as to the level of support the government must extend, they were all in agreement that a large role must be maintained. After …

China’s economy relies heavily on the property sector, with one-fourth of its capital spending leaning towards it. This is the reason China has decided to enforce tighter rules earlier this year, including a stress test on loans given to industries – such as cement and steel – that are connected to the property market.
The stress tests, reported by the Chinese press on Friday, are meant to investigate on a bank’s ability to endure a downward trend on housing prices. Banks in seven cities – including Beijing, Shanghai, and Shenzen – …