subprimer.org

Check this out:
subPrimer, a TAPwire blog, will provide critical context on the subprime/mortgage crisis and rapidly declining conditions in global financial markets, with a special focus on Wall Street’s role in bringing about these circumstances. The site will also offer introductory discussions of important issues in the subprime market and financial markets in general.
This website [...]

Industry Needs to do More

A NY Times editorial calls for more forceful steps than the Hope Now Initiatives.  NTIC is calling on the industry to modify loans into permanently affordable rates, not something that only lasts for a month.
http://www.nytimes.com/2008/02/13/opinion/13wed2.html?_r=1&hp&st=cse&sq=project+lifeline&scp=3&oref=slogin

Small steps announced to help delinquent borrowers

Project Lifeline announced today.  A program that six large lenders are announcing that will help delinquent borrowers.
http://www.nytimes.com/2008/02/12/business/13lend-web.html?_r=1&hp&oref=slogin

Immigrants hit hard by US slowdown, subprime crisis

By Adriana Garcia
As an economic slowdown and the subprime mortgage crisis deepen across the United States, Hispanic immigrants are increasingly in danger of losing their jobs and their homes.
Both legal and illegal immigrants joined Americans in buying homes they could barely afford when the market spiraled upward and many have been caught with mortgages higher [...]

NTIC affiliate gets Congress to take note

Central Illinois Organizing Project, NTIC affiliate, holds press conference with Senator Dick Durbin on fighting foreclosures.
Read more:  www.ciop.org

How to fight foreclosure in Cleveland with NTIC affiliate

http://www.wkyc.com/news/news_article.aspx?storyid=82292&provider=gnews

California Lawmakers Try to Halt Record Number of Foreclosures

Calif. lawmaker seeks to ban certain types of risky mortgages
By SAMANTHA YOUNG, Associated Press Writer
A state legislator on Wednesday will introduce a lending-regulation bill that seeks to mandate the obvious — that people who want to buy a home can actually afford the mortgage, property taxes and insurance.
The prevalence of exotic mortgages that put home [...]

African Americans & Latinos Pay Dearly for Subprime Mortgages

Martin Luther King’s ‘Dream’ Foreclosed
The subprime-mortgage crisis will cost black and Hispanic homeowners up to $256 billion - the worst financial hit for minorities in modern U.S. history, a new study finds.
“The dream that Martin Luther King Jr. once spoke of has been foreclosed,” Boston-based United for a Fair Economy wrote in a report set [...]

Pros and Cons of the Bush/Paulson Rate Freeze Plan

Rate Freeze To Cool Mortgage Meltdown
Eric Petroff 
In the wake of 2007’s rising foreclosure rates, the U.S. government negotiated with a series of mortgage-service companies– Citigroup, Countrywide Financial, Washington Mutual and Wells Fargo (or the Hope Alliance)–to create a “Mortgage Rate Freeze” program to alleviate the financial strain of resetting interest rates for subrpime borrowers in [...]

What are cities doing to fight back?

Cleveland, ground zero for the foreclosure crisis, is suing many national banks for the foreclosure crisis. Calling them what they rightfully are- a public nuisance.
Read story here:
http://blog.cleveland.com/metro/2008/01/cleveland_sues_21_investment_b.html