{"id":22629,"date":"2010-10-30T20:30:47","date_gmt":"2010-10-30T20:30:47","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/reuters_special_report-a_marshall_plan_for_americas_housing_woes\/"},"modified":"2010-10-30T20:30:47","modified_gmt":"2010-10-30T20:30:47","slug":"reuters_special_report-a_marshall_plan_for_americas_housing_woes","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=22629","title":{"rendered":"Reuters Special Report–A Marshall Plan for America's housing woes"},"content":{"rendered":"

(Please take a careful look at this graphic to see the extent<\/a> of banks exposure to this problem–KSH)<\/i><\/p>\n

Even before some of the nation’s biggest mortgage lenders were forced to suspend foreclosure proceedings because of faulty paperwork, it was becoming clear that the Obama administration’s year-old effort to pump life into the housing market was falling short.<\/p>\n

The federal government just reported that 4.2 million homeowners are “seriously delinquent” on their mortgages and some 10.9 million borrowers are underwater, meaning their loans exceed the value of their homes.<\/p>\n

To make matter worse, there is the threat of protracted litigation between banks and borrowers because lenders might not have followed the letter of law in processing foreclosure paperwork.<\/p>\n

An even bigger source of worry is the $426 billion in so-called second liens — home equity loans, second mortgages and other loans “junior” to the primary mortgage — that sit on the balance sheets of Bank of America, JPMorgan Chase, Wells Fargo and Citigroup.<\/p>\n

Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

(Please take a careful look at this graphic to see the extent of banks exposure to this problem–KSH) Even before some of the nation’s biggest mortgage lenders were forced to suspend foreclosure proceedings because of faulty paperwork, it was becoming…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

<\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,589,149,168,600,114,151,585,596,34],"tags":[],"class_list":["post-22629","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-corporationscorporate-life","category-economy","category-ethics-moral-theology","category-housingreal-estate-market","category-law-legal-issues","category-politics-in-general","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007","category-theology"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/22629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22629"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/22629\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}