NEW YORK -- A new wave of foreclosures stands to hurt people who may have never taken out a mortgage: renters. In cities such as New York, Chicago and Los Angeles, where many investors are carrying upside-down mortgages on large rental buildings, some tenants are watching their homes fall apart along with the financing.
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Housing News
State Updates
Legislature Enacts Affordable Housing Preservation Bill; Fixes State Low Income Housing Tax Credit Technical Glitch
Please click here for text of the Bill.
Please click here for CHAPA's summary of the Bill.
Foreclosures in Massachusetts rose nearly 30 percent in October from the previous month, but 85 fewer foreclosures were recorded compared to the same month last year, according to the latest report by The Warren Group, publisher of Banker & Tradesman. At the same time, the number of foreclosures initiated in October dropped 9 percent from September but climbed 11 percent from a year earlier.
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On November 10, 2009, Senate Banking Committee Chairman Chris Dodd and fellow Banking Committee members unveiled a tough, bold bill to reform the way that our financial system is regulated. The full press release can be read here.
Washington, DC – U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan and Federal Housing Administration (FHA) Commissioner David H. Stevens today briefed members of the media, industry leaders and congressional Members on the FHA’s financial outlook, in coordination with the agency’s release of its annual independent actuarial study.
WASHINGTON — The Obama administration on Friday rejected a proposal by Goldman Sachs to buy as much as $1 billion in tax credits from Fannie Mae, saying the deal would have amounted to a net loss for taxpayers.
BOSTON – Tuesday, November 10, 2009 – Governor Deval Patrick announced today that he has appointed Ron Homer, a business and civic leader with 39 years of financial services experience and current member of the Massachusetts Housing Finance Board (MassHousing), to chair the MassHousing board. The Governor also called on MassHousing to focus its attention on the following key areas: affordable housing preservation, workforce housing creation and bond financing for state public housing.
Washington Post - The Senate voted Wednesday to renew the government's $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.
For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.
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New York Times - It could be yet another opportunity for Goldman Sachs to come out a winner from the financial crisis that it helped create, but the