foreclosure

money.cnn.com — Loans in foreclosure have doubled over the past year, while delinquency rates continue to soar. A record 1.2 million homes were in foreclosure during the second quarter of 2008. That represents 2.8% of all outstanding loans, up from 1.4% of all loans during the same period a year ago, according to a report released Friday by the Mortgage Bankers Association (MBA). And 490,000 of the 45 million home mortgages serviced by MBA members began new foreclosure proceedings. That's up 9% from the 448,000 starts recorded in the previous quarter, and marked the seventh straight quarter that foreclosure starts increased. The delinquency rate, which measures mortgages that aren't in foreclosure but have missed least one payment, also hit a record high.

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bloomberg.com — Pay plans for chief executive officers helped create the subprime-mortgage crisis by encouraging companies to take on too much risk for short-term gains, the AFL-CIO said in an analysis.

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nytimes.com — The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices swooning from the Irish countryside and the Spanish coast to Baltic seaports and even parts of northern India.

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news-press.com — Florida Sens. Bill Nelson and Mel Martinez voted for a housing relief bill Thursday intended to help homeowners and builders, but both expressed disappointment the measure didn't do more to help individuals keep their homes.

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washingtonpost.com — The Senate yesterday gave overwhelming approval to a modest package of tax breaks and other provisions aimed at easing the nation's housing crisis, while Democrats in both chambers pressed for more ambitious legislation to aid more than a million homeowners most at risk of foreclosure.

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