Please Explain: Foreclosure

Friday, April 11, 2008

Find out about the different types of foreclosures, the legal process by which a property can be seized, how the real estate collapse has is affecting New Yorkers, and the industry that is thriving on America’s housing woes. Michael MacKenzie is US Markets Correspondent for the Financial Times. Josh Zinner is the co-director of the Neighborhood Economic Development Advocacy Project; he previously served as long-time Director of the Foreclosure Prevention Project at South Brooklyn Legal Services.


Michael MacKenzie and Josh Zinner

Comments [12]


legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor's equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Tax Relief

Aug. 16 2011 01:34 PM
paul from nyc

when banks refused to loan to people of color it was called redlining,
now that they have they are accused of some form of vampirism.

Apr. 11 2008 02:01 PM
marisa from Monterey CA

I just heard on NPR yesterday that developers are leaning on congress to help them in light of the current situation, and threatening to pull their contributions otherwise.

So, it's ok for congress to help them out of the problems of saturation-- which they caused?! And blame it on the homebuyers' irresponsibility, that's rich.

Apr. 11 2008 02:01 PM
rich from ridgewood nj

It is not very long ago that losses in residential real estate were widespread. It is amazing that even well intentioned and educated people were seduced by the notion that real estate appreciation was practically guaranteed. Buyers, lenders, regulators, rating agencies, and investors all had a vested interest in perpetuating the sham.

Apr. 11 2008 01:55 PM
DP from Crooklyn

part of the problem with a cure to this issue is determining who is to be helped. Using "primary residence" as the determining factor is problematic because many of these loans were required to be primary residences when in fact the borrower did not and never intended to live in the property. making this determination is more difficult than many people believe.

Apr. 11 2008 01:54 PM
DP from Crooklyn

lenders pressured appraisers to "properly" appraise homes to allow deals to go through. There are investigations currently underway and prosecutions are forthcoming.

Apr. 11 2008 01:47 PM
DP from Crooklyn

Part of this issue of "duped" borrowers are borrowers who did not take the necessary care to examine the loan documentation, either themselves if capable, or through an attorney and can be attributed to willful negligence. When an innocent borrower was duped, they should be helped. I believe this is really a very small minority and not worthy of a national debate.

Apr. 11 2008 01:45 PM
Hartford Johnson

Please give more time to Mr. MacKenzie. Josh is really taking over your interview.

Apr. 11 2008 01:41 PM
Seth from New York

Can you discuss purchasing a foreclosed home?

Apr. 11 2008 01:36 PM
DP from Crooklyn

People who exercised fiscal responsible behavior should be assisted. the rest can sink; including the banks. Why should everyone else pay to bail out people who took undue risk. I am targeted for abusive loans from credit card companies all the time. My answer is I don't take the lender up on the offer.

Apr. 11 2008 01:33 PM
chicago listener

PLEASE ask your guests to comment on the generally shoddy financial reporting in this country...the 10-second comment on the evening news, it's impact on the mood of buyers and seller, and how it could be made better.

love the show.

Apr. 11 2008 01:32 PM
DP from Crooklyn

While unscrupulous bankers have some part in this problem, too much emphasis is being taken off of the responsibility of the homeowner to understand their own finances.
Homeowners speculated on the real estate market.
Homeowners used their equity as a bank account to pay for luxury goods.
Homeowners falsified applications (with the assistance of loan officers & brokers) to get loans they knew were unsustainable.
People who treated their homes with care and exercised financial prudence are not being foreclosed upon unless they suffered some other problem.

Apr. 11 2008 01:30 PM

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