California Foreclosure News

Large California Title Company Closes its Doors Inman Posted on December 14, 2007
A title company headquartered in California's Silicon Valley that once employed more than 2,000 employees at 200 branches has closed its doors without warning. Alliance Title Co., which is licensed to do business in 34 of 58 California counties, grew quickly during the boom -- in part by hiring experienced agents away from other title companies.

Senate to Pass Sub prime Help New York Times Posted on December 13, 2007
WASHINGTON (Reuters) - Key U.S. senators have reached a deal to expand the nation's largest federal home ownership program in a move that could help struggling sub prime borrowers avoid foreclosure, legislative and industry sources said. If the deal holds, underwriting standards at the Federal Housing Administration will be loosened so that the program can help 200,000 troubled borrowers save their homes, according to the overseers of the program.

Countrywide Subpoenaed by Illinois New York Times December 13, 2007
The Illinois attorney general is investigating the home loan unit of Countrywide Financial as part of the state’s expanding inquiry into dubious lending practices that have trapped borrowers in high-cost mortgages they can no longer afford.

Battle Lines Form Over Mortgage Plan Wall Street Journal Posted December 7, 2007
In unveiling a plan to help more than one million struggling homeowners, the Bush administration and the mortgage industry have embarked on a controversial project: picking winners and losers from the rubble of the sub prime-mortgage meltdown.

California New Home Sales & Resale's DQ News Posted November 15, 2007
A total of 25,832 new and resale houses and condos were sold statewide last month. That's up 5.6 percent from 24,460 for September, and down 40.9 percent from 43,720 for October 2006. Last month's sales made for the slowest October in Data Quick's records, which go back to 1988. On a year-over-year basis, sales have declined the last 25 months.

Record California Foreclosure Activity DQ News Posted October 26, 2007 DQ News
Lenders started formal foreclosure proceedings on a record number of California homeowners last quarter, the result of declining home prices, sluggish sales and sub prime mortgage distress.

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