August 6th, 2010

Friday Scoop on Credit Karma & Housing Market News

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fed foreclosure

Some homeowners may face a surprise home visit from U.S government officials issuing a foreclosure notice, reports The Wall Street Journal. The Federal Reserve Bank of New York took over a souring mortgage portfolio when it helped bail out Bear Stearns in 2008, and now a number of properties, from homes to commercial buildings, may face foreclosure. Federal officials are trying to avoid closing on homeowners and business owners as it copes with falling real-estate values, especially because “If the Fed can’t figure out how to recast the terms of these mortgages and work with borrowers–its emblematic of the problems the government has had with other programs over the last year and a half,” the articles states. Strike two after the Obama administration’s foreclosure program, perhaps?

Check out more housing market updates, plus some great ways to save money on your home, in the end-of-the-week roundup of great finance articles from around the web. Happy reading and happy weekend!

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