City officials warn of another possible wave of foreclosures

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City officials warn of another possible wave of foreclosures

City officials warn of another possible wave of foreclosures

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Milwaukee officials on Thursday detailed new concerns that another wave of foreclosures is on the horizon that could damage vulnerable neighborhoods still recovering from the last housing crisis.

At issue is information that major mortgage-servicing companies have given to the city and community groups like Common Ground that suggest there are hundreds of properties that are delinquent on loans or are underwater, meaning property owners or the holder of the mortgage owe more than the home is worth.

Aaron Szopinski, the city’s housing director, sounded the alarm that Mayor Tom Barrett and the city did not want a repeat of the years following the recession.

“What we do know right now is not very good,” Szopinski told members of the Common Council’s foreclosure and abandoned homes committee. “We do not want a sequel.”

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2 Responses to “City officials warn of another possible wave of foreclosures”

  1. crittermom says:

    Officials have “new concerns that another wave of foreclosures is on the horizon…”
    Seriously??? Have these officials been living under a rock, or have they just been listening to main stream news, where much of the stock is owned by big banks?
    We have yet to even see the top of the wave regarding foreclosures. This year will begin a whole new wave (it’s already started), because interest only loans taken out ten years ago are now turning into full payments; those who did receive mods have their interest rates increasing (while wages haven’t); & those who are finally getting back on their feet after losing their jobs & homes are now being sued for deficiency judgments on those homes they lost.
    As much as the govt & the banksters tell folks things have improved, they have not, & sadly, the worst is yet to come if you look at the REAL news.

  2. levi says:

    COMMUNISTS EAT THEIR OWN CHILDREN. The cities got in bed with the banks by taking on debt and the banks now destroy the value of the real estate that pays the taxes for the cities debts. Way to go you ship of fools.

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