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Facing the mortgage crisis
In U. City hearing, McCaskill raises questions about reverse mortgages Print E-mail
By Puneet Kollipara, Beacon intern   

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Posted 3:15 p.m. Tues., June 30 - Sen. Claire McCaskill, D-Mo., on Monday expressed concerns about the potential for predatory lending and fraud in the growing reverse mortgage industry and recommended revamped federal standards. McCaskill, who presided over a field hearing of the Senate Special Committee on Aging at the OCHS Senior Center in University City, also warned of misleading advertising and excessive fees for the loans, which are extremely complex and difficult to understand. (Illustration by Svilen Mushkatov | Scx.hu)

 

 
No end in sight for home foreclosures Print E-mail
By Mary Delach Leonard, Beacon staff   

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Posted 6:40 p.m. Sun., May 31 - Several years into the mortgage crisis, too many homeowners have given up trying to save their homes. Instead, say some housing counselors and lawyers, they are resigned about going into foreclosure and bankruptcy. One reason, they say, is that many lenders are still not willing to modify mortgages to make them affordable. (Illustration from sxc.hu)
 
Obama's plan to stem foreclosures could slow the crisis, say some local experts Print E-mail
By Mary Delach Leonard, Beacon staff   

mortgageicon.jpgPosted 2:58 p.m. Wed., Feb. 18 - Here's the big question regarding President Barack Obama's announcement of a massive $75 billion government effort to stem theforeclosure crisis: Will it work? Some local experts say that the program, which would offer subsidies to lenders tomodify millions of sub-prime and high-interest loans, has a fighting chance.

Mortgage lenders busy after Obama plan announced. | Reuters

 
'Frontline' documentary digs deep 'Inside the Meltdown' Print E-mail
By Mary Delach Leonard, Beacon staff   

paulson100frontline.jpgPosted 4:40 p.m. Mon., Feb. 16 - Bear Stearns, Fannie Mae, Freddie Mac, IndyMac ... They toppled like giant trees with bad root systems during thefinancial tornado that struck last fall. All mostAmericans could do was watch -- and worry. How could this happen? That question is at the heart of the PBS Frontline documentary "Inside the Meltdown" that premieres Tuesday and is must-watch TV. (Photo of former Treasury Secretary HenryPaulson from Frontline)

 
JP Morgan, Citigroup announce temporary halt to foreclosures; move buys time for troubled homeowners Print E-mail
By Mary Delach Leonard, Beacon staff   
mortgageicon.jpgPosted 4:50 p.m. Fri., Feb. 13 - A temporary moratorium on foreclosures announced Friday by two of thenation's biggest lenders will temporarily stop the clock and buyprecious time for homeowners trying to avoid foreclosure, say St. Louisarea housing counselors. JP Morgan Chase & Co. and Citigroup Inc.announced the temporary halt to foreclosures while President BarackObama's administration works out a plan to soothe the hurting U.S.housing market.

 
 
'How could so many of us be so wrong?' Print E-mail
By Mary Delach Leonard, Beacon staff   

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Posted 3:13 p.m. Wed., Jan. 28 - Stacy Haynes of St. Louis is one of the millions of Americans who have lost their homes to foreclosure. Haynes lost her Richmond Heights home in October – defeated by a credit monster that she knows she helped to create. As she begins to remake her life, Haynes wonders why banks are being bailed out but not people.
 
Beacon-omics 101: What are reverse mortgages - and are they good for seniors? Print E-mail
By Mary Delach Leonard, Beacon staff   
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Posted 11:28 a.m. Mon., Jan. 12 - What's not to like about this financial option for older Americans? Maybe nothing -- and maybe everything.

It all depends on an individual's circumstances, say financial counselors who advise seniors on the innovative loan products.
 
Wanted: First-time homebuyers, willing to turn the market around Print E-mail
By Mary Delach Leonard, Beacon staff   

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Posted 11:40 a.m. Mon., Jan. 5 - Opportunity is knocking, say area Realtors who are pinning their hopeson first-time homebuyers willing to take advantage of bargain prices,low-interest mortgages and a temporary federal tax credit. "That first-time buyer really needs to come out,''said a local Realtor, echoinga sentiment shared by the region's housing industry that it's going totake motivated first-time homebuyers to jumpstart the slumping market.
 
Beacon-omics 101: Foreclosures remain at the heart of the economic crisis Print E-mail
By Mary Delach Leonard, Beacon staff   
beaconomics100.jpgPosted 12:30 p.m. Sat. Dec. 27 - Recessions don't recognize holidays, and gloomy real estate numbers continued the trends of 2008. Economists hold little hope for improvement until the focus is returned to the mortgage foreclosure problem.
 
U.S. foreclosures keep coming - and for many, it's the second time around Print E-mail
By Mary Delach Leonard, Beacon staff   

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Posted 1:40 p.m. Tues., Dec. 23 - As 2008 ends, St. Louis housing counselor Eric Madkins, who counselstroubled borrowers facing foreclosure, says his phone is still ringing,and he's seeing firsthand evidence of a troubling trend: homeowners introuble for a second time. Federal figures back him up: among them, 37 percent of loans modified in the first quarter of 2008were 30 or more days delinquent after three months, and 55 percent were30 days or more delinquent after six months. The mortgage crisis is about to enter another phase.

 
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Honor flights

Reporter Dale Singer travels with his father in law, who is one of a group of World War II veterans who are honored for their service and flown to Washington, D.C., to visit monument to their war. Read the story and see a bigger version of the video.

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  • Habitat for Humanity

     

    From KETC, LIVING ST. LOUIS Producer Anne-Marie Berger visits the Jeff-Vander-Lou neighborhood in North St. Louis where Habitat for Humanity is building homes with affordable mortgages for families in need. In 2008, this non-profit organization plans to move 27 families into affordable housing with the goal of building 50 homes a year by 2015.

    See the rest of KETC/Channel 9's stories 

Resources

KETC/Channel 9

Facing the Mortgage Crisis blog: A focal point for KETC/Channel 9, the Beacon and the community's contributions to the project. See all the videos, read all the stories, see a map of community resources and give feedback here.

@mortgagecrisis on Twitter: Ongoing updates about the project, including stories broadcast on KETC.

FacingMortgageCrisis on Youtube: A repository of KETC's stories on the project, updated as new ones become available.

Facing the Mortgage Crisis on Facebook: Become a fan and stay up to date on the project, while connecting with others interested in this problem.

Community Resource Map at Google: Wondering who is out there to help you in the St. Louis area? Visit the map to see how many resources there really are in your community.

St. Louis Federal Reserve

St. Louis Federal Reserve home page: Find out the latest news about the national economy from a regional perspective.

St. Louis consumer foreclosure resource center: See a directory of information and resources the Fed has assembled to make sense of the problem.

Foreclosure survival guide: A PDF put together by the Fed to help you pull through during and after a foreclosure.

 
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About Flyerboard

In the style of the community bulletin board, Flyerboard offers an affordable way to get the word out about your event, business or service. Download the Flyerboard overview (PDF)

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BeaconTech is a weekly video podcast looking at Internet and technology news that matters for the St. Louis region. Each week, we'll take a look at news that's important to the region through the lens of the Web.

You can find the home of BeaconTech at www.stlbeacon.org/tech, where new episodes will be posted each Monday, or subscribe using iTunes .

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Join the folks who have already found the Beacon on Facebook, the social networking site. See the most popular stories of the day, photos, videos and upcoming events. Visit the St. Louis Beacon page on Facebook and become a fan.

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Twitter is a "microblogging" service where users can provide short updates about what they are doing. stlbeacon is our official Twitter feed – check it out to find our featured stories and the news that matters.

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Mortgage foreclosures are at the heart of the current economic crisis. The Beacon and KETC/Channel 9 have been covering how mortgage problems affect St. Louis area residents.

Visit our special section to read coverage of these issues, watch Channel 9's stories and access resources to find help. To read  about Maureen McKenzie, whose story showcases, so many of the ills, click on part 1 , part 2 and part 3 .

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