Naples Florida Real Estate News - 11/06/07
FORECLOSURES - U.S. House Democrats and Republicans continue to negotiate a possible compromise on legislation that would give bankruptcy judges more flexibility to alter mortgage terms for borrowers facing foreclosure.
Struggling homeowners seeking mortgage relief from their lenders say they are hearing a tough message: We can’t help you unless you first fall behind on payments. However, defaulting on a mortgage usually triggers other headaches for homeowners. The major headache is credit scores drop and credit card interest rates increase - interesting how the banks have consumers over the barrel!
COMMERCIAL - Citizens Property Insurance Corp. received approval yesterday to offer up to $2.5 million multi-peril commercial insurance coverage, which it plans to offer no later than Jan. 1, 2008. Also approved: a 15 percent rate increase for commercial wind-only policies.
ECONOMY - Former U.S. Federal Reserve Chairman Alan Greenspan said Tuesday that cutting excess home inventories in the U.S. is key to stabilizing the financial system at home and the rest of the world.
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