Wednesday Linklube: local foreclosures, high end homes, Obama and financial markets

by Alex Stenback on November 5, 2008

Local

Thousands of Foreclosure Scams Yield Few Charges [MPR]
Amazing, but not surprising. Local authorities having a hard time working through the backlog of mortgage/foreclosure related complaints

Foreclosures May Become Roofs for Needy [Strib]
Dakota county joins the growing list of twin cities municpalities that plan to use Federal Dollars to buy foreclosed homes and return them to the community as affordable housing.

High End Homes Feel Pinch, too [Strib]
Though the impacts of foreclosures are less severe, and high end owners are able to weather economic downturns better than most, they are taking some serious haircuts in this housing market.

Elsewhere and Otherwise

Underwater Need not Mean Foreclosure [WSJ]
Wall Street Journal points out the obvious fact that just because someone is underwater on a house, does not mean they will lose it.  Only those that are underwater AND cannot afford the home are truly at risk.  The majority will keep their homes.

Sorry Obama, Wall Street Doesn't Care [Kedrosky]
President-elect Obama will find that the financial crisis and recessionary economy will severely curtail his options in shaping economic policy: "All he can do is try to survive in the face of massive deficits, a teetering economy and a looming social security nightmare."

Obama Has Chance to Make Quick Mark on Fed [Realtime Economics]
Courtesy of the financial crisis, the Fed has much more power and influence.  Bernanke's term expires in less than a year, and there are currently two vacancies on the Fed's board, with two more to follow within a year of inauguration.

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