A slight increase in Minnesota's unemployment rate in August triggered worries among many Minnesotans that the state may be losing traction in its economic recovery. The state had been making great strides to crawl out of the Great Recession.
The record $25 billion settlement approved in April between mortgage lenders and attorneys general from 49 states brought hope to many people with non-federal backed mortgages. Unfortunately, it also left many middle to low income people still tied to Fannie Mae and Freddie Mae in the lurch. What may be even more troubling, many mortgage lenders are speedily resuming the foreclosure process.
Homeowners in the Twin Cities have been encouraged by signs of economic improvement in the past few months. Home prices began to rise again after a two year slump. Behind that sunny forecast however, there are signs of another tempest brewing.
Recent Case Opens Door to Removing Second Mortgages in Bankruptcy