Everything You Need To Know About Mortgages

Searching shadows for end to foreclosure crisis (Arlington Heights Daily Herald)

WEST PALM BEACH, Fla. — When Frank Verna pulls up to a battered, four-unit
apartment building at lunch hour, he’s just over a mile as the seagull flies
from the gated, oceanfront palaces of South Florida’s wealthiest.But this
stretch of 21st Street, pocked by homes with boarded-up windows and dead-
ending at railroad tracks, is unlikely to make it to a tourism poster. Verna
turns the car around in case he needs to make a quick exit and tucks a Smith &
Wesson pistol into his jeans.”Just watch your step,” the real estate agent
says, parting bushes grown across the building’s entry path. Beyond is the
darkened doorway to Unit 1 — missing its door.”I think there’s a dead animal
over there,” Verna says, aiming his flashlight at brown fur in the center of a
living-room floor blanketed in garbage. The stench of whatever’s in there is
potent. Nobody is home.Verna is here because he specializes in distressed
properties and Florida, thrashed by the mortgage crisis, has thousands. But
figuring out just how many is not simple.Each month, analysts issue reports
detailing the number of homes nationwide in foreclosure or held by banks. The
implication …

Arlington Heights Daily Herald

Countrywide Mortgage Meltdown

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