There are a lot of government subsidies, and in the current fiscal atmosphere many are shrinking by necessity. What appears to be lacking is any rational way of deciding which should shrink. The volume of federally guaranteed student loans to students at so-called proprietary colleges — the ones that intend to operate at a profit and get nearly all their revenue from the government — continues to grow. At the same time, state and local governments across the country are slashing spending on higher education, and community colleges — the ones most likely to offer alternatives to the students recruited by the far more expensive proprietary schools — are suffering some of the largest reductions. That trend has been welcome news to the proprietary colleges. ... Continue reading →
The Associated PressThe sign in front of a foreclosed house under sale contract in Tigard. Lawmakers on Wednesday approved $7.6 million for a foreclosure mediation program approved by the Legislature earlier this year and state mortgage fraud enforcement. The mediation program, passed as part of Senate Bill 1552, will require banks to meet with homeowners in mediation before foreclosing. It also requires homeowners to meet with a housing counselor before the mediation, except in cases where no appointment is available. The departments of Justice and Housing and Community Services had requested $9.1 million from the state's general fund to start the program and administer it through the end of the year.The Legislature's Emergency Board dropped $1 million of $3 million requested to replenish the Justice ... Continue reading →
The Associated Press/fileA sign indicating a reduced price is posted in front of a home for sale in East Palo Alto, Calif. Falling home prices have left more than one-third of Portland-area homeowners under water on their mortgages.Just over one-third of Portland homeowners were under water on their mortgage in the year's first quarter, unchanged from the previous three months. Zillow, a Seattle-based real estate listings website, will report Thursday that 34.3 percent of Portland-area homeowners owe more on their mortgage than their home is worth. In aggregate, the firm estimates, they are upside-down to the tune of $9.5 billion. Nationally, the share of underwater borrowers grew to 31.4 percent from 31.1 percent in the prior quarter. Underwater borrowers by county Clark County 42.8 percent ... Continue reading →
The Associated Press/fileA sign indicating a reduced price is posted in front of a home for sale in East Palo Alto, Calif. Falling home prices have left more than one-third of Portland-area homeowners under water on their mortgages.Just over one-third of Portland homeowners were under water on their mortgage in the year's first quarter, unchanged from the previous three months. Zillow, a Seattle-based real estate listings website, will report Thursday that 34.3 percent of Portland-area homeowners owe more on their mortgage than their home is worth. In aggregate, the firm estimates, they are upside-down to the tune of $9.5 billion. Nationally, the share of underwater borrowers grew to 31.4 percent from 31.1 percent in the prior quarter. Underwater borrowers by county Clark County 42.8 percent ... Continue reading →
