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Keyword: foreclosures

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  • Here’s what it looks like when foreclosure ‘pig’ moves through housing-crisis ‘python’

    07/25/2017 8:06:16 AM PDT · by Lorianne · 19 replies
    Market Watch ^ | 25 July 2017 | Andrea Riquier
    As the effects of the housing crisis further recede, markers of distress are declining, with one notable exception: Among the batches of severely delinquent mortgages bought by institutional investors, foreclosures are on the rise. The trend is a reminder of the reasons many community advocates resisted allowing institutional investors to buy delinquent mortgages in government auctions that began in 2010. Wall Street, those advocates said, shouldn’t be rewarded for its role in creating the housing crisis with the chance to buy for pennies on the dollar the very assets whose values it dented. The government auctions promised a risk-sharing solution...
  • Portland Votes on Foreclosures for First Time in 50 Years

    06/18/2016 5:04:42 PM PDT · by Lorianne · 14 replies
    ABC News ^ | 15 June 2016 | gillian flaccus
    The Portland City Council voted Wednesday to move forward with a plan to foreclose on so-called "zombie homes" for the first time in 50 years as the city grapples with a swelling population and skyrocketing home costs that are locking new homeowners out of the market. Commissioners and the mayor voted 4-0 in favor of the plan, with one member absent. The vote targets five of the city's worst abandoned properties, the first part of a long-term plan to free up housing in an overheated market while clearing out squatters who have plagued developing neighborhoods outside the city's hip core...
  • Special report: Banks continue robo-signing

    07/19/2011 5:03:31 AM PDT · by Kartographer · 9 replies
    Reuters/YahooNews ^ | 7/19/11 | Scot J. Paltrow
    The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008. A Deutsche Bank spokesman declined to comment. Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United...
  • Freddie Mac sells off $305 million in seriously delinquent mortgages

    10/12/2015 7:22:01 AM PDT · by george76 · 17 replies
    Housing Wire ^ | October 9, 2015 | Ben Lane
    Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...
  • In sign of times, hardest-hit Nevada may end foreclosure aid

    05/17/2015 9:26:06 PM PDT · by Olog-hai · 8 replies
    Associated Press ^ | May 17, 2015 8:02 PM EDT | Michelle Rindels
    At its height, Nevada was ground zero for the Great Recession. Unemployment topped 14 percent, the highest in the nation. The state led in per-capita bankruptcy filings. And one in every 10 homes faced foreclosure. But while Nevada’s jobless and foreclosure rates still rank high relative to other states, the raw numbers have plummeted. Lawmakers who agonized about public employee layoffs and an overburdened unemployment insurance fund a few years ago are now fretting about a shortage of teachers and want to implement new taxes worth hundreds of millions of dollars. And in another sign of the times, they want...
  • Fannie Mae accused of neglecting foreclosed homes in nonwhite communities

    05/13/2015 1:40:44 PM PDT · by Citizen Zed · 24 replies
    Chicago Tribune ^ | 5-13-2015 | Mary Ellen Podmolik
    A national fair housing organization has filed a complaint with the U.S. Department of Housing and Urban Development, charging that Fannie Mae is not properly caring for and marketing foreclosed homes it owns in nonwhite communities. The National Fair Housing Alliance alleges Fannie Mae violated the federal Fair Housing Act in nonwhite, working-class communities in the Chicago area as well as in 33 other metropolitan areas. Nineteen fair housing groups in various cities, including three in the Chicago area, joined the alliance in the complaint against Fannie Mae. "Fannie has more foreclosures in the United States than anybody else," said...
  • Foreclosures skyrocket, jump 100 percent in Phoenix, Arizona

    02/12/2015 9:12:47 AM PST · by george76 · 30 replies
    Phoenix Business Journal ^ | Feb 11, 2015 | Mike Sunnucks
    There were more than 2,300 homes and condos in the foreclosure process last month. That is up 104 percent from December. Statewide that increase is 109 percent from January 2014. The jump in foreclosures comes as the Phoenix housing market tries to shake off a slow 2014 where low demand for homes and tough mortgage qualifications stymied sales. Foreclosure activity was also up in states such as Ohio, New Jersey, Maryland and California and metropolitan areas such as St. Louis, Los Angeles and San Francisco. The worst cities for foreclosures include Atlantic City, Las Vegas and eight Florida markets including...
  • Brace Yourself for Another Wave of Underwater Borrowers

    06/03/2014 8:32:02 AM PDT · by SeekAndFind · 9 replies
    Townhall ^ | 06/03/2014 | Mike Shedlock
    Black Knight's April Mortgage Monitor shows almost 2 million modifications face interest rate resets, and 40 percent of those resets are underwater. Email News Release "We have seen a continual reduction in the number of underwater borrowers at the national level for some time now, but modified loans show a different picture," said Kostya Gradushy, Black Knight's manager of Loan Data and Customer Analytics. "While the national negative equity rate as of April stands at 9.4 percent of active mortgages, the share of underwater modified loans facing interest rate resets is much higher -- over 40 percent. In addition, another...
  • De Blasio ally open to city seizing foreclosed homes from banks (New York City)

    11/15/2013 2:06:55 PM PST · by 2ndDivisionVet · 54 replies
    The New York Post ^ | November 15, 2013 | Yoav Gonen
    The most left-leaning candidate for City Council speaker says she would consider using eminent domain to seize homes that are in foreclosure from banks – a move that could leave taxpayers subsidizing the mortgages. Melissa Mark-Viverito (D-Manhattan/Bronx), a close ally of Mayor-elect Bill de Blasio, said she was open to the proposal when asked about it during a forum in Queens Thursday night featuring five main contenders in the race for speaker. “The idea of using eminent domain in a reverse way… as a way of seizing those properties from the bank as a way of making those homes affordable...
  • MORE Free Money! Half Of Bank-Foreclosed Properties Still Occupied By Prior Owners!

    10/03/2013 8:33:47 AM PDT · by whitedog57 · 15 replies
    Confounded Interest ^ | 10/-03/2013 | Anthony B. Sanders
    As I discussed yesterday, Obamacare subsidies are available in Virginia to households making 400% of poverty line and twice the Virginia median household income. So, households making above $120,000 per year bear the subsidies for those earning under $120,000. Now we find out from RealtyTrac that half of bank-foreclosed properties are STILL occupied by prior owners! That means FREE RENT FOR DEFAULTERS!!!!!!! We already know that 43% of Americans pay no Federal income taxes. And the number of people on food stamps continues to explode. So, its FREE MONEY FOR EVERYONE!!!! At least for people making less than $120,000 a...
  • Healing? Q2 Real GDP Revised Upwards to 2.5%, Home Foreclosures Dropping, FHA Improving

    08/29/2013 8:02:11 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 08/29/2013 | Anthony B. Sanders
    Is the economy finally healing? It has been over 4 years since the alleged end of the recession. Foreclosures are improving, mortgage rates came down a bit and Q2 GDP was revised upwards to 2.5% from 2.2%. today The Freddie Mac Loan Commitment rate for 30 year fixed actually fell a bit. This is not surprising giving the recent trends in the Treasury 10 year yield. Still, the 10 year Treasury yield is up 115 basis points since May 1st. freddke30us10 FHA Serious Delinquencies and Foreclosures are down to 7.57% as of June 2013, a noticeable decline from 9% at...
  • Jobless Claims, Mortgage Foreclosures and Eminent Domain in California

    08/08/2013 7:57:54 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 08/08/2013 | Anthony B. Sanders
    According to the Department of Labor, in the week ending August 3, the advance figure for seasonally adjusted initial claims was 333,000, an increase of 5,000 from the previous week’s revised figure of 328,000. The 4-week moving average was 335,500, a decrease of 6,250 from the previous week’s revised average of 341,750. joblessc080813 Continuing claims rose above the 3 million mark, printing at 3,018,000. This represents an increase from the previous week of 2,951,000. Yet we seem stuck in a continuing claims slump since April. ontjc080823 Consumer confidence? It rose to -23.5, the highest level since early 2008. bcc080813 Delinquent...
  • Richmond Threatens Eminent Domain To Address Foreclosure Crisis

    08/01/2013 9:02:28 AM PDT · by MeshugeMikey · 22 replies
    KCBS ^ | AUgust 1, 2013 | KCBS
    Richmond Threatens Eminent Domain To Address Foreclosure Crisis Richmond city leaders were moving ahead with a plan to head off the foreclosure crisis, a plan that is not without controversy. The city has offered to buy more than 600 underwater mortgages at below the homes’ current value. “If they are unwilling to negotiate a sale of the loans, which we want them to do, then we will consider using eminent domain as another option to purchase these loans at fair market value,” said Richmond Mayor Gayle McLaughlin. Richmond is the first city in the country to take the controversial step...
  • LPS: New Problem Loans Approaching Pre-crisis Levels, Negative Equity Falls Below 15%

    07/08/2013 7:26:52 AM PDT · by whitedog57 · 6 replies
    Confounded Interest ^ | 07/08/2013 | Anthony B. Sanders
    According to todayÂ’s May Mortgage Monitor report released by Lender Processing Services, they found that the national delinquency rate continued to fall in May, marking the largest year-to-date drop since 2002. Delinquencies are down more than 15 percent since the end of December 2012, coming in at 6.08 percent for the month. New problem loan rates are approaching the pre-crisis average. newdelinqlps Here is a quick summary of the LPS report: 1. 6.08% of mortgages were delinquent in May, down from 6.21% in April. 2. 3.05% of mortgages were in the foreclosure process, down from 4.12% in May 2012. 3....
  • Yet Another Obama Cover-Up: FHA Bailout Fear

    06/08/2013 4:55:25 PM PDT · by blueyon · 15 replies
    Investors.com ^ | 6/07/13 | IBD Editorials
    Subprime: For years, the administration has denied FHA troubles. But emails reveal it not only knew of them, but also withheld evidence of projected insolvency from Congress. Under Obama, the Federal Housing Administration has increasingly backed new home loans to so-called rebound borrowers who recently defaulted on past mortgages. The agency is letting lower-income borrowers get loans just three years after foreclosure with as little as 3% down and subprime-low credit scores. In fact, 40% of newer FHA-backed loans are subprime. The risky lending has led to higher delinquencies. Now at 17%, delinquencies on FHA loans are so high the...
  • Detroit Pension Woes Worsen While Trustees Splurge For $5,500 Each For Conference In Hawaii

    05/26/2013 10:31:51 AM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 05/26/2013 | Anthony B. Sanders
    A recent Reuters’ article pointed out that four trustees of the Detroit pension fund spent $22,000 attending a pension fund conference in Hawaii (Hilton Hawaiian Village Waikiki Beach Resort). That is a whopping $5,500 per Detroit trustee. Of course, they could have held the conference in Dallas, Phoenix, Atlanta or Cleveland and saved on airfares and hotel costs. Or even at Detroit’s Convention Center? But I suspect lounging in the Hilton pool is more pleasurable than swimming in the Detroit River. Now, hundreds of pension fund representatives attended the conference and not every attendee dipped into their pension fund to...
  • Banker Hypocrisy And Zombie Homes

    04/30/2013 1:24:48 PM PDT · by blam · 10 replies
    The Daily Reckoning ^ | 4-30-2013 | Douglas French
    Banker Hypprocrisy And Zombie Homes Douglas FrenchApril 30, 2013 Walking away is not just for homeowners anymore. Now banks have joined in and are walking away, leaving thousands of homes vacant because they don’t want to be responsible for maintaining them. While housing bulls urge investors to buy up houses, banks that could control property ownership merely by foreclosing and paying the back taxes, homeowner’s dues, and other expenses are saying no thanks. The math just doesn’t work. The bulls may want to rethink their strategy. “Bank ‘walkaways’ used to be extremely rare, but they have ballooned in the past...
  • Irony: Gov’t foreclosure settlement checks bounce (Sequestration !!!)

    04/17/2013 10:14:38 AM PDT · by Sir Napsalot · 3 replies
    Hot Air (Green Room) ^ | 4-17-2013 | Ed Morrissey
    I swear, you just can’t do political satire these days, because reality turns out to be so much more ironic: "The foreclosure abuse settlement that was intended to speed relief to homeowners is ending as it began: with controversy and complaints that the program isn’t working." "On Tuesday, some of the first people to receive payouts under the $9.2 billion deal between federal regulators and the mortgage industry called into a government hotline to report that their bank would not cash their check, the Federal Reserve announced in a press release. Though the unspecified problem was resolved, the Federal Reserve...
  • White House Rolls Out 3 Foreclosure Prevention Efforts

    04/09/2013 8:52:59 AM PDT · by illiac · 4 replies
    Realtor Mag ^ | 4/9/13 | RealtorMag
    The Obama administration announced the extension or debut of three programs aimed at helping distressed home owners avoid foreclosure. The three initiatives are: Increasing outreach in the Making Home Affordable Program: The U.S. Department of Treasury is partnering with NeighborWorks America as well as the National Foreclosure Mitigation Counseling program to increase support for struggling home owners who seek assistance through the Making Home Affordable Program, which includes the Home Affordable Modification Program (HAMP). HAMP reduces monthly payments by more than $540 each month, on average. “Through the new initiative, housing counseling agencies will help struggling home owners successfully complete...
  • Foreclosure payments of up to $125,000 to start

    04/09/2013 7:10:31 AM PDT · by illiac · 42 replies
    MarketWatch ^ | 4/9/13 | Steve Goldstein
    WASHINGTON (MarketWatch) -- Payments to 4.2 million borrowers whose homes were in any stage of foreclosure in 2009 or 2010 will begin Friday, the Federal Reserve and the Office of the Comptroller of the Currency said Tuesday. The payments, which will range from $300 to $125,000, will be sent in several waves and are expected to be completed by mid-July. The regulators had previously announced the payments, which replaced a program that had consultants review foreclosures for errors.