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Keyword: foreclosures

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  • EXPOSED Federal Reserve Doc: Go from paper homeowner instruments to electronic. What fraud?

    07/11/2014 6:49:00 AM PDT · by Opinionatedtoday · 11 replies
    In Legalizing Mortgage Theft? I asked who was behind the push to eliminate paper mortgage instruments and move to an easily manipulated national electronic mortgage registry to the Uniform Law Commission (ULC). ULC is drafting the Home Foreclosure Procedures Act (HFPA). This is important to ask considering that the Mortgage Electronic Registration Systems, Inc. (MERS) has perpetrated widespread fraud against innocent homeowners through their national electronic registry. If you own a home or live somewhere, this affects you. MERS, also known as MERSCORP, has been accused of being ground zero of a Racketeer Influence and Corrupt Organizations Act (RICO) fraud...
  • 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.
  • Half of Detroit Properties Have Not Paid Taxes; Update on Detroit Bankruptcy

    02/25/2013 9:58:38 AM PST · by SeekAndFind · 13 replies
    Townhall ^ | 02/25/2013 | Michael Shedlock
    The hollowing out of Detroit is nearly complete. All that's left is a bankrupt shell of a city with no services and scattered citizens that do not pay taxes. The Detroit News reports Half of Detroit Property Owners Don't Pay Taxes Nearly half of the owners of Detroit's 305,000 properties failed to pay their tax bills last year, exacerbating a punishing cycle of declining revenues and diminished services for a city in a financial crisis, according to a Detroit News analysis of government records. The News reviewed more than 200,000 pages of tax documents and found that 47 percent of...
  • Plans to Encase Detroit Home in Ice Move Forward

    11/14/2009 7:56:33 AM PST · by Son House · 31 replies · 1,287+ views
    Associated Press at Google News ^ | Nov 13 2009 | Associated Press
    A project to encase one of Detroit's thousands of abandoned homes in ice this winter to draw attention to foreclosures that have battered the region is moving forward and expanding. Photographer Gregory Holm said this week that the state's land bank agreed to donate a home on the city's east side for the Ice House Detroit project. The scope of the project by Holm and freelance architect Matthew Radune is growing. They plan to use some money they've raised to help a Detroit family get a home by paying back taxes on a foreclosure. Holm also said early-release prisoners will...
  • Report: 47 Percent of Detroit Property Owners Pay No Taxes

    02/22/2013 8:07:58 AM PST · by chessplayer · 58 replies
    An estimated 47 percent of Detroit’s property owners pay no taxes, according to recent report from The Detroit News. n fact, according to The News, delinquency in the shattered city is so bad that that 77 blocks had only one owner who paid taxes in 2012. Yes, one person paid taxes in an area covering 77 blocks. Many of the people interviewed by The News said that they don’t understand why they should pay into a system that has failed to provide them with basic public services. “Why pay taxes?” asked Fred Phillips, who owes more than $2,600 on his...
  • "Boomerang Foreclosures" Are Back As Bernanke's Second Housing Bubble Begins To Pop

    02/14/2013 11:40:54 AM PST · by ExxonPatrolUs · 5 replies
    ZH ^ | 2-14 | Tyler Durden
    As always happens when central planning is involved, when one tries to stop a leak here, two new leaks appear elsewhere. Because while the Homeowners Bill of Rights managed to grind foreclosure activity to a halt in California, what is happening elsewhere is the dreaded Boomerang Foreclosure phenomenon, or, said simply, redefaults. In other words, those homeowners who tried to take advantage of the most recent housing bubble mania created over the past year by the unholy trinity of the Fed (open-ended liquidity, REO-to-Rent programs, and $40 billion in monthly purchases of MBS), foreign buyers (who launder illicit money courtesy...
  • CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

    10/27/2012 10:47:23 AM PDT · by opentalk · 73 replies
    Intel Hub ^ | October 26, 2012 | JG Vibes
    This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector. Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior...
  • Some fancy neighborhoods open gates to Section 8 tenants

    09/09/2012 11:20:23 AM PDT · by 2ndDivisionVet · 68 replies
    The South Florida Sun-Sentinel ^ | September 8, 2012 | Megan O'Matz, John Maines and Barbara Hijek
    Here's an odd side effect of South Florida's foreclosure crisis: Some immense homes with pools and three-car garages in gated communities are being rented out to unlikely tenants — poor people paying with Section 8 aid. Among the properties are homes with up to 4,500 square feet of space in private communities with guardhouses and regal names such as "Monarch Lakes" and "Bellagio at Vizcaya." Some of the owners are teetering on foreclosure and gambling they can earn enough money from the federal housing vouchers to stave off the banks. Others bought the properties cheap in foreclosure auctions and want...
  • 'Sharpie Parties' Fuel Rampage on Foreclosed US Homes

    08/17/2012 7:08:31 AM PDT · by Abiotic · 50 replies
    CNBC ^ | 16 Aug 2012 | Reuters
    In the age of Facebook and Twitter, a new crime has hit America: "Sharpie parties," gatherings of revelers armed with "Sharpie" magic markers and lured by social media invitations to wreak havoc on foreclosed homes. Five years into the U.S. foreclosure crisis, Sharpie parties are a new form of blight on the landscape of boarded-up homes, brown lawns and abandoned streets. They are also the latest iteration of collective home-trashing spurred by social media. At least six Sharpie parties were reported in one California county in recent months, where invitations posted online drew scores to foreclosed homes. The partygoers are...
  • How Obama Enabled Unscrupulous Banks to Foreclose on Innocent Homeowners

    08/05/2012 3:49:57 PM PDT · by tselatysr · 35 replies
    Tea Party Tribune ^ | 2012-08-05 15:44:51 | Rachel Alexander
    The epidemic of home foreclosures has been made far worse than necessary due to the banks' unwillingness to work with homeowners. Although Congress has passed numerous laws to force the banks to assist homeowners, the banks have found ways not to comply. The banks also brazenly break other laws to further their profits at the expense of homeowners, most recently by falsifying interest rates in the LIBOR scandal.Regular middle class Americans everywhere have unjustly lost their homes to foreclosure. They ended up in homes they could not sell due to the Federal Reserve Board, not their own actions. The Fed manipulates...
  • Foreclosure Activity Soars In Tampa Metro Area

    07/26/2012 6:23:21 AM PDT · by Iron Munro · 12 replies
    Tampa Tribune ^ | July 26, 2012 | Shannon Behnken
    The Tampa-St. Petersburg-Clearwater metropolitan area saw foreclosure activity skyrocket 47 percent in the first six months of this year. The increase was by far more than the other large metros. About half of the nation's 20 largest metro areas had increases in foreclosure filings, according to California-based RealtyTrac, which tracks foreclosures across the nation. Foreclosure filings — default notices, scheduled auctions and bank repossessions — increased 30 percent in Philadelphia, 28 percent in Chicago, 26 percent in New York and 21 percent in Baltimore. In all, 59 percent of U.S. metros posted higher foreclosure activity in the first half of...
  • Top Massachusetts court limits foreclosure relief

    06/22/2012 8:56:08 PM PDT · by 2ndDivisionVet · 10 replies
    Reuters ^ | June 22, 2012 | Jonathan Stempel
    The highest court in Massachusetts ruled that lenders must have proper paperwork to conduct foreclosures but said its decision applies only to future property seizures, averting a potential flood of problems for banks trying to take possession of homes. Friday's unanimous decision by the Massachusetts Supreme Judicial Court, in a case that had drawn national attention, avoids the prospect that title could be clouded on thousands of recently foreclosed properties in the state. It said a lender must in the future have a borrower's underlying note, or act on behalf of someone who does, in order to foreclose. The court...
  • More green shoots in housing market

    05/23/2012 9:32:16 AM PDT · by Oldeconomybuyer · 5 replies
    Los Angeles Times ^ | May 23, 2012 | by Don Lee
    WASHINGTON -- More green shoots are appearing in the nation's long-dormant housing market. Sales of new homes rose 3.3% in April from March to a seasonally adjusted annual pace of 343,000, the Commerce Department reported Wednesday. That was slightly stronger than what most analysts had forecast, and the latest in a string of recent reports suggesting that a housing recovery is taking hold. That said, the recent pickup is modest and coming from a very low base. The April pace of new-home sales was still just a fraction of last decade's peak of more than 2 million homes sold in...
  • Florida Supreme Court hears landmark foreclosure suit

    05/11/2012 6:48:42 AM PDT · by Elle Bee · 19 replies
    RUTERS ^ | May 10 2012 | Michelle Conlin
    May 10 (Reuters) - The Florida Supreme Court heard arguments on Thursday in a landmark lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial penalties in the state where they face the bulk of their foreclosure-fraud litigation.
  • Flood of foreclosures to hit the housing market (squatters will have to move out-free ride is over)

    04/13/2012 7:38:35 PM PDT · by Signalman · 7 replies
    CNNMoney ^ | 4/13/2012 | Les Christie
    NEW YORK (CNNMoney) -- The golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved. The settlement, agreed to by the nation's five largest mortgage lenders, is expected to speed up the foreclosure process by providing stricter guidelines for the banks to follow when repossessing homes. The banks involved include Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citibank (C, Fortune 500), Wells Fargo (WFC, Fortune 500) and Ally Financial. Many foreclosures have been in limbo since fall 2010 following the so-called robo-signing scandal, when...
  • Flood of foreclosures to hit the housing market

    04/13/2012 4:46:15 PM PDT · by RC one · 10 replies
    CNNmoney ^ | April 13, 2012: 5:33 AM ET | Les Christie
    NEW YORK (CNNMoney) -- The golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved. The settlement, agreed to by the nation's five largest mortgage lenders, is expected to speed up the foreclosure process by providing stricter guidelines for the banks to follow when repossessing homes. The banks involved include Bank of America, JPMorgan Chase, Citibank, Wells Fargo, and Ally Financial.Many foreclosures have been in limbo since fall 2010 following the so-called robo-signing scandal, when banks allowed employees to sign off on thousands of foreclosure documents a month...
  • Americans brace for next foreclosure wave

    04/04/2012 5:07:55 PM PDT · by Oldeconomybuyer · 15 replies
    Reuters ^ | April 4, 2012 | By Nick Carey
    Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures. "We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio's People (ESOP), a counseling group with 10 offices in Ohio....
  • The $26 billion crapshoot

    03/28/2012 12:00:59 PM PDT · by Oldeconomybuyer · 1 replies
    CNN Money ^ | March 28, 2012 | BY LES CHRISTIE
    Homeowners hoping the $26 billion foreclosure abuse settlement would mean big savings on their mortgages were mostly disappointed. Even though a million borrowers will have their principals slashed by as much as $100,000 or more, most are not eligible for a workout simply because the bank that issued their mortgages, didn't hold their mortgages. During the housing boom years of the early 2000s through 2007, about 20% of loans went into the bank's own portfolios. The rest were sold off, either to Fannie Mae or Freddie Mac or to investors. Only loans held by the banks and some of their...
  • Couple Lives In $1.3 Million, 4,900 Sq. Ft. Home For 5 Yrs Without Making Single Mortgage Payment

    03/05/2012 5:11:32 PM PST · by SeekAndFind · 32 replies
    Zero Hedge ^ | 03/05/2012 | Tyler Durden
    Wonder how Americans can afford to buy millions of iGadgets, a second LCD TV for the shoe closet, and eat at restaurants more than almost any time in the past despite sliding personal income? Simple - increasingly fewer pay the biggest staple bill in a US household: their mortgage. The following story of Keith And Janet Ritter, who have lived in their Fort Washington, MD $1.29MM, 4,900 square foot McMansion for 5 years (which they purchase with no money down) without ever making a single mortgage payment, and who are not even close to being evicted, may explain much...
  • Obama Foreclosure Scandal

    03/04/2012 4:05:25 PM PST · by Chuckmorse · 33 replies
    A Whig Manifesto ^ | March 4, 2012 | Chuck Morse
    Why has it taken the Obama Administration over three years to address the foreclosure scandal and have they actually addressed it? The scandal, which has been referred to in some quarters as “Foreclosure-gate” involves mortgage companies using a phony practice called “robo-signing” in order to fraudulently foreclose on homeowners. The company behind most of these robo-signings is Mortgage Electronic Registration Systems, known as MERS. This national company has served as a clearinghouse and as a rapid computer generated paperwork processor for the big banks and secondary mortgage investors seeking to process and re-process mortgages. MERS tracks an average of 65...
  • States with the most homes in foreclosure

    02/18/2012 1:10:50 PM PST · by Carbonsteel · 9 replies
    Yahoo Finance ^ | 02/13/2012 | By Michael B. Sauter, Charles B. Stockdale, and Ashley C. Allen
    Five major U.S. banks accused of foreclosure abuses have agreed to a $26 billion settlement with the government, the largest payout from banks arising from the financial crisis. The amount, which will include aid from banks in the form of loan forgiveness and refinancing, is intended to help homeowners avoid mortgage default and foreclosure. Most economists believe this is a step in the right direction, albeit only a small one.
  • Bulk Sales of GSE Foreclosures Begin

    02/01/2012 11:03:26 AM PST · by Oldeconomybuyer · 10 replies
    UPI.com ^ | February 1, 2012
    The Federal Housing Finance Agency (FHFA) today invited investors interested in purchasing pools of Fannie Mae, Freddie Mac and FHA foreclosures in the nations hardest-hit metropolitan areas with the requirement they rent them for a period of year to pre-qualify. The purpose of the pilot phase will be to examine investor interest in various types of assets,including the location, size, and composition of pools of assets; the ways in which investors maximize the participation of experienced local firms and organizations that can provide the types of services and support needed to ensure community stabilization; the types of structures and/or financing...
  • Investors eagerly eye U.S. foreclosure rental plan

    01/24/2012 10:40:19 AM PST · by Ernest_at_the_Beach · 42 replies
    MarketWatch ^ | Jan. 24, 2012, 7:00 a.m. EST | Ronald D. Orol, MarketWatch
    WASHINGTON (MarketWatch) — Matt Martin, CEO of Matt Martin Real Estate Management, is eagerly awaiting the introduction of a program that the Obama administration hopes will transform foreclosed properties into rehabilitated rental units and kick-start the economy. He says he’s not alone. “There is a large chunk of capital, billions of dollars, sitting on the sidelines waiting to see what kind of program the government comes up with,” Martin said. At issue is a Federal Housing Finance Agency push to develop a program that is expected to use government financing or guarantees to attract investors to buy up big regional...
  • Biden Gaffe: Letting Foreclosures Occur Would Be "Quickest Way" To End Crisis Is "Right" (audio)

    01/23/2012 9:48:37 AM PST · by i88schwartz · 5 replies
    RealClearPolitics ^ | January 23, 2012 | RealClearPolitics
    Biden on the housing crisis: “I’m going to make a raw political statement here. A guy like Romney is a good guy, he’s a decent honorable man, and I admire his family, but what he doesn’t understand is that we look at the foreclosure rate in the country like somebody going to bed tonight. They stare at the ceiling wondering if they’re going to be in that house a month from now, and what can we do to help? They [Republicans] look at it from a purely economic standpoint. The best thing to get the housing market back up is...
  • Freddie Mac offers a break to unemployed homeowners (No Job, No Worry! FREE HOUSING!!!)

    01/06/2012 3:43:25 PM PST · by tobyhill · 31 replies
    cbs ^ | 1/6/2012 | ByIlyce Glink
    Unemployed homeowners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take effect on Feb. 1. Freddie Mac will give mortgage servicers the authority to provide six months of forbearance to unemployed borrowers without prior approval, and the agency can approve an additional six months of forbearance after that. Homeowners are still responsible for paying off their full mortgage plus interest after the forbearance period ends. According to a Freddie Mac news release, unemployed borrowers can now avoid...
  • Wind farms blasted - Greenpeace co-founder

    01/07/2012 10:41:10 AM PST · by Dartman · 33 replies
    Chatham Daily News ^ | Jan 4 2012 | Bob Boughner
    This will drive the Enviro-weenies nuts! http://www.chathamdailynews.ca/ArticleDisplay.aspx?e=3425246
  • Sad Episode of 60 Minutes on Foreclosures

    12/28/2011 8:28:54 PM PST · by Nachum · 29 replies
    Valuwalk.com ^ | 12/28/11 | valuewalk
    Bank foreclosures and abandonment are causing high home vacancy levels in neighborhoods across the country. Scott Pelley travels to Cleveland, a city that’s fighting back against blight. Chances are the home you’re in isn’t worth what it used to be. You may not have indulged in the real estate bubble with its liar’s loans and Wall Street greed, but you were stuck with the bill. Home values have dropped so far, so fast, that nearly 25 percent of mortgage holders today owe more than their house is worth. And with unemployment so high, so long, many face foreclosure. If you...
  • The watchdogs that didn't bark

    12/23/2011 9:01:22 AM PST · by DeaconBenjamin · 9 replies
    Reuters ^ | Thu Dec 22, 2011 2:15pm EST | By Scot Paltrow
    Years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as judges point out apparent wrongdoing. The federal government has pursued few criminal cases against major lenders or senior executives for the meltdown. Finding hard evidence is difficult, the Justice Department said. The government hasn't prosecuted dubious foreclosure practices deployed since 2007 by big banks and other mortgage-servicing companies. Meanwhile, foreclosure-related case files in just one New York federal bankruptcy court hold at least 12 promissory notes bearing evidence of recently forged signatures and illegal alterations, according to a judge's rulings....
  • Occupy protesters take over foreclosed homes

    12/06/2011 2:24:39 PM PST · by tobyhill · 8 replies
    cnn ^ | 12/6/2011 | By Les Christie
    In more than two dozens cities across the nation Tuesday, an offshoot of the Occupy Wall Street movement took on the housing crisis by re-occupying foreclosed homes, disrupting bank auctions and blocking evictions. Occupy Our Homes said it's embarking on a "national day of action" to protest the mistreatment of homeowners by big banks, who they say made billions of dollars off of the housing bubble by offering predatory loans and indulging in practices that took advantage of consumers. In Atlanta, Occupy Our Homes activists went to the courthouses in three of the area's largest counties, DeKalb, Gwinnett and Fulton,...
  • Occupy protesters take over foreclosed homes

    12/06/2011 1:38:03 PM PST · by 2ndDivisionVet · 14 replies
    CNN Money ^ | December 6, 2011 | Les Christie
    In more than two dozens cities across the nation Tuesday, an offshoot of the Occupy Wall Street movement took on the housing crisis by re-occupying foreclosed homes, disrupting bank auctions and blocking evictions. Occupy Our Homes said it's embarking on a "national day of action" to protest the mistreatment of homeowners by big banks, who they say made billions of dollars off of the housing bubble by offering predatory loans and indulging in practices that took advantage of consumers. In Atlanta, Occupy Our Homes activists went to the courthouses in three of the area's largest counties, DeKalb, Gwinnett and Fulton,...
  • Harp Playing for Obama New-Old Home Program

    11/21/2011 11:05:30 AM PST · by Kaslin · 3 replies
    Townhall.com ^ | November 21, 2011 | Kathy Fettke
    Obama has less than one year to boost his ratings, and the latest housing bail-out plan is part of his campaign. But will it work in the long run? Let’s take a look. HARP 2.0 (Home Affordable Refinance Program) launched this week with the hopes of helping at least 1 million underwater borrowers refinance into today’s low rates, even if they owe much more on their home than it’s currently worth. While the rules are less stringent than the original not-so-effective HARP program, it still won’t save enough underwater homeowners from losing their homes. Why? 1). It only applies to...
  • 30,000 NE Ohio homes await demolition

    11/21/2011 11:53:13 AM PST · by EBH · 69 replies
    MSNBC ^ | 11/21/11
    Local lawmakers believe more federal demolition funds must be found to stop the dramatic drop in northeast Ohio property values. Former Cuyahoga County Treasurer Jim Rokakis said he believes the number of condemned homes and buildings in northeast Ohio has ballooned to 30,000. Rokakis blamed foreclosures and irresponsible banks, investment firms and individuals who have walked away or ignored their distressed properties. The growth in vacant houses comes at a time when federal neighborhood stabilization funds, used to demolish these homes, will soon run dry. Rokakis said vacant homes are one of the leading causes of a dramatic drop in...
  • Gingrich Freddie Mac connection

    11/11/2011 11:09:48 PM PST · by Fred · 19 replies
    The Examiner ^ | 111111 | Kevin Kervick
    Now that Rick Perry and Herman Cain are seeing their stars fade, at least among the pundit class that shapes the popular news, some political observers are speculating that Newt Gingrich could be the next conservative hope for President. In the CNBC Republican Debate on Wednesday evening in MIchigan, Wall Street Journal Editorial writer John Harwood asked Newt Gingrich about his former consultant relationship with the mortgage facilitator Freddie Mac. Conservatives and Libertarians blame the Federal Government for the housing crisis that hit in 2007 and continues today. They believe the Federal Government created the housing bubble by mandating that...
  • Obama's new mortgage program is full of disappointing details

    11/11/2011 6:19:51 AM PST · by Driftwood1 · 12 replies
    The Heritage Foundation ^ | 11-11-11 | David C. John
    When you're in trouble, nothing beats a helping hand — provided you can reach it. Certain homeowners with "underwater" mortgages are about to find that out. Say you're a homeowner with such a mortgage. The value of your home has dropped over the last few years until it is much less than you owe. It looks like you'll never get any relief. Then the government announces another plan to help people like you — the ones who have struggled to pay their mortgages on time. So you apply. Surprise: there are technical terms (which nobody mentioned ahead of time) that...
  • What the Costumes Reveal (Foreclosure Mill Throws Homeless Theme Party)

    10/30/2011 8:12:16 PM PDT · by Pan_Yan · 12 replies
    New York Times ^ | October 28, 2011 | Joe Nocera
    On Friday, the law firm of Steven J. Baum threw a Halloween party. The firm, which is located near Buffalo, is what is commonly referred to as a “foreclosure mill” firm, meaning it represents banks and mortgage servicers as they attempt to foreclose on homeowners and evict them from their homes. Steven J. Baum is, in fact, the largest such firm in New York; it represents virtually all the giant mortgage lenders, including Citigroup, JPMorgan Chase, Bank of America and Wells Fargo. The party is the firm’s big annual bash. Employees wear Halloween costumes to the office, where they party...
  • “Foreclosure Mill” Law Firm Thinks Foreclosed Homeowners Are Hysterical

    10/29/2011 7:12:34 PM PDT · by 2ndDivisionVet · 12 replies
    Mogulite ^ | October 29, 2011 | Amy Tennery
    So the law firm that represents huge mortgage lenders like Bank of America and Citigroup decided to throw a Halloween party. And, like many an awkward office Halloween bash, the employees were encouraged to dress up. Costumes! Fun! Except not. At the offices of Steven J. Baum, things got ugly. Because apparently someone at this firm, the biggest “foreclosure mill” in the state of New York, decided it would be fun to dress up as some of the delinquent mortgage holders whom they’ve thrown out of their homes. And the Baum crew spared no stereotype. This is according to New...
  • Homeowners Association

    10/13/2011 7:44:36 AM PDT · by 10sne1 · 29 replies
    Vanity
    Seeking information/ Anyone a member of a Homeowners association.
  • Families in Nixa and Spokane being forced from homes in unexpected foreclosures

    10/12/2011 4:19:30 PM PDT · by katiedidit1 · 22 replies
    KY3.com ^ | 10/12/2011 | Linda Russell
    SPOKANE, Mo.-- Entire neighborhoods of families in Christian County are being kicked out of their homes. The foreclosures come as quite a shock to the people living in those homes. Ernie and Sharlene Risinger and their 11 year old daughter love their Spokane home and community, but they're being forced out. Their American dream has turned into a nightmare. Nearly four years ago, the Risingers moved into the place they call home. "Sounded like a great deal. He wanted $1,500 deposit or down and we would actually be buying our house," says Ernie Risinger. Or so they thought. The Risingers,...