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Keyword: foreclosures

Brevity: Headers | « Text »
  • Home ownership: Biggest drop since Great Depression

    10/07/2011 9:40:36 AM PDT · by Signalman · 6 replies
    CNNMoney ^ | 10/7/2011 | Les Christie
    NEW YORK (CNNMoney) -- The percentage of Americans who owned their homes has seen its biggest decline since the Great Depression, according to the U.S. Census Bureau. The rate of home ownership fell to 65.1% in April 2010, 1.1 percentage points lower than it was in 2000. The decline was the biggest drop since the 1930s, when home ownership plunged 4.2%. The most recent decade-over-decade drop, however, only tells half the story. Home ownership during the 2000s "was really high in the middle of the decade, up to almost 70% at one point around 2004," said Ellen Wilson, a survey...
  • House Is Gone but Debt Lives On

    10/02/2011 11:41:53 AM PDT · by Borough Park · 61 replies
    By JESSICA SILVER-GREENBERG LEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it. In June, he learned otherwise. A phone call informed him of a court judgment against him for $192,576.71. It turned out that at a foreclosure sale, his former house fetched less than a quarter of what Mr. Reilly owed on it. His bank sued him for the rest. The result was a foreclosure hangover that homeowners rarely anticipate...
  • Obama and Insiders Honcho Private-Government Real Estate Sales

    09/27/2011 9:10:41 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | September 26, 2011 | Kathy Fettke
    Who’s the largest owner of REO (bank-owned) inventory in the country? The taxpayers! That’s right. You and me. Mortgage giants Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), are currently holding approximately 250,000 foreclosed homes. That’s roughly half of all unsold, repossessed properties. Plus, these government-backed agencies may soon be forced to repossess 830,000 more homes currently in some stage of foreclosure. What’s a government to do with so many distressed properties? Unloading them into the market would only further depress values, while damaging the fragile U.S. economy that depends on real estate stability. Holding the...
  • Getting Cash in Exchange for a Short Sale

    09/22/2011 12:27:31 PM PDT · by reaganaut1 · 21 replies
    New York Times ^ | September 22, 2011 | ANN CARRNS
    To avoid further clogging the already sluggish home foreclosure pipeline, some lenders have been offering cash incentives to strapped homeowners at risk of foreclosure to complete short sales and move out of their homes. Chase, for instance, has been quietly offering as much as $35,000 to homeowners who are “upside down” on their loans — meaning, they owe more than the home is currently worth. In a short sale, the lender allows the sale of the home for less than the loan amount and often relieves the borrower of any further obligation. The incentives began late last year and are...
  • After year's lull, Sacramento-area forclosures roared back in August

    09/15/2011 6:33:38 AM PDT · by Oldeconomybuyer · 1 replies · 1+ views
    Sacramento Bee ^ | September 15, 2011 | By Rick Daysog
    After a yearlong lull, foreclosure filings in the Sacramento region soared 76 percent in August, reflecting a new wave of activity by Bank of America, the nation's largest lender. RealtyTrac said the number of notices of default rose to an 11-month high of 2,432 last month. On Wednesday, the California Reinvestment Coalition and the Alliance of Californians for Community Empowerment – a group started by former ACORN staffers – said a typical foreclosure costs local taxpayers $19,229 in government services. "It's a huge problem for the community," said Angel Picone, regional coordinator for the alliance. "This is taking away resources...
  • Want a real stimulus? Forgive student loan debt! (Not sure about this...just informing)

    09/03/2011 4:43:43 PM PDT · by Winstons Julia · 116 replies
    Sign on ^ | 09/03/11 | Robert Applebaum
    “Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President's pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy. As consumer spending increases, businesses will begin to hire, jobs will be created and a new era of innovation, entrepreneurship and prosperity will be ushered in for all. A rising tide does, in fact, lift all boats - forgiving student loan debt, rather than...
  • Housing's Iceberg

    09/03/2011 1:24:19 PM PDT · by bkopto · 25 replies
    Crain's Cleveland Business ^ | Sept 3, 2011 | SCOTT SUTTELL
    You and your fellow U.S. taxpayers own 248,000 homes, the result of record numbers of people defaulting on government-backed mortgages, according to a Bloomberg Businessweek story that quotes a Cleveland housing expert. With even more homes moving toward default, the magazine says, “Fannie Mae, Freddie Mac and the Federal Housing Administration are looking for a way to unload them without swamping the already depressed real estate market.” They've even issued a public plea for ideas to help do this; you have until Sept. 15 to send ideas to reo.rfi@fhfa.gov. Bloomberg Businessweek says the government's call for ideas is a sign...
  • Obama administration poised to become the world’s largest landlord

    Over the past three years the Obama administration has been secretly planning the largest redistribution of wealth in history. When President Obama took office, mortgage giants Fannie Mae and Freddie Mac held a staggering $6.1 trillion in subprime mortgages. If you’ll remember just prior to the 2008 election, President Bush signed the $300 billion Toxic Asset Relief Program better known as TARP. Two of the largest beneficiaries of this were the mortgage companies Fannie Mae and Freddie Mac. The two companies received a combined $169 billion in taxpayer funds. Upon taking office, the Obama administration gave instructions to the two...
  • A Huge Housing Bargain -- but Not for You

    08/26/2011 3:33:48 PM PDT · by Razzz42 · 12 replies
    thestreet.com ^ | August 18, 2011 | Roger Arnold
    The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors -- vulture funds. These homes, which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value. You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs(GS_) and its derivatives, as...
  • Fannie, Freddie Takeover Could be Key to Obama Jobs Plan

    08/25/2011 7:08:53 AM PDT · by Oldeconomybuyer · 22 replies
    FOX News ^ | August 25, 2011 | By Chris Stirewalt
    There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market. The dribbles from the White House on housing have hinted at some big ideas: having the government hold and lease foreclosed homes and even having the government fully take over busted and bailed out mortgage buyers Fannie Mae and Freddie Mac. The trial balloon in today’s New York Times puts the earlier leaks in perspective. The idea is to have the government offer...
  • Economic Woes Prompt Buyers to Back Out of Deals

    08/22/2011 9:33:58 AM PDT · by illiac · 3 replies
    RealtorMag ^ | 8/22/11 | RealtorMag
    Recent falls in the stock market and growing concerns over the cloud hanging over the U.S. economy has prompted more home buyers to cancel real estate deals or continue to sit on the sidelines, analysts say. The National Association of REALTORS® said in a recent report that home buyer cancellations in the last two months increased about 10 percent from a year earlier. Lawrence Yun, NAR’s chief economist, says the increase is due to low appraisals that do not match the mortgage amount, “overly stringent” lending standards, as well as waning buyer confidence. “The typical home buyer gets rattled when...
  • Mortgage delinquency rate rises to 8.44%: MBA

    08/22/2011 7:16:32 AM PDT · by illiac
    MarketWatch-Amy Hoak ^ | 8/22/11 | MarketWatch
    CHICAGO (MarketWatch) -- Mortgage delinquencies rose in the second quarter, a development that reflects the deterioration of the job market, the Mortgage Bankers Association's chief economist said on Monday. In the second quarter, the delinquency rate for mortgages on one-to-four unit residential properties reached a seasonally adjusted 8.44%, up from 8.32% in the first quarter, yet still down from 9.85% when compared with the second quarter of 2010, according to the MBA's quarterly delinquency report.
  • Federal Government Sells Forclosed Homes To Cronies To Collect Rent For HUD

    08/18/2011 10:25:35 PM PDT · by ExxonPatrolUs · 19 replies
    RealMoney ^ | 8-18-2011 | Roger Arnold
    A Huge Housing Bargain -- but Not for You Roger Arnold 08/18/11 - 05:49 PM EDTThis column by Roger Arnold originally appeared on RealMoney on Aug. 11. For a free trial to RealMoney, follow . NEW YORK () -- The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors -- vulture funds. These homes, which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going...
  • Emanuel announces $20 million loan pool to target foreclosures (no end to Chicago Way)

    08/17/2011 5:30:40 PM PDT · by STARWISE · 6 replies
    Sun Times ^ | 8-17-11 | Fran Spielman
    Nine Chicago neighborhoods riddled with foreclosures will get a blitzkrieg of cash and attention to turn those properties around, thanks to a $20 million loan pool unveiled Wednesday. With foreclosures rising by 20 percent in 2010, and resources steadily declining, Mayor Rahm Emanuel is trying a new approach to combat the epidemic that threatens to tear down entire inner-city neighborhoods. Instead of approaching the problem on a house-by-house basis, the mayor is targeting “small sub-sections” of nine neighborhoods hardest-hit by the foreclosure epidemic: Humboldt Park; Chatham; Chicago Lawn; West Woodlawn; Auburn-Gresham; West Pullman; Belmont-Cragin, Englewood and Grand Boulevard. All nine...
  • Foreclosures for rent? (New Obama scheme)

    07/25/2011 1:43:59 PM PDT · by 2ndDivisionVet · 18 replies
    WTVA-TV ^ | July 22, 2011 | Susan Parker
    Senior officials with President Obama's administration are looking at the possibility of renting out homes in foreclosure. According to published reports, taking foreclosures off the market and renting them is seen by some as one way to stabilize the housing market. This issue comes up for consideration at a time when monthly rental rates are soaring. They find home prices falling which they attribute to high foreclosure levels. Tupelo Realtor Brenda Estes says there are more than one hundred homes in foreclosure in a six county area of North Mississippi. She says renting them out is not the solution. "I...
  • Government Considers Ways to Rent Foreclosed Homes...

    07/22/2011 11:40:47 AM PDT · by null and void · 29 replies
    Wall Street Journal ^ | 7/21/11 | NICK TIMIRAOS
    The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter. While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels. Trimming the glut of unsold foreclosed homes on the market is "worth looking at," said Federal Reserve Chairman Ben Bernanke in testimony to Congress last week. Nationally, home prices in May were...
  • States negotiating immunity for banks over foreclosures

    07/20/2011 9:11:31 PM PDT · by Kartographer · 13 replies
    Reuters/YahooNews ^ | 7/20/11 | Scot J. Paltrow
    State attorneys general are negotiating to give major banks wide immunity over irregularities in handling foreclosures, even as evidence has emerged that banks are continuing to file questionable documents. A coalition of all 50 states' attorneys general has been negotiating settlements with five of the biggest U.S. banks that would include payment of up to $25 billion in penalties and commitments to follow new rules. In exchange, the banks would get immunity from civil lawsuits by the states, as well as similar guarantees by the Justice Department and Department of Housing and Urban Development, which have participated in the talks.
  • Should Everyone Get Bonus For Paying Mortgage On Time?

    07/11/2011 7:52:54 PM PDT · by Fred · 31 replies
    CNBC ^ | Diane olcik
    At what point is moral hazard trumped by corporate survival and the cold hard need to get people to pay their mortgages? The answer is: Now. As home values continue to fall and more borrowers fall into a negative equity position on their home loans, those who stand to lose, banks and investors, are working to keep borrowers current. To date, they have focused on delinquent borrowers, offering loan modifications and foreclosure alternatives, like short sales and deeds in lieu of foreclosure. Last fall, New Jersey-based Loan Value Group launched a new business model, offering lenders and mortgage investors a...
  • BofA Deal Could Break Mortgage Market Logjam, BlackRock Says

    07/07/2011 10:30:31 AM PDT · by Ernest_at_the_Beach · 7 replies
    Market Watch ^ | JULY 7, 2011, 12:47 P.M. ET | AL YOON
    BY AL YOON NEW YORK—Bank of America Corp.'s plan to resolve investor complaints about how it treats troubled homeowners and foreclosed properties is the most significant move yet to reconcile the conflicting interests that have stymied efforts to fix delinquent home loans, said a BlackRock Inc. money manager. In addition to a proposed deal to pay $8.5 billion under an agreement with 22 investors, including BlackRock, Bank of America last week agreed to send some of its highest-risk mortgages to so-called special servicers—experts who specialize in assisting troubled borrowers. The new approach adjusts financial incentives to encourage special servicers...
  • New Documents Show Intervention by Controversial Federal Agency in Forclosure Crisis Negotiation

    06/24/2011 5:23:13 PM PDT · by Nachum · 5 replies
    Big Government ^ | 6/24/11 | Tom Fitton
    Many conservatives and even some liberals have complained about Obama’s penchant for appointing “czars” in order to avoid accountability under law. One of his most notorious is the Consumer Czar, Elizabeth Warren, who was appointed by Obama to help set up and, many fear, to eventually run the monstrous new Consumer Financial Protection Bureau (CFPB). We recently uncovered documents indicating the CFPB has been intensely involved in a 50-state settlement discussion underway with the nation’s largest mortgage lenders regarding alleged improper foreclosure procedures. (Anti-business zealots in the Obama administration and state attorney general offices are trying to extract a $20...