From Housing Wire
''Mortgage delinquencies ticked up in November even though the nation
continued to experience declining distressed inventory levels and fewer
delinquencies year-over-year, according to data firm Lender Processing Services.''
read more
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Friday, December 21, 2012
Monday, December 17, 2012
''Macon County sues Fannie Mae, Freddie Mac over transfer taxes''
From 4closurefraud
''Macon County is the latest Illinois county to file a lawsuit against Fannie Mae and Freddie Mac over failing to pay real estate transfer taxes on foreclosure properties.
Officials in the central Illinois county
filed suit Dec. 4 in federal court in Springfield, asking a judge to
order the two federal mortgage finance companies, as well as the Federal Housing Finance
Agency, which oversees them, to pay the transfer taxes; issue a
declaration that they are subject to having to pay them; and award
damages, interest, penalties, costs and attorney fees.''
Wednesday, December 5, 2012
''US Bancorp: Freddie Mac raises demands for banks to take back sour mortgages''
From Housing Wire
''In a MarketWatch article, chairman and chief executive Richard Davis of U.S. Bancorp ($31.43 -0.62%) told investors that Freddie Mac is raising demands to banks to repurchase certain defaulting mortgages that were sold to both government-sponsored enterprises.
Freddie Mac informed U.S. Bancorp and other banks during the Goldman Sachs ($116.58 -1.82%) Financial Services conference that the GSE would demand banks to take back defaulting mortgages made in 2004 and 2005. Previously, both Fannie Mae and Freddie Mac only demanded banks to take back mortgages made in 2006 or later. ''
read more
''In a MarketWatch article, chairman and chief executive Richard Davis of U.S. Bancorp ($31.43 -0.62%) told investors that Freddie Mac is raising demands to banks to repurchase certain defaulting mortgages that were sold to both government-sponsored enterprises.
Freddie Mac informed U.S. Bancorp and other banks during the Goldman Sachs ($116.58 -1.82%) Financial Services conference that the GSE would demand banks to take back defaulting mortgages made in 2004 and 2005. Previously, both Fannie Mae and Freddie Mac only demanded banks to take back mortgages made in 2006 or later. ''
read more
Thursday, November 29, 2012
''The housing recovery's shadowy secret''
Saturday, November 3, 2012
''Pennsylvania judge allows county fee case against MERS
From HousingWire
''The court for the most part upheld the plaintiffs right to pursue MERS in court for making electronic property assignments without paying local county recording fees.
The U.S. District judge is allowing the plaintiff, Montgomery County, to sue for quiet title and unjust enrichment, but threw out the civil conspiracy claim.''
read more
''The court for the most part upheld the plaintiffs right to pursue MERS in court for making electronic property assignments without paying local county recording fees.
The U.S. District judge is allowing the plaintiff, Montgomery County, to sue for quiet title and unjust enrichment, but threw out the civil conspiracy claim.''
read more
Sunday, October 28, 2012
''Why Won't the Foreclosure Crisis End?''
From Nasdaq
''Instead, we've seen foreclosures rise dramatically in certain parts of the country, with New York, New Jersey, and Connecticut seeing particularly big jumps in foreclosures. The New York metropolitan area led the nation with a 69% increase in filings related to the foreclosure and repossession process, even as much of the rest of the country saw declines. All this raises an important question: Will the foreclosure crisis ever end?''
read more
''Instead, we've seen foreclosures rise dramatically in certain parts of the country, with New York, New Jersey, and Connecticut seeing particularly big jumps in foreclosures. The New York metropolitan area led the nation with a 69% increase in filings related to the foreclosure and repossession process, even as much of the rest of the country saw declines. All this raises an important question: Will the foreclosure crisis ever end?''
read more
Monday, October 22, 2012
''RealtyTrac: 65% of housing markets worse off than in 2008''
From Housing Wire
''Sixty-five percent of U.S. housing markets studied by RealtyTrac are worse off than they were four years ago, according to the Irvine, Calif.-based real estate research firm. The results of the survey arrive the same day as the final presidential debate and just weeks before the general election.''
read more
''Sixty-five percent of U.S. housing markets studied by RealtyTrac are worse off than they were four years ago, according to the Irvine, Calif.-based real estate research firm. The results of the survey arrive the same day as the final presidential debate and just weeks before the general election.''
read more
Wednesday, October 10, 2012
''The Foreclosure Wars Are Over….And The Fascists Have Won….(surprised?)''
From Matt Weidner Law
By Matthew D Weidner, Esq.
''Now before I get too full into the diatribe here, let me digress a little bit and clarify that when I say, “Florida’s Attorney General Pam Bondi”, I mean that she is “Florida’s Attorney General” in name only. This elected official does not serve the interests of the citizens of the State of Florida anymore than the fascist in chief Rick Scott serves the interests of this abused citizenry. No, to be perfectly clear…and as two years of policy and initiatives demonstrate, the leadership of this state serve the interests of the corporate masters that have purchased what was nominally at least, “Government of The People, By The People, For The People.” Ha. I like to say things like that just to remember how quaint and naïve that sounds.''
read more
By Matthew D Weidner, Esq.
''Now before I get too full into the diatribe here, let me digress a little bit and clarify that when I say, “Florida’s Attorney General Pam Bondi”, I mean that she is “Florida’s Attorney General” in name only. This elected official does not serve the interests of the citizens of the State of Florida anymore than the fascist in chief Rick Scott serves the interests of this abused citizenry. No, to be perfectly clear…and as two years of policy and initiatives demonstrate, the leadership of this state serve the interests of the corporate masters that have purchased what was nominally at least, “Government of The People, By The People, For The People.” Ha. I like to say things like that just to remember how quaint and naïve that sounds.''
read more
Sunday, October 7, 2012
''Homeowners Short-Circuit Mortgage Foreclosure Process''
a must read.............From 'State of the Nation'
'Securitization Audits reveals mortgage bank criminal fraud'
''There is perhaps no other initiative as potent as a Mortgage Loan Securitization Audit (MLSA) for anyone facing foreclosure. This little known yet common sense remedy can effectively short-circuit the mortgage foreclosure process that is being illegally conducted by many of the banks around the country.''
read more
'Securitization Audits reveals mortgage bank criminal fraud'
''There is perhaps no other initiative as potent as a Mortgage Loan Securitization Audit (MLSA) for anyone facing foreclosure. This little known yet common sense remedy can effectively short-circuit the mortgage foreclosure process that is being illegally conducted by many of the banks around the country.''
read more
Saturday, October 6, 2012
''U.S. level of vacant homes is "extraordinary": Fed's Duke
From Reuters
''The housing bust has saddled the United States with an "extraordinary" level of abandoned properties that inflict heavy costs on the wider community and government aid may be needed to tackle the problem, a top U.S. central banker said on Friday.
"In order to see the robust economic recovery we all want, we need to deal effectively with the large volume of vacant and distressed properties throughout the country," said Federal Reserve Board Governor Elizabeth Duke.''
read more
''The housing bust has saddled the United States with an "extraordinary" level of abandoned properties that inflict heavy costs on the wider community and government aid may be needed to tackle the problem, a top U.S. central banker said on Friday.
"In order to see the robust economic recovery we all want, we need to deal effectively with the large volume of vacant and distressed properties throughout the country," said Federal Reserve Board Governor Elizabeth Duke.''
read more
Wednesday, October 3, 2012
''How foreclosures ate America: Incredible interactive map shows wave of property repossession over the past five years''
From Daily Mail
''A new map that illustrates foreclosure rates across the country from January 2007 to July 2012 makes uncomfortable reading for President Obama and his team who insist that Americans are better off than they were four years ago.
Charting the collapse of the housing boom in 2007, through the election of President Obama and the world financial crisis, the map shows vast swaths of the Southeast, Midwest and West turn purple indicating extremely high numbers of foreclosures.''
see the map
''A new map that illustrates foreclosure rates across the country from January 2007 to July 2012 makes uncomfortable reading for President Obama and his team who insist that Americans are better off than they were four years ago.
Charting the collapse of the housing boom in 2007, through the election of President Obama and the world financial crisis, the map shows vast swaths of the Southeast, Midwest and West turn purple indicating extremely high numbers of foreclosures.''
see the map
Wednesday, September 19, 2012
''Mortgage cops taking tough stance''
From Chicago Tribune
''Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a "strategic defaulter" who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it's time to start looking over your shoulder.''
read more
''Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a "strategic defaulter" who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it's time to start looking over your shoulder.''
read more
Friday, September 7, 2012
''Prepare For The Coming Housing Collapse: Part II''
From Business Insider
''By the spring of 2009, the foreclosure situation had become so awful that servicing banks decided to sharply reduce the flow of REOs onto the market to keep home prices from completely collapsing.
Nowhere was this done more vigorously than in the New York City metro area. Unlike other major metros, however, the banks have never turned the spigot back on in the New York metro area. Once the word got around that the banks were not foreclosing or evicting, borrowers stopped paying their mortgage in droves.''
Wednesday, September 5, 2012
''Foreclosures Among Owners of Million-Dollar Homes on the Rise''
From Loan Safe
''Million-dollar-plus foreclosures like the Graus’ are rare, but are on the rise, according to RealtyTrac, a California company that follows the foreclosure market. Although the numbers of foreclosures on properties with mortgages over $1 million are still tinyless than 2 percent of all foreclosures nationwidethey’ve more than doubled since 2007, RealtyTrac said. In Bergen County, more than 70 foreclosures of million-dollar-plus properties have been auctioned since January 2010, according to the sheriff’s office.
For buyers of luxury homes, the rising number of foreclosures in this price range offers the potential for better deals, since foreclosed homes generally sell at discounts that could total hundreds of thousands of dollars.''
read more
''Million-dollar-plus foreclosures like the Graus’ are rare, but are on the rise, according to RealtyTrac, a California company that follows the foreclosure market. Although the numbers of foreclosures on properties with mortgages over $1 million are still tinyless than 2 percent of all foreclosures nationwidethey’ve more than doubled since 2007, RealtyTrac said. In Bergen County, more than 70 foreclosures of million-dollar-plus properties have been auctioned since January 2010, according to the sheriff’s office.
For buyers of luxury homes, the rising number of foreclosures in this price range offers the potential for better deals, since foreclosed homes generally sell at discounts that could total hundreds of thousands of dollars.''
read more
Wednesday, August 22, 2012
''Nearly half of Fannie Mae REO unable to reach market''
From Housing Wire
''The National Association of Realtors said in its existing home sales report Wednesday that its officials were pressuring government agencies to release more of their REO in markets short of inventory.
Many market participants long claimed the government – including Fannie, Freddie Mac and the Department of Housing and Urban Development – are deliberately holding these homes off the market in order to get more for them when home prices recover.
Fannie disclosed for the first time this year where these properties are in the lengthy and complicated REO process. In its second quarter financial filing, the government-sponsored enterprise said 23% of its more than 109,000 repossessed are currently available for sale.''
read more
''The National Association of Realtors said in its existing home sales report Wednesday that its officials were pressuring government agencies to release more of their REO in markets short of inventory.
Many market participants long claimed the government – including Fannie, Freddie Mac and the Department of Housing and Urban Development – are deliberately holding these homes off the market in order to get more for them when home prices recover.
Fannie disclosed for the first time this year where these properties are in the lengthy and complicated REO process. In its second quarter financial filing, the government-sponsored enterprise said 23% of its more than 109,000 repossessed are currently available for sale.''
read more
Thursday, August 16, 2012
''Barry Ritholtz on the Ghosts Haunting the Zombified US Housing Market! ''
MUST WATCH>>>>>>>>>>From RT.com........''Welcome to Capital Account. New home construction in the US fell in July, according to Commerce Department Data, another reminder of weakness in the housing market despite recent signs of recovery. It is not unexpected if you talk to Barry Ritholtz, author of "Bailout Nation," who has been saying the "zombified" US housing market still has a long way to go.
Plus, from Zombie markets to Ghost inventory, we talk about the often overlooked underbelly of US housing, which is haunting the recovery. We get a forecast from Barry Ritholtz, CEO of Fusion IQ, of when the foreclosure machinery will be creaking back to life.''
Plus, from Zombie markets to Ghost inventory, we talk about the often overlooked underbelly of US housing, which is haunting the recovery. We get a forecast from Barry Ritholtz, CEO of Fusion IQ, of when the foreclosure machinery will be creaking back to life.''
Tuesday, August 14, 2012
''Rising Foreclosures Show Weak Economy''
From The New American
''Foreclosures of homes are increasing, July economic reports reveal. Homes are the most important asset that ordinary Americans possess, and the value of that asset was long presumed by middle class Americans to be one which would steadily increase over time, punctuated occasionally and in some regions with soft markets and in other regions with quicker growth. Over the last four years, however, the value of the American home has been stagnant, even as the cost of living has increased.''
read more
''Foreclosures of homes are increasing, July economic reports reveal. Homes are the most important asset that ordinary Americans possess, and the value of that asset was long presumed by middle class Americans to be one which would steadily increase over time, punctuated occasionally and in some regions with soft markets and in other regions with quicker growth. Over the last four years, however, the value of the American home has been stagnant, even as the cost of living has increased.''
read more
Saturday, August 11, 2012
''Maryland had highest rate of new foreclosure filings in U.S.''
From Wapo
"The bottom line is, no matter what state you're in, there are still millions of foreclosures ahead," said Ginna Green, a spokeswoman for the Center for Responsible Lending, a consumer protection nonprofit.
In order to get the foreclosure explosion under control, Maryland and other states need to be aggressive about pursuing loan modifications for homeowners who still can continue to pay, she said.''
read more
"The bottom line is, no matter what state you're in, there are still millions of foreclosures ahead," said Ginna Green, a spokeswoman for the Center for Responsible Lending, a consumer protection nonprofit.
In order to get the foreclosure explosion under control, Maryland and other states need to be aggressive about pursuing loan modifications for homeowners who still can continue to pay, she said.''
read more
Thursday, August 9, 2012
''Number of Chicago-area homes facing foreclosure rose in July''
From Chicago Tribune
''Foreclosure activity in the Chicago area continued to be well ahead of its year-ago pace in July, as lenders put new homes into foreclosure and pushed through existing cases that languished fore more than a year while federal and state authorities investigated lenders' foreclosure practices.''
read more
''Foreclosure activity in the Chicago area continued to be well ahead of its year-ago pace in July, as lenders put new homes into foreclosure and pushed through existing cases that languished fore more than a year while federal and state authorities investigated lenders' foreclosure practices.''
read more
''Harder-Luck Foreclosures Grow as Funding for Help Wanes''
From Business Week
''With millions of homes still in the foreclosure pipeline, mortgage counselors across the country say they are handling increasingly complex cases for homeowners who are unemployed, underwater, or redefaulting -- and sometimes, all three. Even as borrowers’ problems become more intractable, federal support is waning.
Counseling programs are funded largely through the U.S. Congress, which has allocated about $620 million to advise approximately 1.36 million homeowners through NeighborWorks America since December 2007, according to a June 11 report.''
read more
''With millions of homes still in the foreclosure pipeline, mortgage counselors across the country say they are handling increasingly complex cases for homeowners who are unemployed, underwater, or redefaulting -- and sometimes, all three. Even as borrowers’ problems become more intractable, federal support is waning.
Counseling programs are funded largely through the U.S. Congress, which has allocated about $620 million to advise approximately 1.36 million homeowners through NeighborWorks America since December 2007, according to a June 11 report.''
read more
Subscribe to:
Posts (Atom)