Weekend Edition - October 29 To November 2, 2012 - ForeclosureGate Gazette

WEEKEND EDITION, OCTOBER 29 NOVEMBER 2, 2012
MONDAY, OCTOBER 29, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners
The Revolving Door Spins, the Consumer Bureaus Mortgage Servicing Rules Stink The latest example of bankers running our country is the weak mortgage servicing standards proposed by the Consumer Bureau. Hmmm how come the rules are so bad, given mortgage servicers rampant fraud, predatory servicing and gross incompetence, all of which has been well documented by law enforcement (albeit not effectively prosecuted)? I have no inside scoop. But heres someone who does: Leonard Chanin. He supervised all of the Consumer Bureaus rule makings as its Assistant Director for Regulations. Guess what? Last month he left the Consumer Bureau to join Morrison & Forrester.
Break Up the Banks for a Faster Economy You can easily see real-world examples of how a giant financial sector stunts growth. Because of the consolidation of the banking sector, consumer loans invariably come from the leading mega-banks, allowing them to collude for higher fees. They took advantage of the Feds QE3 by increasing the spread they reap for individual loans, and now borrowing rates are nudging back up. Just as banks control the largest.
Urban Leagues Wright honored for helping those facing foreclosure Homeowner advocate Mindy Wright can empathize with clients facing foreclosure. Wright, Lorain County Urban League housing director, said despite making additions, she and her husband are unable to refinance the two mortgages on her South Amherst home into one because of the housing market collapse. The experience gave her a small taste of what.
Canadian bank goes after home [foreclosure] to collect credit card debts In a significant escalation by debt collectors who pursue consumers for payment, a major Canadian bank has threatened to foreclose on the homes of hundreds of Californians unless they pay back old credit card debts. California law generally makes foreclosure available only to lenders using residential properties as security, and collectors of unsecured debts, like credit card loans, normally are limited to attaching wages or bank accounts.
Foreclosure fallout cost nearby homeowners $2 trillion, report finds The economic impact of the housing bust on homeowners who live near a foreclosed property comes to about $2 trillion, according to a new accounting by a consumer advocacy group. In a report released Wednesday, the Center for Responsible Lending estimates that more than half of that spillover loss occurred in communities of color, which the studys authors define as census tracts where more than 50 percent of the residents are Hispanic, AfricanAmerican or otherwise non-white. Fed Helps Lenders Homebuyers:Mortgages Profit More Than
Architecture Revenue Down 40% Since 2008 All industries contracted during the recession, but few shrank as dramatically as architecture. Between 2008 and 2011, gross revenue at architecture firms fell from over $44 billion to $26 billion. More than 28 percent of positions disappeared. These are some of the startling revelations to be found inside the American.
The Federal Reserves latest mortgage bond purchases so far are helping profit margins at lenders including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) more than homebuyers and property owners looking to refinance. Since the Feds Sept. 13.
Why Florida is Sitting on $300 Million Meant to Help Homeowners Florida has the highest percentage of home loans in foreclosure in the country. So why is more than $300 million that could help homeowners sitting unused? Florida was awarded those millions in February as part of the $25 billion national settlement between five of countrys biggest banks and forty-nine states and the District of Columbia. The settlement resolved allegations of wrongful foreclosures and other mortgage servicing abuses, and required banks to offer some homeowners the opportunity to modify their loans or refinance, or, in some cases pay homeowners directly for wrongful foreclosure.
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964
Page 1 of 5
TUESDAY, OCTOBER 30, 2012

Update: Where Are the Foreclosure Deal Millions Going in Your State? This map was originally published in May and has been updated. | Related: Why Florida is Sitting on $300 Million Meant to Help Homeowners As part of the mortgage settlement finalized in April, 2012, the five biggest banks agreed to pay $2.5 billion to 49 states and the District of Columbia. ProPublica contacted every state to determine whether the money will be going to consumer-focused efforts related to the settlement or not. See below for a breakdown of each state's share. | Related: Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds....
Lenders' weird documentation requests no cause for alarm [?] The disease? It's a syndrome I've come to know as suscribiendo impatienza irritablus, from the old Latin for "impatience and irritability caused by excessive requests for documentation during the loan underwriting process." Symptoms include teeth clenching, anxiety, panic attacks and leaving your checking account statement on the fax machine glass at work.
Taking the bankers to court A new lawsuit against Bank of America illuminates the warped incentives that helped inflate the housing bubble and contributed to its calamitous collapse. Filed last week by the U.S. attorney in Manhattan, it focuses on allegations that Countrywide Financial Corp. (which Bank of America bought in 2008) pumped up the volume of loans it issued and then sold to Fannie Mae and Freddie Mac, regardless of their.
10/29: Protest US Occupation Continues
Bank;
Foreclosure
Restrictions on foreclosure practices begin A national mortgage settlement between states and five large lenders that goes into effect Wednesday is already having an impact, according to California's settlement monitor. Complaints began to drop in September about a notorious practice called "dual tracking," monitor Kathrine Porter said Tuesday. The settlement was announced in March. Dual tracking has been a source of frequent complaints from homeowners
Join Occupy Denver and Idaho Springs homeowner Sahara Donahue in defending her home against eviction by U.S. Bank. Sahara has been defending her right to her home of 24 years through court battles dating back to December of 2010. During that time, her mortgage has changed hands multiple times, leaving an undocumented and illegal trail of title transfers.
VA Businessman Sentenced To 14 Years In Federal Prison If the bank did not do what he wanted, he threatened to stop participating in a vast fraud where he helped senior bank executives extendout bad loans, pretending that they were current on the banks books, and bid up bank-owned property at auction using the banks own money. Hranowskyj and his partner, Eric Menden, leveraged such control over the bank due to this scheme, that bank employees called it the Bank of Eric and George. Middle Class Cant Afford Homes in Half of Major Cities
Housing market may not recover until 2017 Q: What are some of the wildcards that could alter next years housing forecast? Leslie: I think the fiscal cliff is clearly one that could be devastating for the economy and send us back into a double-dip recession. Certainly, the whole country is hopeful that Congress and whoever is president will be able to figure this out and reach a reasonable agreement on tax cuts, tax increases and so on and so forth.
While there are many deals to be found in the current housing market overall prices are down 30 percent from their peak in 2006 and mortgage rates are at record-lows many areas of the U.S. housing market remain largely impenetrable for middle class Americans, according to a new study out today from Interest.com. The report found that in 11 of the 25 largest metropolitan areas in the country, a median-income household is unable to afford a medianpriced home.
Page 2 of 5
WEDNESDAY, OCTOBER 31, 2012

What Do the Neighbors Think? Assessing the Community Impact of Neighborhood Stabilization Efforts The federally funded Neighborhood Stabilization Program (NSP) gave the City of Boston several million dollars to acquire, rehabilitate, and resell abandoned, foreclosed homes in high-foreclosure neighborhoods. The federal government required grantees to acquire foreclosed properties within areas of greatest need (which HUD also refers to as target areas"). The low-income neighborhoods of Dorchester and Roxbury fulfilled these criteria with less than a fifth of all housing units, but nearly 50 percent of the foreclosures.
Litigation AFTER Eviction or Sale Ive been thinking about this for a while. In fact, when I first started out on the blog in 2007 I spent quite a bit of time interviewing big and small law firms and retired judges and they all said the same thing: wait until the whole thing is over and they cant move the goal post around anymore. The action would then be for damages sand could be settled for the house plus the money. And the lawyer could get a.
Foreclosures inflict damage on multiple fronts Just after midnight on the morning of July 17, Jerry Mitchell was awakened by what he first thought was the sound of a firecracker. He fell back asleep in his northwest side home. The next thing he knew police were knocking on his door, telling him there had been a fatal shooting of an 18-year-old man in the backyard of the abandoned home next to his. For Mitchell, it was an unsettling experience.
There's A Troubling Dynamic Developing In The Market For New Homes But when you start pairing the data together, you start to see warning signs you would've learned about in economics 101. Specifically, you'll see signs that supply is outpacing demand. In the wake of yesterday's huge housing starts report, Wall Street Examiner's Lee Adler noted that starts appeared to be outpacing sales. TD Securities economist Millan Mulraine, who remains bullish on housing, also pointed to.
After cautious start, Obama administration recalibrates its approach to foreclosure crisis By the winter of 2008, after Barack Obama had been elected president but before he was sworn in, housing experts knew the dire situation Nevada homeowners faced. They also had an inkling of just how cautious the federal response would be. In December of that year, Senate Majority Leader Harry Reid held a conference call with Nevada real estate experts, housing industry leaders and consumer groups to brief them on a new...
U.S. Sues Wells Fargo, Accusing It of Lying About Mortgages In a lawsuit filed in Federal District Court in Manhattan, the prosecutors accused Wells Fargo, the countrys largest originator of home loans, of defrauding the government for more than a decade. The bank recklessly issued mortgages and then made false certifications about their condition to the Federal Housing Administration, a government agency that insured them, the complaint said.
A housing market on the mend, needing more houses South Floridas housing market lacks a certain something: houses for sale. Tight inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Despite the modest bump over last years prices, homeowners are balking at putting their properties on the market until values recover more.
Banks accused of defrauding homeowners by rigging Libor Add one more to the list of alleged victims of Libor manipulation: homeowners. A class action complaint filed earlier this month in New York federal court claims borrowers with adjustable-rate mortgages based on the London Interbank Offered Rate, or Libor, paid more than they rightfully should have due to the rate's manipulation by the global banks involved in setting it. The complaint follows other class action suits filed by groups ranging from local governments to community banks to individual investors, all of whom say they lost out due to Libor-rigging.
Page 3 of 5
THURSDAY, NOVEMBER 1, 2012

Occupy Minnesota fights the banks On April 17 of this year Tax Day a modern David vs. Goliath struggle unfolded at a US Bank annual shareholders meeting at the Minneapolis Convention Center. Monique White, a black single mother who works two jobs, took an audience microphone and confronted the bank's CEO, Richard Davis, during a routine shareholder question-and-answer session. "I'm not asking for a handout," said White, who lives in north Minneapolis, Minnesota's most impoverished neighborhood. "I'm just asking you to meet me halfway and renegotiate my loan to make it affordable.
When Churches Face Foreclosure On Aug. 8, Pastor Steve Munsey addressed his congregants at the Family Christian Center in Munster, Ind., with some very serious news: the church owed $750,000 in back payments on its mortgage and was facing foreclosure. The story of the church's problems might seem unusual, if only for the prominence of its subject: Family Christian Center is among the largest congregations in the U.S., and Munsey has been a familiar national presence.
Home Resales Retreat From a 2-Year High (Reuters) Home resales retreated in September from a two-year high, a reminder that Americas housing sector is a long way from a full recovery despite recent signs of improvement. Existing home sales fell 1.7 percent last month, to a seasonally adjusted annual rate of 4.75 million units, matching the median forecast in a Reuters poll, data from the National Association of Realtors showed on Friday.
Freddie's Foreclosure Plan Hits Roadblock Freddie Mac is engaged in a tug of war with both its regulator and Wall Street over a plan to provide loans to investors that are buying homes in foreclosure to rent them out. The governmentbacked mortgage giant is pushing to finance such investors to help jump-start a housing recovery. But the Federal Housing Finance Agency has put those plans on hold, concerned Freddie's cheap debt would make it difficult for
In Presidential Debate, A Missed Opportunity For Romney To Press Obama On Foreclosure Policy He name-checked Big Bird, but didn't once mention foreclosures. In an hour-and-a-half debate on an economy still shell-shocked by the housing crisis, Republican presidential nominee Mitt Romney's sole critique of President Barack Obama's policy was that regulators are taking too long to write new mortgage guidelines, and that.
An Enigma in the Mortgage Market That Elevates Rates Imagine a 30-year mortgage on which you only pay 2.8 percent in interest a year. Such a mortgage could already exist, but something in the banking system is holding it back. And right now, few agree on what that something is. Getting to the bottom of this enigma could help determine whether mortgage lenders are dysfunctional, greedy or simply trying to do.
Ten cities that just cant turn housing around Since the peak in early 2006, the median price of a U.S. home is down by a third. And though the market has begun to show signs of having bottomed, prices are still down nationally by 1.9% from last year and are expected to fall an additional 1% from the beginning of this year through 2013. Of the 384 largest housing markets measured by real-estate data company Fiserv, 69 have seen home prices fall more than the.
Credit Access Following a Mortgage Default Borrowers who default on mortgages return to the mortgage market at extremely slow rates. Only about 10% of borrowers with a prior serious delinquency regain access to the mortgage market within 10 years of their default. Borrowers who terminate mortgages for reasons other than default return to the market about two-and-a-half times faster than those who default. Renewed access to credit takes even longer for subprime borrowers with a serious delinquency on their record.
Page 4 of 5
FRIDAY, NOVEMBER 2, 2012

Wells Fargo: Don't break the law Wells Fargo and the Orange County Sheriffs Department pulled a gun on a sick cancer patient, my good friend Niko Black, and evicted her from her home in California -- in violation of a court order saying she could stay put. Thats right -- my friend Niko, who is fighting breast cancer and has struggled with numerous health problems over the years, was illegally evicted at gunpoint, as she struggled to pull herself into her wheelchair. Niko has owned her home for almost 20 years -- and has lived there since she was a child. She never even had a mortgage with Wells Fargo, and has entered into a civil suit around the fraud they have perpetrated against. New Law Halts Foreclosure Abuse In Hawaii: Foreclosures Drop By 85 Percent The number of actions initiated to repossess homes from owners with delinquent loans fell to a new post-recession low in September. The state Judiciary reported that 51 new foreclosure cases were filed statewide last month, an 85 percent drop from 336 cases a year earlier. Last months figure was also lower than August and July when there were 58 and 74 cases, respectively. The last time foreclosure volume was so low was around 2006 when. Phoenix Picked Clean, Descends on Atlanta Private Equity
Peter Horbulewicz started noticing investors from New York and California at Atlanta-area foreclosure auctions about four months ago. Working for private equity firms such as Colony Capital LLC and Blackstone Group LP (BX), theyd clutch plastic folders crammed with cashiers checks and astonish locals with how much they were willing to pay. If you go head to head with them, they always win, because they always overbid,.
An Assessment of the Distressed Residential Real Estate Situation These charts and maps are designed to inform policymakers and the public at large about the current status and possible future course of the distressed real estate situation. At the national level, the percent of 1-to-4 family mortgage loans in serious delinquency (90+ days) has declined to about 3 percent of all first mortgage loans as of the second quarter of 2012, down from a peak of 5 percent in the first quarter of 2010.
The Hidden Credit Scores That Could Sink Your Finances If you're a little savvy about credit, you probably know that each of us is entitled to a free copy of our credit report, once a year, from each of the three main credit-reporting agencies. (You can access these easily online at annual credit report.com. And if you're willing to pay a few dollars, you can get your credit score, as well. Because your credit score is used for much more than just predicting how reliable a borrower.
Realtors: Appraisals are harming home sales Problems with real estate appraisals are hurting home sales, according to a survey by the National Association of Realtors. While most appraisers are competent and their work is fine, appraisals generally are lagging behind the market, NAR says. Some changes in the process also are troubling, the Realtors say, including appraisers not familiar with an area and the.
Seller kept homeless man's cash A volunteer with a New Jersey anti-poverty program said Friday he kept the money he made from selling a homeless mans house because the man caused him major problems. Wallace Doman III, a former real estate agent and the housing director of Solutions To End Poverty Soon, told The Associated Press he felt no obligation to turn over money from the 2010 sale of Doug
Its National Mortgage Servicers Settlement Compliance Day! Per the settlement agreement, Smith will be testing the servicers adherence to the new rules using 29 defined metrics to assess such breaches as improper trustee sales, wrongful denial of modification, the use of fraudulent affidavits in the foreclosure process, and everyones favorite, dual tracking, also known as, Ooops, we sold your home last Thursday. He says hell be administering the first compliance test during the first quarter of 2013, and hell be looking at the third and fourth quarter of this year. Those arent the only areas that the new standards impact, in fact theres plenty more where those came from.
Page 5 of 5

Weekend Edition - October 29 To November 2, 2012 - ForeclosureGate Gazette

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Weekend Edition - October 29 To November 2, 2012 - ForeclosureGate Gazette

Uploaded by

Copyright:

Available Formats

WEEKEND EDITION, OCTOBER 29 NOVEMBER 2, 2012

MONDAY, OCTOBER 29, 2012

WEEKEND EDITION, OCTOBER 29 NOVEMBER 2, 2012

TUESDAY, OCTOBER 30, 2012

10/29: Protest US Occupation Continues

WEEKEND EDITION, OCTOBER 29 NOVEMBER 2, 2012

WEDNESDAY, OCTOBER 31, 2012

WEEKEND EDITION, OCTOBER 29 NOVEMBER 2, 2012

THURSDAY, NOVEMBER 1, 2012

WEEKEND EDITION, OCTOBER 29 NOVEMBER 2, 2012

FRIDAY, NOVEMBER 2, 2012

You might also like