Free Republic

<p>This seems like a really bad idea to me. Talk about crony capitalism. Individual buyers will be shut out from buying these properties.</p>

This seems like a really bad idea to me. Talk about crony capitalism. Individual buyers will be shut out from buting these properties.

Homeowners facing foreclosure can now tap into a $1 billion program of emergency loans to help tide them over a temporary financial crisis, the Department of Housing and Urban Development (HUD) has announced. Beginning today, homeowners in 27 states can file preliminary applications for the Emergency Homeowner's Loan Program (EHLP). Eligible homeowners can obtain interest-free loans of up to $50,000 to help cover mortgage expenses for up to two years. The program is available to homeowners who have seen their incomes fall and who could lose their homes to foreclosure due to circumstances beyond their control, including involuntary unemployment, underemployment,...

It's common for companies to indemnify their officers and directors against lawsuits. But what happens when the company gets taken over by the government? Oh, you know.... Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress. This would be amusing if it wasn't so outrageous. Remember, most of these allegations date...

I know someone who lost their job, has found a new one and is behind about 2 months. It is not me thank God. They are trying to work it out. They can eventually get caught up but if you have any equity - it appears the banks will play hardball. Chase is a scummy bank.

Just because you have been making your mortgage payments on time and have great credit does not mean that you are not in default. Tens of millions of mortgage holders are making their mortgage payments to banks that cannot prove they own the mortgages to their homes. This is now a fact. Think about this for a minute. The odds are that the monthly payment you are making to your bank is being cashed by a bank that cannot prove ownership of your mortgage. This means that you are making payments to a bank that does not have the authority...

Bank of America alleged in a court filing this June: It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies As I have repeatedly pointed out, the failure of the mortgage originators and banks to prepare and record proper documentation has led to an epidemic of fraud. The pledging of the same mortgage again and again to different trusts related to mortgage backed securities is just one result. And as long-time foreclosure investigator Nye Lavalle writes: On thousands of occasions I stated to regulators, CEOS, banks, Fannie and Freddie that the...

Bank of America, the nation's largest lender, said Friday it will suspend foreclosure sales across the country, a decision that could confound some Texans at risk of losing their homes and put further pressure on an already-struggling housing market. The Charlotte, N.C.-based bank, which already had stopped repossessing homes in 23 states where fore- closures require court approval, expanded its freeze Friday amid growing concern over flaws in foreclosure documents. Texas does not require judicial foreclosures, but Bank of America was among 30 lenders that received letters this week from Texas Attorney General Greg Abbott, asking that they put foreclosures...

WASHINGTON – The Obama administration's effort to help those at risk of losing their homes is failing to aid many and could spur a rise in foreclosures that would further depress the housing industry. More foreclosures would force down home prices and that would deter already-ailing homebuilders from starting new projects.

For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino. “Instead of the house dragging us down, it’s become a life raft,” said Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.” A growing number of the people whose homes are in foreclosure are refusing...

--SNIP-- Partly responsible: a new Florida Supreme Court rule that requires lenders to verify they are the actual owners of a home before making the initial case for foreclosure. Show me the "note," in other words. The problem is that the notes — legal promises from borrowers to repay a debt — have been sold and resold, bundled into securities, scanned into computers, sealed in unknown vaults and lost in other ways as homes got caught up in the puzzling markets of the real estate boom. "The original note is something very significant, and they just seem to have lost...

*SNIP* Andrea Guice's situation is grim. She's lost her job, her huisband is sick and she can't make her mortgage payment. So, she's taking the advice of her congresswoman. "As a last resort." Ohio's 9th district Congresswoman urging her constituents, "I say to the American people you be squatters in your home don't you leave." Kaptur says she's had it with the government bailing out banks instead of homeowners. *SNIP* Congresswoman Kaptur blames the lender. "They are vultures they prey on our property values. I guess the reason I'm so adamant on this is because I know property law, and...

WASHINGTON (Reuters) - The federal government and states are girding themselves for the next foreclosure crisis in the country's housing downturn: payment option adjustable rate mortgages that are beginning to reset. "Payment option ARMs are about to explode," Iowa Attorney General Tom Miller said after a Thursday meeting with members of President Barack Obama's administration to discuss ways to combat mortgage scams.

NEW YORK (AP) -- An industry report shows that a record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. The Mortgage Bankers Association said Thursday the foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process. At the same time, almost half of all adjustable-rate loans to borrowers with shaky credit were past due or in foreclosure....

An Austin bank is tearing down new homes in California and outraging some neighbors there. Guaranty Bank says knocking the homes down is cheaper than finishing them, making some wonder if it could happen here. In all, 16 homes are being demolished. The bank says it was forced to foreclose when the builder defaulted on the loan.

We are becoming a lawless nation! Mob rule anarchy! It's truly a damn shame that our President supports Hopeychangey Anarchy In the US! ACORN vows to use “any means necessary” to stop foreclosures. Baltimore police have taken fingerprints at the break-in site and the current owner, William Lane, says he will sue ACORN. The home was sold in June 2008 for $192,000. This morning, ACORN official Louis Beverly will face a burglary charge. Look for the Left to turn him into a martyr.It is not your home, ACORN.

Police in Balitmore today made what is believed to be the first arrest in a civil disobedience program aimed at supporting homeowners who refuse to vacate their foreclosed homes. " This is our House now " ACORN member Louis Beverly reportedly said after cutting a lock with bolt cutters at the home

The "Nationwide Chicago TeaParty" sponsored by the #DONTGO movement, Smart Girl Politics (#SGP), Americans for Tax Reform, Heartland Institute, Top Conservatives on Twitter (#TCOT), and the American Spectator will be February 27 at Noon EST.

ZEPHYRHILLS, Fla. — Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork. And just like that, the foreclosure proceedings came to a standstill. Lovelace and other homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess. During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by...

<p>The video clip SHOULD be appearing on the link unless CNBC censors it because it goes against Obama's already failed $8,000 per house bailout scam.</p>