Keyword: foreclosure

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  • County Takes Michigan Woman's Property Over $7 Late Fee

    06/29/2016 9:47:32 AM PDT · by MichCapCon · 36 replies
    Michigan Capitol Confidential ^ | 6/23/2016 | Derek Draplin
    A vacant lot owned by a Jackson woman was foreclosed by Hillsdale County because she failed to pay a $7 late fee on her property taxes. A Freedom of Information Act request found that Pam Baker, a Jackson resident, owed Hillsdale County $7.70 in interest and late fees for delinquent taxes from 2013 on land she owned near Lake LeAnn in Somerset Township. The 2013 taxes on the property, which she owned since 2000, were due on Feb. 14, 2014. Baker says she paid her taxes two weeks late because she was in a car crash seven days before the...
  • Portland Votes on Foreclosures for First Time in 50 Years

    06/18/2016 5:04:42 PM PDT · by Lorianne · 14 replies
    ABC News ^ | 15 June 2016 | gillian flaccus
    The Portland City Council voted Wednesday to move forward with a plan to foreclose on so-called "zombie homes" for the first time in 50 years as the city grapples with a swelling population and skyrocketing home costs that are locking new homeowners out of the market. Commissioners and the mayor voted 4-0 in favor of the plan, with one member absent. The vote targets five of the city's worst abandoned properties, the first part of a long-term plan to free up housing in an overheated market while clearing out squatters who have plagued developing neighborhoods outside the city's hip core...
  • The last time there were this many unsold $100M+ homes on the market, the world economy imploded

    05/30/2016 6:18:16 PM PDT · by SoFloFreeper · 48 replies
    boing ^ | 5/30/16 | Cory Doctorow
    Depending on how much credence you give to "whisper listings," there are between 27 and 50 $100,000,000+ houses on the market; last year, only two houses in that bracket sold worldwide. The glut of super-duper-ultra-luxury houses on the market worries economy-watchers, who view the oversupply as a bellwether for a housing crash -- the last glut (which wasn't nearly as pronounced as the current one) was in 2007/8.
  • Special report: Banks continue robo-signing

    07/19/2011 5:03:31 AM PDT · by Kartographer · 9 replies
    Reuters/YahooNews ^ | 7/19/11 | Scot J. Paltrow
    The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008. A Deutsche Bank spokesman declined to comment. Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United...
  • 12 US housing markets getting rocked by foreclosures

    10/16/2015 8:36:32 AM PDT · by SeekAndFind · 22 replies
    Business Insider ^ | 10/16/2015 | Bob Bryan
    The housing market may not be the bright spot of the recovery, especially as more people are starting to lose their homes. According to the real-estate information company RealtyTrac, foreclosures rose in the third quarter from this time last year, and many states are seeing significant increases. "The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place," Daren Blomquist, vice president at RealtyTrac, said in the report. "In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last...
  • Repossessions spike 66% as foreclosure crisis lingers

    10/16/2015 6:36:46 AM PDT · by SeekAndFind · 8 replies
    CNBC ^ | 10/16/2015 | Diana Olick
    New foreclosures may be back to nearly normal, but the mess from the epic housing disaster in the last decade is far from gone. Bank repossessions, the final stage of the foreclosure process, jumped 66 percent year over year in the third quarter of this year, according to RealtyTrac, a foreclosure sales and analytics company. It's the largest annual rise ever recorded in bank repossessions by RealtyTrac. More than 123,000 homes went back to the bank in just three months. "In states such as New Jersey, Massachusetts and New York, a flood of deferred distress from the last housing crisis...
  • Freddie Mac sells off $305 million in seriously delinquent mortgages

    10/12/2015 7:22:01 AM PDT · by george76 · 17 replies
    Housing Wire ^ | October 9, 2015 | Ben Lane
    Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...
  • Donald Trump Once Saved A Woman’s Farm From Foreclosure ["God touched his heart"]

    08/22/2015 8:38:03 AM PDT · by SeekAndFind · 30 replies
    BuzzFeed News ^ | 08/22/2015 | Andrew Kaczynski, Mark Arce
    It was September 1986, and Annabel Hill, 66, was facing an auction where she would lose the farm that had been in her family for five generations. Hill’s husband, Lenard, had committed suicide eight months earlier, 20 minutes before a scheduled auction, in a last-ditch attempt to save his property with life insurance money. The life insurance money wasn’t enough, covering only $175,000 of debts than ran in excess of $300,000, from two years of a drought that Hill said had ruined their livelihood. Even when several hundred acres of the 1,300-acre Waynesboro, Georgia, farm were sold, the now-widowed Annabel...
  • Foreclosure to Home Free, as 5-Year Clock Expires

    03/30/2015 12:35:33 PM PDT · by Lorianne · 41 replies
    New York Times ^ | 29 March 2015 | Michael Corkery
    In September, Susan Rodolfi celebrated an unusual anniversary: five years of missed mortgage payments. She is like a ghost of the housing market’s painful past, one of thousands of Americans who have skipped years of mortgage payments and are still living in their homes. Now a legal quirk could bring a surreal ending to her foreclosure case and many others around the country: They may get to keep their homes without ever having to pay another dime. The reason, lawyers for homeowners argue, is that the cases have dragged on too long. There are tens of thousands of homeowners who...
  • Foreclosure to Home Free, as 5-Year Clock Expires

    03/30/2015 9:14:54 AM PDT · by Theoria · 129 replies
    The New York Times ^ | 29 March 2015 | Michael Corkery
    In September, Susan Rodolfi celebrated an unusual anniversary: five years of missed mortgage payments. She is like a ghost of the housing market’s painful past, one of thousands of Americans who have skipped years of mortgage payments and are still living in their homes. Now a legal quirk could bring a surreal ending to her foreclosure case and many others around the country: They may get to keep their homes without ever having to pay another dime. The reason, lawyers for homeowners argue, is that the cases have dragged on too long. There are tens of thousands of homeowners who...
  • Americans face post-foreclosure hell as wages garnished, assets seized

    10/14/2014 10:06:40 AM PDT · by Olog-hai · 75 replies
    Reuters ^ | Tue Oct 14, 2014 3:35am EDT | Michelle Conlin
    Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets. By now, banks have usually sold the houses. But the proceeds of those sales were often not enough to cover the amount of the loan, plus penalties, legal bills and fees. The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac, as well as other mortgage players,...
  • Rep. Bentivolio Strikes Out (US Chamber Vanity)

    07/23/2014 10:55:57 PM PDT · by ObamahatesPACoal · 31 replies
    US Chamber of Commerce ^ | Sean Hackbarth
    Desperate candidates who are way behind in the polls take big swings hoping to hit political home runs. Take Rep. Kerry Bentivolio, trying to hold onto his Congressional seat in Michigan’s 11th District. Being down 22 points against David Trott, he desperately needs to rally his troops by the August 5th primary. So his campaign e-mailed a fundraising pitch pushing the myth that the U.S. Chamber supports amnesty. Rep. Bentivolio whiffed big time. The U.S. Chamber doesn’t support amnesty and never has. Here is what the U.S. Chamber’ immigration reform priorities are: Strengthening border security. Improving E-Verify system and employment...
  • Romney backs challenger in Michigan

    06/12/2014 1:12:11 AM PDT · by ObamahatesPACoal · 10 replies
    The Hill ^ | June 10, 2014, 10:40 am | Cameron Joseph
    Former presidential nominee Mitt Romney (R) is endorsing businessman Dave Trott (R) in his primary against Rep. Kerry Bentivolio (R-Mich.), the latest big-name Republican to weigh in on Trott's behalf. "As someone who grew up in Michigan and has family currently living in the 11th District, I am confident that Dave Trott has the honesty, integrity and experience we need in Washington," Romney said in a statement released by Trott's campaign. "As a job-creator, Dave Trott knows how to balance budgets, cut spending, and fix the mess in Washington. I am proud to endorse Dave Trott for Congress."
  • Bentivolio receives endorsement from Right to Life of Michigan

    04/30/2014 6:45:18 PM PDT · by ObamahatesPACoal · 11 replies
    Novi Patch ^ | Matthew Chisholm
    Today, Rep. Kerry Bentivolio announced that he has received an endorsement from Right to Life of Michigan in the Republican primary for Michigan’s 11th Congressional District. “It’s an honor to have support from Right to Life of Michigan,” said Rep. KerryBentivolio. “The most vulnerable in our society, the unborn, can't speak for themselves. That is why I promise to relentlessly fight for their protection in Congress.”
  • Exclusive: NY Judge in Largest Bankruptcy Case in History Receives IRS & SEC Whistleblower Filing

    04/26/2014 3:44:12 AM PDT · by Opinionatedtoday · 41 replies
    Creditor and Whistleblower evidence alleges securities fraud, income tax fraud and income tax evasion. Further investigation is necessary to protect millions of homeowners.New York City, New York – U. S. Bankruptcy Court, Southern District of New York’s Judge Martin Glenn, presiding over the simultaneous Chapter 11 bankruptcy filings of 51 residential mortgage companies, received a whistleblower filing package today from one of the creditors in this case, a private American citizen, Greg Morse. The Internal Revenue Service and Securities Exchange Commission received the same package today. Among its contents is Morse’s whistleblower submission of IRS Form 211—Application for Award for...
  • The ‘Foreclosure Crisis’ Has Ended: But government and media don't want you to know that.

    04/17/2014 7:00:09 AM PDT · by SeekAndFind · 22 replies
    National Review ^ | 04/17/2014 | Tim Cavanaugh
    America’s foreclosure crisis has been over for more than a year, if it ever really existed. But the government/activist/media blob is still trying to convince the public that there is an epidemic of bad borrowers who need public relief. At Harvard Law School, a student group called Project No One Leaves recently concluded its fourth annual conference aimed at creating what one attendee called “a multi-faceted, national housing justice alliance.” Milwaukee mayor Tom Barrett recently gave $200,000 to a community organization called ACTS Housing to fight the foreclosure crisis by buying up bank-owned properties — even as the number...
  • "Foreclosure Rebound Pattern": Foreclosure Starts SUDDENLY Jump 57% in California

    02/13/2014 10:28:40 PM PST · by Nachum · 12 replies
    zero hedge ^ | 2/13/14 | tyler durden
    Wolf Richter From Federal-Reserve-fueled bubble to debilitating return to reality – reality being a financial calamity – to Federal-Reserve-hyper-fueled bubble: that’s the US housing market over the last ten years. There are many places around the country, including some cities in Silicon Valley, where home values are now higher than they were at the peak of the last bubble. Of course, no one at the Fed or in government calls it “bubble.” They’re talking about the housing “recovery.” But the excesses and speculators are back, and private equity funds and highly leveraged REITs are all over it, buying...
  • FHFA Raises Guarantee Fees For Fannie Mae and Freddie Mac (DeMarco's Last Stand)

    12/09/2013 3:45:34 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    Today, FHFA directed Freddie Mac and Fannie Mae to raise guarantee fees in three components: • The base g-fee (or ongoing g-fee) for all mortgages will increase by 10 basis points; • The up-front g-fee grid will be updated to better align pricing with the credit risk characteristics of the borrower; and • The up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Freddie Mac and Fannie Mae since 2008 is being eliminated except in the four states whose foreclosure carrying costs are more than two standard deviations greater than the national average....
  • Since Oct 2008, 4.6 Million Foreclosures Completed, Foreclosure Inventory Falls 30.6% YoY

    12/09/2013 6:54:03 AM PST · by whitedog57
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    The CoreLogic National Foreclosure Report is out for October 2013. The good news! Foreclosure inventory in the U.S. fell 30.6% YoY in October. sersleinf120913 Florida leads the U.S. in foreclosure inventory as a percentage of mortgaged homes at 7.1%, followed by New Jersey at 6.7% and New York at 4.9%. clforecinvstate The lowest state in terms of foreclosure inventory? Wyoming at 0.4% followed by Alaska and Nebraska at 0.6%. If we compare judicial and non-judicial foreclosure states, we see a glaring difference. The worst states for percent of homes in foreclosure at judicial states (FLA, NJ, NY). The best states...
  • Masterson Station (neighborhood association) foreclosure draws Lexington city council's attention

    12/04/2013 5:50:10 AM PST · by Renfield · 9 replies
    Lexington Herald-Leader (KY) ^ | 12-4-2013 | Valarie Honeycutt Spears
    (Poster's note: this is the story of a neighborhood association forcing the foreclosure of a woman's home, that she had fully paid for, because she didn't pay her neighborhood association dues. Apparently, this is legal here in KY. This is one of the most outrageous things I've heard of.) In a rare case, the Masterson Station Neighborhood Association won a court judgment this year to foreclose on a Lexington woman's home. The Urban County Council decided on Tuesday to review the situation in which Ingrid Boak's home was sold at a master commissioner's sale because she did not pay a...

    09/21/2013 4:08:39 AM PDT · by afraidfortherepublic · 44 replies
    National Enquirer ^ | 9-21-13 | National Enquirer Staff
    Shocking bombshell evidence that proves OJ committed double homicide and where he may have hidden the murder weapon REVEALED! O.J. SIMPSON is shaken to the core because bombshell evi­dence that proves he murdered his ex-wife and her friend is hidden in his $500,000 Flori­da home – and it’s all about to be discovered because the house is headed for the auction block on Oct. 29. The home has been in foreclosure, and the disgraced football star, now impris­oned in Nevada, is terrified that the new owner will discover the items – the knife used in the gruesome murders and the...
  • A City Invokes Seizure Laws to Save Homes (Richmond, Californis)

    07/30/2013 3:22:43 PM PDT · by dynachrome · 30 replies
    nytimes ^ | 7-30-13 | SHAILA DEWAN
    The power of eminent domain has traditionally worked against homeowners, who can be forced to sell their property to make way for a new highway or shopping mall. But now the working-class city of Richmond, Calif., hopes to use the same legal tool to help people stay right where they are. Scarcely touched by the nation’s housing recovery and tired of waiting for federal help, Richmond is about to become the first city in the nation to try eminent domain as a way to stop foreclosures. The results will be closely watched by both Wall Street banks, which have vigorously...
  • U. S. Foreclosure Inventory Down 29% YoY (Florida Leads, DC Lowest In Completed Foreclosures)

    07/09/2013 2:30:03 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 07/09/2013 | Anthony B. Sanders
    According to CoreLogic, U.S. foreclosure inventory is down 29% from the previous year. There were 52,000 completed foreclosures in the U.S. in May 2013, down from 71,000 in May 2012, a year-over-year decrease of 27 percent. On a month-over-month basis, completed foreclosures increased 3.5 percent, from 50,000 in April 2013 to the May level of 52,000. Current residential shadow inventory as of April 2013 was under 2 million units, representing a supply of 5.3 months. The overall shadow inventory is down 34 percent from its peak in 2010, when it reached 3 million homes, and down 18 percent from a...
  • Modern Day Rosa Parks Jailed As Domestic Terrorist ("Terrorism" charges to silence political enemy)

    06/23/2013 10:31:56 PM PDT · by UnwashedPeasant · 11 replies
    press release on blog ^ | 6/23/2013 | unknown
    This is not in the news yet. The article is a press release from family and friends of a Homeowner jailed for "domestic terrorism" after challenging fraudulent foreclosure records -- nothing related to terrorism in any way. The government is using domestic terrorism charges (five felony counts!) to go after a citizen who challenged the banks' authority to foreclose on her home without due process. This is pure fascism.
  • The FC In Ohio: Akron And Columbus Among Leaders In Home Foreclosures

    05/20/2013 9:50:40 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 05/20/2013 | Anthony B. Sanders
    According to RealtyTrac, Akron Ohio is the leader in housing units per foreclosure filings. And Columbus Ohio is 6th on the list. The FC in Ohio? Rounding out the top 20 foreclosure metro areas are Toledo, Cleveland, Cincinnati, and Canton. You know, pretty much the entire state. Huh. I would have thought that Richard Cordray, the current Robo-cop at the Consumer Financial Protection Bureau (CFPB) and former attorney general of Ohio, would have cleaned up the foreclosure mess before heading up the CFPB. Here is a chart of underwater mortgages in Ohio. Ohio is at 32.48% underwater. The striking thing...
  • Oregon Woman Wins 3-Year Fight Against Wells Fargo Foreclosure

    04/16/2013 8:12:10 AM PDT · by Altariel · 13 replies
    Yahoo! ^ | April 15, 2012 | Susanna Kim
    A woman in Tualatin, Ore., is breathing a sigh of relief after a three-year battle to prove Wells Fargo had wrongfully moved to foreclose on her home, saying she had missed mortgage payments. A judge ruled Wednesday that Wells Fargo failed to prove she was actually behind in her payments, which Delores Dingman, 80, attributes to the bank's simple "accounting errors." "I just praise God for it all because I kept praying so many times about this, because I knew I had made the payments, but their accounting errors made it hard," she said.
  • Yet Another Government Mortgage Modification Program, This One From FHFA (Spreads Still High)

    03/27/2013 8:27:30 AM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 03/27/2013 | Anthony B. Sanders
    Yes, we have yet another government mortgage modification program. This makes the 15th government mortgage modification program to go along with HAMP, HARP, the Attorneys General Settlement and their various contortions. The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their...
  • early findings from Independent Foreclosure Review

    When regulators first announced a settlement deal ending a case-by-case foreclosure review program, it was suggested they had found fewer foreclosure errors than expected, a potentially embarrassing result for officials who had pursued the banks. But newly reported details of the review program's early findings suggest that might not be whole whole story. Last week, the Wall Street Journal reported the topline figure given by the Office of the Comptroller of the Currency -- an error rate of just 4.2 percent among the self-selected and flagged foreclosures under review -- ignored big variations between servicers. But a breakdown of the...
  • Elvis home owner foreclosure. Evicted wants house back

    02/22/2013 8:03:12 PM PST · by gunsequalfreedom · 21 replies
    KESQ TV News Palm Springs ^ | February 22, 2012 | Bianca Rae
    PALM SPRINGS, Calif. - Twenty two year desert resident and eight year Elvis Presley Estate owner Reno Fontana has a much different view of the home he loves. "I'm on the outside looking in," Fontana said. Chains and a no trespassing sign show what's left after the sheriff's department evicted him last month. "It's terribly frustrating, inconvenient beyond terms, I can't even begin to tell you how frustrating this has been," Fontana said. His investor's attorney accused him of not making his payments and even stealing Elvis memorabilia when he left. We sat down with Fontana to hear the estate's...
  • Fannie and Freddie Use Their “Get Out Of Jail Free” Card for Some Borrowers

    01/28/2013 6:34:00 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 01/28/2013 | Anthony B. Sanders
    Fannie Mae and Freddie Mac, the mortgage giants in conservatorship, played their “Get out of jail free” card and are letting some borrowers wipe out negative equity on their homes. Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money. Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called...
  • Michigan Supremes: $3.75Billion of Chase / WAMU mortgages VOIDABLE

    01/02/2013 2:01:13 PM PST · by Neidermeyer · 57 replies
    Michigan Supremem Court Syllabus ^ | 12/21/2012 | Robert P. Young Jr.
    KIM v JPMORGAN CHASE BANK, NA ..... The Court of Appeals, DONOFRIO, P.J., and STEPHENS and RONAYNE KRAUSE, JJ., reversed, concluding that because defendant was not the original mortgagee and had acquired the loan by assignment rather than by operation of law, defendant was obligated under MCL 600.3204(3) to record the assignment of plaintiffs’ mortgage to it before foreclosing by advertisement. The Court of Appeals determined that defendant’s failure to record the assignment rendered the sheriff’s sale void ab initio. 295 Mich App 200 (2012). The Supreme Court granted defendant’s application for leave to appeal. 491 Mich 915 (2012). In...
  • Democrat Speaker Terie Norelli & NH Dems lead charge to strip Redress & Grievances Committee

    12/26/2012 3:56:53 PM PST · by KingCast · 3 replies ^ | 26 Dec. 2012 | Christopher King, J.D.
    As I note in the video, I come down harder on Dems who go against open government because I find them particularly hypocritical: KingCast winces as NH Speaker Terie Norelli, corrupt NH pols try to 86 the Committee for Redress & Grievances; a green light for more mortgage fraud foreclosure fraud and DCYF abuses. Today's feature presentation is loading up now so get your popcorn and truffle butter ready. At the link is your back story with prior videos including testimony to the NH Committee on Redress and Grievances on mortgage foreclosure fraud, DCYF and NH Family Court abuse...
  • Petraeus Socialite Jill Kelley Banned From Military Base

    11/14/2012 12:07:52 PM PST · by RummyChick · 38 replies
    radar online ^ | 11/14 | radar online
    Jill Kelley is no longer welcome at MacDill AFB. The socialite who launched the David Petraeus sex scandal that's now also enveloped General John Allen, has been banned from the Tampa military base where she met both the four star military men, the Tampa Tribune is reporting. "She did have base access but does not currently because of her involvement in an ongoing investigation," a military official told the Tribune. PHOTOS: Jill Kelley Arrives At Her Tampa Bay Home The slam from her former best buddies in uniform comes on top of revelations of the Kelley family's dismal financial picture....
  • Foreclosed family watches helplessly as craigslist crowds strip house bare (Link Only - Gannet)

    10/25/2012 7:58:06 AM PDT · by Responsibility2nd · 13 replies
    A family is losing their home. They gotta go. So they post an ad on Craigslist....  Link To Gannet Story.   Video at link also.
  • Housing Recovery: First Time Foreclosures Continue to Decline, But ...

    10/22/2012 3:47:39 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 10/22/2102 | Anthony B. Sanders
    According to Loan Processing Services (LPS), as of the end of August 2012 over half of foreclosures are for borrowers that were previously in foreclosure. First-time-ever foreclosures are at their lowest levels since 2008, and have been on a steady decline since the middle of 2009. While first time foreclosures falling to their lowest level since 2008 is excellent news, half of foreclosures going into foreclosure AGAIN is bad news. But what does it mean? The meaning of this seeming anomaly is that the first foreclosures in the crisis went into foreclosure AGAIN as conditions didn’t really improve for several...
  • Over Half of Foreclosures Now ‘Repeats’

    10/22/2012 11:10:40 AM PDT · by SeekAndFind · 7 replies
    Townhall ^ | 10/22/2012 | Mark Calabria
    A fundamental question with both the Bush and Obama approaches to the mortgage foreclosure crisis is to what extent are policies simply putting off the inevitable?  Are “permanent” solutions being offered, or are we just recycling the same borrowers through one foreclosure after another?  Recent data from Lender Processing Services (LPS) sheds some light on the question.The most recent LPS data, covering to the end of August 2012, shows that for the first time, over half of foreclosures are for borrowers that were previously in foreclosure.  Now there are several ways to read the chart below.  On one hand, first-time-ever foreclosures...
  • Obama Campaign Relies on Report from DNC Creditor

    10/20/2012 10:00:58 AM PDT · by RobertClark
    Washington Fee Beacon ^ | 10/19/12 | Washington Free Beacon Staff
    RealtyTrac, which advertises itself as the “leading online marketplace of foreclosure properties,” released its Foreclosure Market Report for September and Q3 2012 on Oct. 11. In the report, RealtyTrac reported that foreclosure activity dropped to a 5-year low in September. This week, President Obama’s campaign officials and surrogates adopted the report as a new talking point. On MSNBC, Obama Deputy Campaign Manager Stephanie Cutter credited Obama with producing “the lowest foreclosure rate in the last five years.” Obama surrogate Jennifer Granholm and campaign press secretary Jen Psaki used the same talking point over the past week. However, the campaign and...
  • Blackstone to buy $1 billion worth of Tampa Bay homes for rentals

    09/22/2012 11:52:31 AM PDT · by ruralvoter · 53 replies
    Tampa Bay Times ^ | 9/21/12 | Drew Harwell
    A Wall Street behemoth plans to spend $1 billion on Tampa Bay's hobbled housing market, dispatching teams of brokers to scour neighborhoods and buy hundreds of homes a month. But rather than resell the homes, the Blackstone Group is opting to become a landlord, renting the homes to tenants including foreclosed ex-homeowners burned by the housing crash. Blackstone, one of the nation's largest private-equity firms, plans to buy as many as 15,000 homes in Tampa Bay over the next three years, many of them foreclosures, capitalizing on decimated home prices and growing rents. The shopping spree, and those of half...
  • Owners Lose Possessions After Home Near Twentynine Palms Is Mistakenly Foreclosed

    09/06/2012 9:46:03 PM PDT · by rawhide · 71 replies
    The owners of a modest home near Twentynine Palms lost their cherished possessions after a bank mistakenly foreclosed their residence. A crew broke into Alvin and Pat Tjosaas’ desert home and took everything after being directed by Wells Fargo to secure the structure. The couple, however, didn’t have a mortgage on the home. Alvin said the deputy sheriff said, “Good news, we know who took (your possessions)…Wells Fargo. Bad news, your stuff is all gone.” All the married couple has now are three generations of memories. Alvin, a retired mason, built the home with his father when he was a...
  • After Creating Dollar Exclusion Zones In Asia And South America, China Set To Corner Africa Next

    08/07/2012 10:06:31 AM PDT · by arthurus · 13 replies
    Zero Hedge ^ | 07/15/2012 | Tyler Durden
    By now it really, really should be obvious. While the insolvent "developed world" is furiously fighting over who gets to pay the bill for 30 years of unsustainable debt accumulation and how to pretend that the modern 'crony capitalist for some and communist for others' system isn't one flap of a butterfly's wings away from full on collapse mode, China is slowly taking over the world's real assets. As a reminder: here is a smattering of our headlines on the topic from the last year: ""World's Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In Direct Currency...
  • The Unexpected Corollary to the Invisible Hand

    07/29/2012 7:27:58 PM PDT · by jfd1776 · 3 replies
    Illinois Review ^ | July 29, 2012 A.D. | John F. Di Leo
    Why has housing been stalled for years? Because people lack confidence, say some. Because there’s not enough liquidity, say others. Because here the taxes are too high, or there the neighborhood has become too dangerous, or over there, there are no jobs, or away over there, the traffic congestion is so bad, nobody wants to live there anymore. So the government offers loan programs… tax credits for new homebuyers… new rules forcing banks to Make More Loans or be shut down. The government does everything it can think of to fix the symptoms, and most importantly, when nothing else works,...
  • California cities eye plan to seize mortgages

    07/16/2012 5:45:07 AM PDT · by magellan · 28 replies
    Associated Press ^ | July 16, 2012 | AMY TAXIN and CHRISTINA REXRODE
    In the foreclosure-battered inland stretches of California, local government officials desperate for change are weighing a controversial but inventive way to fix troubled mortgages: Condemn them. Typically, eminent domain has been used to clear property for infrastructure projects like highways, schools and sewage plants. But supporters say that giving help to struggling borrowers is also a legitimate use of eminent domain, because it's in the public interest. Under the proposal, a city or county would sign on as a client of Mortgage Resolution Partners, then condemn certain mortgages. The mortgages are typically owned by private investors like hedge funds and...
  • Report: Countrywide won influence with [Dodd and Conrad] discounts

    07/05/2012 7:02:09 AM PDT · by Perdogg · 22 replies
    The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
  • Lost My Job This Week

    07/04/2012 5:40:54 AM PDT · by Free America52 · 73 replies
    Vanity | 07/04/2012 | Ron
    Lost my job this week which comes on top of 4 years of putting kids to college, etc. Cash funds are depleted and I am seriously considering something I never thought - doing a strategic foreclosure on my house, cashing in IRA / 401(k) funds and paying cash for a smaller house. Just curious about everyone's thoughts?
  • California Passes New Foreclosure "Protections" - Harming Those That It Means To Help

    07/03/2012 8:42:24 AM PDT · by whitedog57 · 13 replies
    Confounded Interest ^ | 07/03/2012 | Anthony B. Sanders
    According to the Los Angeles Times, California lawmakers have passed legislation that would provide homeowners with some of the nation’s strongest protections from foreclosure. The cornerstone of the legislation mirrored provisions of the national settlement earlier this year between federal regulators and the five largest servicers, including Ally Financial (ALLY), Bank of America (BAC), Citigroup (NYSE: C), JPMorgan Chase (JPM) and Wells Fargo (WFC). The legislation, SB 900 and AB 278, also would simplify dealings between homeowners and their banks or loan servicers by requiring that clients be given a single representative to work with, helping to prevent bureaucratic runarounds....
  • Obama’s early Chicago rise brought African-Americans foreclosures, bankruptcies

    06/11/2012 4:57:52 AM PDT · by safetysign · 3 replies
    The Daily Caller ^ | 06/11/2012 | Neil Munro
    President Barack Obama wants his 2012 re-election campaign to focus on Gov. Mitt Romney’s private-sector record, but his own private-sector history shows that he promoted and profited from the nation’s disastrous real-estate bubble. One striking example comes from the president’s 1995 housing-discrimination class action lawsuit: It provided him with legal fees, greased his political donations and boosted his role in Chicago politics. While he made personal gains, his lead African-American client, Selma Buycks-Roberson, declared bankruptcy in 2001 — and again in 2008 as she received a home foreclosure notice, according to unpublicized federal and city records obtained by The Daily...
  • Harsh Foreclosure Critic Elizabeth Warren Reportedly Made a Fortune…'Flipping' Foreclosed Homes

    06/03/2012 10:27:44 AM PDT · by Nachum · 22 replies
    The Blaze ^ | 6/2/12 | Erica Ritz
    Elizabeth Warren has been plagued throughout her campaign for a Massachusetts Senate seat by what appear to fibs of her own creation. It began when claimed to be Cherokee, because her “Papa” (pronounced “Papauw”) had high cheekbones, and there was “family lore.” She reportedly rode that claim all the way to Harvard, where she was pronounced a “minority professor,” when in reality, a genealogist found she is a scant 1/32 Cherokee. Now, the woman who claims to have created the “intellectual foundation” for Occupy Wall Street– notorious for its anti-foreclosure actions– is revealed to have made a small fortune flipping...
  • 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.
  • Private equity groups going after foreclosures as rentals market

    04/15/2012 11:49:25 AM PDT · by Lorianne · 11 replies
    Seattle Times ^ | 14 April 2012 | Edward Robinson
    Ken Major climbs the steps of a county courthouse in a San Francisco suburb with $500,000 in cashiers checks in one hand and a list of addresses in the other. Major is a buyer for Waypoint Real Estate Group, an Oakland-based investment firm that's scooping up foreclosed homes in California. On this December afternoon, he joins a dozen house flippers as an auctioneer starts hawking the latest batch of defaulted properties to hit the market. Major bids on a three-bedroom house in Antioch, and after other buyers counter, he wins at $147,600. "We got it," he mutters into a mobile-phone...
  • Steve Skidmore Explains Foreclosure Fraud & What You Can Do About It--10.Apr.2012

    04/11/2012 7:33:46 AM PDT · by appeal2
    The Financial Survival Network ^ | 04/11/2012 | Kerry Lutz presents: Steve Skidmore of explains the rampant mortgage and foreclosure fraud that have taken place and how you can protect yourself from it. Many of you have asked me what you can do to stop from getting wrongly thrown out of your home. Well, the answer is, there's a lot you can do if your loan has been fraudulently documented and illegally transferred. The Federal Government has recently settled a lawsuit over illegal foreclosures with the major banks around the country. This settlement appears to open the way for banks to put their foreclosure operations back into full...