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Keyword: housingbubble

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  • AARP Sues U.S. Over Effects of Reverse Mortgages

    03/09/2011 3:47:24 PM PST · by fightinJAG · 16 replies
    NYT ^ | Mar. 8, 2011 | David Streitfeld
    Reverse mortgages, which pay older homeowners a regular sum against the equity in their house, are supposed to shield borrowers from economic upheaval. But the popular loans have become tangled up in the real estate collapse. AARP, the seniors’ organization, filed suit Tuesday against the Department of Housing and Urban Development, which regulates reverse mortgages. The suit asserts that policy changes by HUD are pushing older homeowners into foreclosure. The case was filed in Federal District Court for the District of Columbia by the AARP Foundation, the organization’s charitable arm, and the law firm of Mehri & Skalet on behalf...

    03/05/2011 9:56:35 PM PST · by American Bulldog777 · 6 replies
    Join us Sunday March 6th at 12pm est as we go live on the air with Joann M. Hennessey, Property Law Today… Last weeks show was so popular they invited us back. Be sure to call in early and keep trying if lines are busy. The switchboard almost overloaded last week with all the calls so we couldn’t get to everyone. Let’s get our message out on the airwaves! Look forward to taking your calls. RADIO SHOW Joann is the Host on Property Law Today, which airs every Sunday from 12-1pm on WDJA 1420 in the Palm Beaches. Listen on...
  • Muni-Bond Default Estimate $100 Billion/Flacks Pronounce Fear "Overblown"

    03/02/2011 8:05:43 PM PST · by DeaconBenjamin · 21 replies · 1+ views
    The Street ^ | 03/02/11 - 01:48 PM EST | By Maria Woehr
    Well-known economist Roubini announced Wednesday that there may be $100 billion of municipal-bond defaults over the next five years. His comments echo analyst Meredith Whitney's claim that there will be an enormous wave of defaults. "Roubini seems to use more of a doomsday production," said Matt Fabian, managing director of Municipal Market Advisors at The Bloomberg Insurance Portfolio Strategies Conference. "If you are going to make a prediction, be conservative. In terms of defaults, we have seen very few in the market and these have been smaller transactions." Terry Goode, head of tax-exempt research and municipal fixed income at Wells...
  • “MERS Corp Lacks Right”, Says Judge

    02/15/2011 12:51:09 PM PST · by survivingcalifornia · 4 replies
    www.survivingcalifornia ^ | 2/15/2011 | SurvivingCalifornia
    Inquiring minds are watching the loses pile up for the beleaguered MERS Corp. We at have been writing on this for quite some time now and people are beginning to believe that this is an incredible problem. Now a U.S. Bankruptcy Judge in New York has stated that MERS has no right to transfer mortgages: U.S. Bankruptcy Judge Robert E. Grossman in Central Islip, New York, in a decision he said he knew would have a “significant impact,” wrote that the membership rules of the company’s Mortgage Electronic Registration Systems, or MERS, don’t make it an agent of the...
  • Mortgage registrar cannot transfer mortgages-court

    02/14/2011 4:47:02 PM PST · by Kartographer · 91 replies · 1+ views
    Reuters ^ | 2/14/11 | Jonathan Stempel
    A company that tracks roughly half of all U.S. home loans has no right to transfer mortgages, a ruling that could significantly affect the foreclosure process nationwide, a federal bankruptcy judge concluded. Merscorp Inc, a private company known as MERS and owned by large banks and mortgage processors, cannot act as an agent of the banks that own mortgages, wrote Judge Robert Grossman of the U.S. bankruptcy court in Central Islip, New York, located on Long Island. MERS, which stands for Mortgage Electronic Registration Systems, tracks more than 60 million mortgages, and has filed thousands of foreclosure actions on behalf...
  • Judge Rules Against Bank In Mortgage Modification Suit

    02/10/2011 9:20:07 AM PST · by Kartographer · 39 replies · 1+ views
    Forbes ^ | 2/10/11 | Shah Gilani
    A recent ruling by a California appeals court clears the way for fraud charges against a lender that promised a loan modification but then foreclosed on the borrower. The ruling throws into question the legality of hundreds of thousands of foreclosures. Not only was the ruling a frontal assault on the empty promises made by servicers and banks, the case highlighted some despicable tactics often employed to force foreclosures.
  • Coming Soon: A 300 Percent Increase in Foreclosures

    02/04/2011 7:33:28 AM PST · by SeekAndFind · 27 replies
    Reason ^ | 02/04/2011 | Tim Cavanaugh
    At Calculated Risk, Tom Lawler, a real estate economist and former risk policy veep at Fannie Mae, tries to figure out how many people have actually lost their homes to foreclosure, short sales or deed-in-lieu desertions. The answer: Not enough. Lawler (who is now living the life of Riley on a Virginia farm) says the number of foreclosures that have been completed so far is a drop in the bucket compared to the number of loans that have gone bad: On the other hand, the above numbers could well OVERSTATE significantly the number of homeowners who lost their primary...
  • Bet on Foreclosure Boom Turns Sour for Investors

    02/01/2011 7:22:16 PM PST · by DeaconBenjamin · 7 replies
    NY Times ^ | February 1, 2011 | By JULIE CRESWELL and BARRY MEIER
    David J. Stern may be the best-known beneficiary of the foreclosure boom, having made millions in recent years from evictions processed by his law firm, the largest of its kind in Florida. But when he took part of his firm public early last year, he had plenty of help from a constellation of investors also looking to cash in on people losing their homes. Early in 2010, the back-office processing operations of Mr. Stern’s law firm were converted into a publicly traded company called DJSP Enterprises. Mr. Stern pocketed nearly $60 million from that transaction, public filings show.Behind that big-money...
  • Nearly 11 Percent of US Houses Empty

    01/31/2011 6:38:03 PM PST · by driftdiver · 27 replies · 1+ views
    CNBC ^ | Jan 31, 2011 | Diana Olick
    I usually find the quarterly homeowner vacancy and homeownership report from Census pretty lackluster, but the latest one released this morning was anything but. Strawberry Mill Valley America's home ownership rate, after holding steady for a while, took a pretty big plunge in Q4, from 66.9 percent to 66.5 percent. That's down from the 2004 peak of 69.2 percent and the lowest level since 1998
  • Foreclosure Document Fraud Drives Notaries to Take the Fifth

    01/27/2011 1:21:25 PM PST · by Kartographer · 19 replies
    DailyFinance/AOL ^ | 1/26/11 | ABIGAIL FIELD
    Among the many legal problems now being discovered with the foreclosure documents that banks have been using are false notarizations. The most typical variety of this problem occurs when a notary certifies that the person whose signature appears on a document really did sign it, even though the notary didn't witness the signing. While such false notarizing is criminal, I've not yet heard of any notaries being charged. However, in Maryland, Steve Lash of The Daily Record reports that 18 current and former notaries have invoked their Fifth Amendment right against self-incrimination in a foreclosure case.
  • Memo To Banks: You Are Toast

    01/21/2011 2:49:02 PM PST · by Kartographer · 34 replies
    BusinessInsider ^ | L. Randall Wray
    MERS has screwed up the records so badly that in many or most cases no one knows who holds the notes, who is entitled to receive mortgage payments, and who has got the deed. What we used to call “mortgage backed securities” are probably mostly unsecured. It is not clear that any of the securitizations of home mortgages were done properly. In that case, the securities are not mortgage backed. Mortgage servicers do not have the right to foreclose, and neither do the securities holders. Homeowners can follow the example in Utah because, apparently, all states have a similar provision...
  • There's No End in Sight to Minn. Foreclosure Mess

    01/21/2011 10:22:26 AM PST · by Son House · 19 replies · 1+ views
    StarTribune ^ | January 20, 2011 | JENNIFER BJORHUS and JIM BUCHTA
    More than 70,000 Minnesota homeowners were behind on their mortgages and received pre-foreclosure notices last year, a warning that the housing market still faces serious hurdles in 2011. About 71,665 struggling homeowners got the notices in 2010, up 8 percent from 2009, according to the Minnesota Home Ownership Center, which released the numbers Thursday. The number of notices rose 3 percent in the Twin Cities metro area, but 15 percent elsewhere in Minnesota. The numbers suggest that despite glimmers of hope in the job market, the state could see more people lose homes this year than they did last year,...
  • The Allure of Real Estate

    01/17/2011 3:44:27 PM PST · by An Old Man · 14 replies
    The Market Oracle ^ | Jan 12, 2011 | MISES
    Fred Buzzeo writes: These days everyone is sitting at the edge of their seats waiting for a real-estate recovery. Indeed, during the past ten years, everyone has become a real-estate addict. It is hard for me to walk down the street without someone telling me that the market has "hit bottom" or that the market is on the "rebound." Do I know anyone interested in this piece of property, they ask? Is the timing right? Can I put together a deal? These are the questions that I am constantly bombarded with by the real-estate "junkies" that I encounter while making...
  • Housing Market Slips Into Depression Territory (Real Headline)

    01/13/2011 8:34:45 AM PST · by Red in Blue PA · 55 replies
    cnbc ^ | Jan 11, 2011 | Cindy Perman
    Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported. November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
  • Banks lose key foreclosure ruling in top Massachusetts court

    01/07/2011 2:38:16 PM PST · by ninonitti · 43 replies
    Reuters ^ | January 7, 2011 | Jonathan Stempel and Dena Aubin
    NEW YORK (Reuters) - In a decision that may slow foreclosures nationwide, Massachusetts' highest court voided the seizure of two homes by Wells Fargo & Co and US Bancorp after the banks failed to show they held the mortgages at the time they foreclosed. Bank shares fell, weighing on broader stock indexes, on fears the decision could threaten lenders' ability to work through hundreds of thousands of pending foreclosures. The Supreme Judicial Court of Massachusetts' unanimous decision on Friday upheld a lower court ruling. It is among the earliest cases to address the validity of foreclosures done without proper documentation....
  • A Study of Real Estate Markets in Declining Cities

    01/07/2011 12:17:18 PM PST · by JerseyHighlander · 4 replies
    Executive Summary: The “Great Recession” of 2007 to 2009 has taken a great toll on housing markets in most cities and metropolitan areas in all parts of the country. Though the pace and extent of the overall economic recovery of these markets is still far from certain, many places will likely resume growth and fully recover within the next decade or so. This is almost certainly not to be the case for all metropolitan areas. In fact, a number of large metropolitan statistical areas (MSAs) experienced severe recessions during the latter half of the 20th century and prior to the...
  • Peter Schiff: Housing still has at least 20% on downside to go.

    12/30/2010 1:16:40 PM PST · by GlockThe Vote · 85 replies · 97+ views
    Business Insider ^ | December 30, 2010 | Gregory White
    Peter Schiff: Here's Why Home Prices Have To Decline At Least 20% And Probably More Gregory White | Dec. 30, 2010, 12:09 PM | 6,520 | 25 House prices have to decline at least another 20.3% to come back to the historical trend and may have much further to fall, according to Peter Schiff of Euro Pacific Capital. Writing in the Wall Street Journal, Schiff breaks down the horrible state of the U.S. residential real estate market just days after a negative Case-Shiller number pretty much confirmed we're in a housing double-dip. Schiff explains that, if we all believe that...
  • The Fallacy of a Pain-Free Path to a Healthy Housing Market

    12/23/2010 11:47:06 AM PST · by FromLori · 13 replies
    Federal Reserve Bank of Dallas ^ | Danielle DiMartino Booth and David Luttrell
    In the mid-1990s, the public policy goal of increasing the U.S. homeownership rate collided with a huge leap in financial innovation. Lenders shifted from originating and holding mortgages to originating and packaging them for sale to investors. These new financial products enabled millions of Americans who hadn’t previously qualified to buy a home to become owners. Housing construction boomed, reaching a postwar high—9.1 million homes were built between 2002 and 2006, a period when 5.6 million U.S. households were formed. The resulting oversupply of homes presents policymakers with a formidable challenge as they struggle to craft a sustainable economic recovery....
  • In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks

    12/22/2010 9:04:11 PM PST · by moonshinner_09 · 70 replies
    NYTimes ^ | December 21, 2010 | ANDREW MARTIN
    TRUCKEE, Calif. — When Mimi Ash arrived at her mountain chalet here for a weekend ski trip, she discovered that someone had broken into the home and changed the locks. When she finally got into the house, it was empty. All of her possessions were gone: furniture, her son’s ski medals, winter clothes and family photos. Also missing was a wooden box, its top inscribed with the words “Together Forever,” that contained the ashes of her late husband, Robert. The culprit, Ms. Ash soon learned, was not a burglar but her bank. According to a federal lawsuit filed in October...
  • Walking Away from Your Home for Dummies

    12/08/2010 6:26:03 AM PST · by Palter · 67 replies · 1+ views
    WSJ ^ | 07 Dec 2010 | Nick Timiraos
    You might call it, “Walking away from your home, for dummies.”Brent White, the University of Arizona law professor who’s made a name for himself by urging more underwater homeowners to consider walking away from their homes, has published a 168-page book to help borrowers who are wrestling with that decision. In a tone that is both conversational and precise, “Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth?” lays out the case for and against walking away from an upside-down mortgage where the home is worth less than the mortgage balance. As is...