Free Republic 1st Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $21,517
24%  
Woo hoo!! And the first 24% is in!! Thank you all very much for your continuing support!!

Keyword: housingbubble

Brevity: Headers | « Text »
  • Thomas Sowell: Results Matter. The difference between a government and a private decision

    06/07/2011 4:37:38 AM PDT · by SeekAndFind · 3 replies
    National Review ^ | 06/06/2011 | Thomas Sowell
    Two unrelated news stories on the same day show the contrast between government decisions and private decisions. Under the headline, “Foreclosed Homes Sell at Big Discounts,” USA Today reported that banks were selling the homes that they foreclosed on at discounts of 38 percent in Tennessee to 41 percent in Illinois and Ohio. Banks in general try to get rid of the homes that they acquire by foreclosure by selling them quickly for whatever they can get. Why? Because banks are forced by economic realities to realize that they are not real-estate companies. No matter how much expertise bank officials...
  • Homeowners turn the tables by foreclosing ON Bank of America

    06/05/2011 7:07:33 AM PDT · by Justaham · 9 replies
    southern Florida couple got sweet revenge when they foreclosed on Bank of America, instead of the other way around. The unusual turn of events started in Collier County months ago, when the mega-bank notified Maurenn Nyergers and her husband that their comfortable, relatively new home had gone into foreclosure. Trouble is, the Nyergers say they they never owed the bank a cent, swearing instead that they had paid cash for their dwelling. A Collier County judge agreed with the couple, and ordered Bank of America to pay their legal expenses. But then, the Nyergers say they waited more than five...
  • 6 Reasons Housing Prices Aren't Rising

    06/04/2011 12:26:00 PM PDT · by SeekAndFind · 13 replies · 1+ views
    Morningstar ^ | 06/03/2011 | Bearemy Glaser
    The rise and fall of the housing market was one of the more spectacular bubbles of recent memory. And the bursting of that bubble is still having a profound impact on the economy, even though we're now several years past the peak. Yet, it doesn't look like housing prices will be bouncing back anytime soon. Last week, I examined the perfect storm of factors that led to the incredible inflation of housing prices and some of the reasons housing prices have fallen back to earth. Although I do believe that prices have stabilized, there are many headwinds that will make...
  • Tables Turn: Deputies and movers show up at bank to seize property for homeowner

    06/04/2011 5:02:24 AM PDT · by Kartographer · 17 replies
    WINK News ^ | 6/3/11
    A bank foreclosure story you've got to see to believe. A Collier County couple turns the tables on Bank of America, the bank that tried to foreclose on their home. Now, the family is foreclosing on the bank! Even bringing trucks and deputies ready to seize property. The foreclosure nightmare started when Warren and Maureen Nyerges paid cash for a home owned by Bank of American in the Golden Gate Estates. They never had a mortgage whatsoever. But, the bank fouled it up and wound up issuing a foreclosure through their attorney.
  • LA times: Leaving North Las Vegas no option for many 'underwater' homeowners

    05/31/2011 7:14:56 PM PDT · by vmpolesov · 43 replies
    LA Times ^ | 5/31/2011 | By Ashley Powers and Alejandro Lazo, Los Angeles Times
    Reporting from North Las Vegas, Nev.— Charles Mills can barely afford to stay here. But he also can't afford to move. That's why the 44-year-old heavy-equipment operator was preparing to leave his wife and young daughter here and go where he could find work — the Oklahoma oil fields. Mills has a mortgage to pay, even if its size pains him. He purchased his house in 2006 for $308,500. Current value: $105,797. "We talked about it: What can we do with the house?" Mills said. "Nobody's going to buy it. Nobody's going to rent it. If we walk away, my...
  • Existing home sales unexpectedly dip in April

    05/19/2011 9:27:20 AM PDT · by Oldeconomybuyer · 29 replies
    Reuters ^ | May 19, 2011 | by Rachelle Younglai
    Sales of previously owned U.S. homes fell in April, a trade group said on Thursday, in a sign that the country's housing market is struggling to recover from the recent financial crisis. Economists polled by Reuters ahead of the report were expecting home resales to rise to 5.2 million from the previously reported 5.1 million. "The recovery is very sluggish," said the group's senior economist, Lawrence Yun, adding that unnecessarily tight credit is continuing to restrain the market. About 37 percent of the market consisted of distressed sales, which include both foreclosures and sales of homes where the bank agrees...
  • MERS LOSES (Quiet Title!)

    05/02/2011 1:35:54 PM PDT · by Kartographer · 18 replies
    Market-Ticker ^ | 5/2/11 | Karl Denninger
    Groves requested relief under the Declaratory Judgment Act, as well as “other and further relief to which [she] may be justly entitled.” The trial court’s judgment does not indicate that it granted her request to “quiet title” exclusively under the Declaratory Judgment Act. Accordingly, no error appears on the face of this record. See Tex. R. App. P. 26.1(c), 30; Alexander, 134 S.W.3d at 848. We overrule MERS’s first issue. ..... Groves alleged in her petition that MERS’s deed of trust “purported to create a lien for security purposes on Plaintiff’s property as described.” This alleged lien constitutes an adverse...
  • Court: Busted Securitization Prevents Foreclosure

    04/18/2011 3:40:01 AM PDT · by Neidermeyer · 128 replies
    Daily Finance ^ | 04/01/2011 | Abigail Field
    On March 30, an Alabama judge issued a short, conclusory order that stopped foreclosure on the home of a beleaguered family, and also prevents the same bank in the case from trying to foreclose against that couple, ever again. This may not seem like big news -- but upon review of the underlying documents, the extraordinarily important nature of the decision and the case becomes obvious. No Securitization, No Foreclosure The couple involved, the Horaces, took out a predatory mortgage with Encore Credit Corp in November, 2005. Apparently Encore sold their loan to EMC Mortgage Corp, who then tried to...
  • Home prices hit pre-boom levels in 14 US cities

    03/29/2011 2:20:31 PM PDT · by Nachum · 22 replies
    Breitbart ^ | 3/29/11 | ap, ANNA HERRON and DEREK KRAVITZ
    NEW YORK (AP) - Damage from the housing bust is spreading to areas once thought to be immune. In at least 14 major U.S. metro areas, prices are now at 2003 levels—when the housing bubble was just starting to inflate. Prices will likely fall further this year, making many people reluctant to buy or sell. That would push down sales and prices more. The depressed housing industry is slowing an economy that has shown strength elsewhere. And it's starting to hurt those who bought years before the housing boom began. In some cities, people who have paid their mortgages for...
  • 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...
  • Stand Up For AMERICA and AGAINST BANKSTER FRAUD

    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 SurvivingCalifornia.com 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...