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In the Inland Empire and other former home-building hot spots, the housing bust has created a new kind of declining city, different from the nation's traditional rusting centers of industry, that could languish for years.
This is more than a technical issue; at risk is whether we, as a nation, are going to allow corporate entities to violate existing law, or even worse, attempt to create their own, extra-legal, non democratic policies.
Massachusetts’s highest court is poised to rule on whether foreclosures in the state should be undone because securitization-industry practices violate real- estate law governing how mortgages may be transferred.
Allstate Corp has sued Bank of America Corp, its Countrywide lending unit and 17 other defendants for allegedly misrepresenting the risks on more than $700 million of mortgage securities it bought from Countrywide. Allstate, the largest publicly trad
The banks and their servicers have done wrong, harm and injustices upon the American people, with this “settlement” it sends a strong message to financial institutions that they are now in fact, untouchable.
So the standard is that if you're a bank, you can break the law. Any law - and it's not criminal. At worst it's a civil matter. Maybe.
The kicker is that the deal also covers potential future claims on $127 billion in loans sold by Countrywide through 2008. That amounts to 1 cent on the dollar to Freddie Mac.
Servicers‘ compensation structures encourage them to stretch out defaults, but not too long. In other words, servicers want to keep borrowers in a default ―sweatbox to collect late fees and other junk fees,
In other words what many have claimed is the biggest fraud in MBS history is about to be swept under the rug in exchange for 30 pieces of silver wrtistslaps.
Fannie Mae and Freddie Mac, the financial giants whose failed mortgage investments made them wards of the government, have accepted $2.8 billion from Bank of America to largely put to rest claims that the bank sold them faulty loans.
One of the frustrating issues in trying to rein in fraud is the way that essential accessories, namely, accounting firms and law firms, are close to beyond the reach of the law.
It is likely that most or even all foreclosures occurring in the US are illegal seizures of property -- home thefts. We are talking about 100,000 completed home thefts per month, with another 250,000...
A computer programmer who almost succeeded in wiping out all of the Federal National Mortgage Association's financial data at the height of the housing market crash was sentenced to three years in prison earlier this month.
The average number of days delinquent for loans in foreclosure is a record 499 days
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.
“The housing market is going to shock people,” said Lieberman, former head of monetary analysis at the Fed Bank of New York. “Once we get the ball rolling, it becomes easy to roll.
Home prices are dropping in the nation's largest cities and are expected to fall through next year, with the worst declines coming in areas with high numbers of foreclosures.
“The inventory overhang is so big, with foreclosures looming, it’ll take five years to absorb the supply,” said Paul Ballew, chief economist at Nationwide Mutual Insurance Co. in Columbus, Ohio.
There can be people in a few years time who claim by hell and high water that their homes are still worth $500,000, but they will have neighbors who sold for $100,000, $50,000 or less. Price discovery can be...
New figures from the Federal Housing Finance Agency also show that prices of homes sold in Arizona are down more than 9.3 percent from the same period a year earlier.
The state legislature passed a law making it easier for lenders to win disputes over homeowners about impending foreclosures. The process moves so quickly that homeowners receive less than 2 weeks' notice their house is about to be auctioned
This was written two years ago. My few predictions there have come to pass, most notably people being trapped in their homes and unable to move to where a better (or any) job may be. As this article is over 6000 words, without visiting the links, y
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New home sales continue to bounce along the bottom, with the November number coming in at 290K, 10K below expectations. This number will likely be revised lower next month, just like the October number was...
More than two-thirds of foreclosures occur in the 27 states where there’s no mandatory court supervision, according to Christopher Dodd, the chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs.
In fall 2009, she went to a conference on foreclosure research in Southern California. It was there that she first heard about forensic mortgage auditors. Finally, she thought, somebody could help her find answers.
He knows of 20 people personally in his community who have mortgages of over $20,000 a month who have not made a payment in over a year. As with his case, there has not been a peep from the bank about the failure to pay.
“For the first time in the nation’s history, there is no longer an authoritative, public record of who owns land in each county.” — University of Utah law professor Christopher Peterson
These lawsuits also serve to keep pressure on Iowa attorney general Tom Miller, who is leading the 50 state AG probe. Although Bank of America may turn out to be the worst actor, newspaper reports on HAMP abuses have reported...
In this interview Christopher Whalen covers the bursting of the Housing Bubble in 2011, Fannie and Freddie, the Federal Reserve, and Foreclosure-Gate.
These two charts paint a devastating picture of the US housing market.
