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...
Reuters just reported, Arizona has sued the bank as a result of the latter "consistently misleading consumers about its home loan modification process."
In this interview Christopher Whalen covers the bursting of the Housing Bubble in 2011, Fannie and Freddie, the Federal Reserve, and Foreclosure-Gate.
Rescission is powerful tool to address fraudulent lending practices; it gives the borrower the right (granted by the Truth In Lending Act of 1968) to shove a bad loan back on the lender.
These two charts paint a devastating picture of the US housing market.
CoreLogic ... today released today released its October Home Price Index (HPI) which shows that home prices in the U.S. declined for the third month in a row.
As a result, ceteris paribus, home prices will have to decline by about 10% to compensate for the pick up in rates in just the last month.
Foreclosure Activity Plunges By Record Amount In November As Fraud Forces Banks To Halt Evictions
The White House plan to save as many as 13 million cash-strapped families from losing their homes in foreclosure was a huge flop -- so flawed it may have made the housing crisis even worse.
November prices fell 7 percent from November 2009, to $122,300, according to the Arizona State University-Repeat Sales Index produced by ASU real-estate professor Karl Guntermann.
The national real-estate website Zillow.com reports that Phoenix-area homes will end up losing $36 billion in value during 2010. At least that's less than the $48.8 billion the region's homes depreciated in 2009.
In reality, both the runup to the crisis and its aftermath were on of the greatest wealth transfers from the citizenry at large to a comparatively small group of rentiers in the history of man.
Let’s imagine the following scenario: You have a Jumbo mortgage with Bank of America. You are a good customer, do your banking with BofA, and you have never missed a payment. In fact, you always send your mortgage in on time.
Walt Disney Co. built Celebration, Florida, as an idealized version of a circa-World War II small town, where litter-free streets are lined with white picket fences and front porches entice neighbors to sit after dinner.
Simon Black recently posted six places in the world that are full of opportunity and freedom; in a couple significant ways, they coincide with mine. His picks were Chile, Singapore, Columbia, Sri Lanka, Malaysia and Estonia.
CoreLogic reports that 10.8 million, or 22.5 percent, of all residential properties with mortgages were in negative equity at the end of the third quarter of 2010...
My advice to Weidner is to immediately file a counter-suit for harassment and abuse of legal process before the morons who run Nationwide come to their senses and withdraw their nuisance suit.
In this interview Yves Smith covers housing, the millions of foreclosures in the pipeline, and the matter of bank solvency. This interview took place on Canadian TV, and unfortunately it will never occur here in Amerika.
I suppose the latest efforts taken by the members of the foreclosure industry to silence and neuter critics represent a perverse form of progress. If you go by the Ghandi timeline, “First they ignore you, then they ridicule you, then they fight you,
The median sale price in November was $134,000, down $9,000 from the November 2009 median of $143,000.
This interesting graph is from economist Tom Lawler comparing the percent of 24-34 year olds living at home vs. the under 35 year old homeownership rate ...
One of the big puzzles of the ongoing foreclosure crisis concerns the whereabouts of the "wet ink notes" -- the IOUs signed by borrowers. In foreclosure cases across the nation, the banks have been filing "lost note affidavits"...
In Q3 2010, household percent equity (of household real estate) declined to 38.8% as the value of real estate assets fell by almost $650 billion. Household Equity stood at over 80 percent in 1952...
Multiple sources now tell me that the Administration, specifically over at the Department of Housing and Urban Development, is considering ways to get more investors into the housing market, possibly with the help of Fannie and Freddie.
A new report from Zillow puts an absolutely jaw-dropping figure on the housing crash: $9 trillion. That's the total home value destroyed since June 2006.
U.S. home values are poised to drop by more than $1.7 trillion this year amid rising foreclosures and the expiration of homebuyer tax credits, said Zillow Inc., a closely held provider of home price data. This year’s estimated decline, more than the
I wanted to demonstrate the full extent of Foreclosures in the US, so after setting GMaps on foreclosure listings, I slowly zoomed out of the map. Voila! Most foreclosures that are for sale in the USA are now showing on your screen.
Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a US marshal's sedan was peeling out of his driveway. Nailed to Marconi's front door was a foreclosure summons from
It really doesn't get more damning than this..... "Fraud As a Business Model", the slides from her presentation delivered today to the Federal Housing Finance Agency's Supervision Summit.
CDOs and CDOs squared were just "fraud to cover-up fraud," according to Janet Tavakoli of Tavakoli Structured Finance.