Metro Phoenix's median price for an existing home fell in December to $115,000 - comparable to the median home price in 1999.
November marked the 53rd consecutive month (4 ½ years) that home values have fallen.
With judges looking ever more critically at home foreclosures, they are reaching beyond the bankers to heap some of their most scorching criticism on the lawyers.
The fact that the rate of decline increased for November is indicative of the uphill battle we’re facing with the housing recovery,” said Mark Fleming, chief economist for CoreLogic.
If, in fact, there exists widespread legal failure of securitized mortgage pools, as Mr. Rosner, theorizes, then we are possibly facing the Apocalypse Scenario, calling into question the legal and financial...
"Investors in RMBS are facing hundreds of billions of dollars in losses on securities where the note was either not delivered or done so in a haphazard and negligent fashion. These claims could kill some of the top banks."
The coalition members’ insistence on immediate action reflects the urgency of their concerns over mishandled mortgages.
Felix Salmon, who nobody would accuse of being pro-bank, sees a real possibility here of a systemic housing market and banking system catastrophe if this ruling is repeated in other states.
In a ruling that could escalate the mortgage problems facing banks, the Massachusetts Supreme Court on Friday voided two foreclosures because the banks failed to show the proper paperwork to prove they owned the loans.
This decision is from the State Supreme Court and thus is final within the State, and makes it likely that MBS holders will sue en-masse for the sale of fraudulently-constituted securities
Breaking News: There are no details in this current ruling by the Massachusetts supreme court, but this is a huge blow to the banks and will put additional pressure on Obama and Congress to "Fix It"
The senators called for a “robust and comprehensive solution” that would protect homeowners and investors. They urged the council to respond “promptly” and indicate whether it needs additional...
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.
The Federal Reserve is pushing a new mortgage regulation that would effectively eliminate the most powerful federal remedy for predatory lending.
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...
On New Year’s Day, the oldest members of the Baby Boom Generation will turn 65, the age once linked to retirement, early bird specials and gray Velcro shoes that go with everything.
"Confidence is seeping into the conversations we are having with builders, developers, lenders and real-estate investors," he said. "Reality has taken hold of professionals who remain in the industry...
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.