I am told that these proposed changes would have the effect of authorizing transfers in blank in Virginia. That in turn would (in theory) allow banks to claim that an blank endorsement by the originator would allow the trust to assert ownership...
The devastation in some regions will never be repaired. Parts of Oregon, Georgia and Arizona have become progressively more deserted. Since jobless rates may never recover, there is little reason to hope that the populations in these areas will...
WASHINGTON (AP) - The number of people who bought previously owned homes last year fell to the lowest level in 13 years, and economists say it will be years before the housing market fully recovers.
You have to give Sheila Bair of the FDIC credit, she doesn't stop with the BS....
The problems are all because the lenders decided, by the own hand and with nobody else involved or making the decision, that they would lie, cheat and steal.
In the last week, several ideas for fixing the housing market have surfaced. One is the Third Way proposal, which appears to be an Administration trial balloon. Predictably, it is yet anther bailout, with plenty of smoke and mirrors to disguise that
The foreclosure claims commission envisioned by Bair would follow the model used to settle claims arising out of the BP oil spill and the events of 9/11. It would be set up and funded by servicers to address claims submitted by homeowners who...
Companies like KB Homes and Lennar Corp. project demand will be slow to rebound as elevated unemployment and mounting foreclosures discourage buyers.
“The trustee has repeatedly requested that EMC provide access to the subject documents,” Wells Fargo said in the complaint. “EMC has played proverbial ‘rope a dope’ and otherwise continued to drag its feet, and has produced nothing.”
"People are realizing the value of Washington," notes Niroo, as we stood, freezing, in front of the monstrosity of a cement frame. "If you take this house, it’s 32,000 square feet, and you drop it in Aspen or you drop it in Jersey, it's at least...
One of the nation's biggest banks, JP Morgan Chase, admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also says it improperly foreclosed on more than a do
The securitization industry may be about to reap the whirlwind of its failure to take the need for reform seriously. As we’ve indicated, industry incumbents have adopted a denialist approach to widespread evidence of serious documentation problems...
"You cite no legal authority that supports your claim that you are entitled to view the original Note, and we are not aware of the existence of any such authority. Bank of America
Abandoned foreclosures are increasing as mortgage investors determine that, at sale, they can’t recoup the costs of foreclosing, securing, maintaining and marketing a home, and they sometimes aren’t completing foreclosure actions.
The parties assembling these loans into trusts knew damn well that State Law required recordation of interests and that they were marketing these loans as fully-secured by the underlying real estate. They decided, on their own initiative, to forego.
"The sad part is the people lining up for help: a box of food, blankets, sleeping bags for the homeless, kids just wanting food. Heartbreaking stories," Dollarhide said. "We're busy keeping them alive - literally."
Alan Greenspan: “I think whatever froth there is in the housing market is becoming contained at this stage, and it’s getting contained largely because mortgage rates have moved up and are beginning to have an impact.
So now that the dirt is coming out, that the Fed did see the evidence of the housing bubble and continued to steer the Titanic at the same speed towards the iceberg, the nature and magnitude of its error is still being underplayed.
New minutes released today show Fed members were fully aware of the growing housing bubble in the U.S. in June of 2005.
The 58-year-old attorney admits to breaking into homes at least half a dozen times, including one before with the Earls, leaving the clients to squat in their homes while he defends their legal right to possession.
Oh I see. The people who caused the mess are front-and-center of this "think tank" and now wish to propose things that will allegedly "fix" the mess?
Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and industry experts say more people will miss payments bec
The key drivers of our housing crisis were fraud perpetrated by mortgage lenders and securities fraud -- by some of our most revered financial institutions -- that provided money to fuel fraudulent mortgage lending.
According to JP Morgan, who service the loan, the only way Sikora would be eligible for loan modification would be if he were in delinquency, which is what they advised him to do. That's right - a bank formally told...
With nobody having any clue who owns what and thus has no legal claim to seek damages or reposession, look for the total number of foreclosures to continue declining, as banks are now forced to represent...
This proposal guts state control of their own real estate law when the Supreme Court has repeatedly found that “dirt law” is not a Federal matter. It strips homeowners of their right to their day in court...
US housing prices overall are expected to hit bottom by spring 2011 and begin a gradual rise in 2012, Frank Nothaft, chief economist and vice president of housing lender Freddie Mac said. "I do think we'll see these housing prices bottom out, maybe b
I shouldn't be surprised, but I am. The banks are doing exactly the same thing that blew them up in 2007 and 2008, and it will end the same way.
They are allowed to accrue interest on non-performing mortgages ” until the actual foreclosure takes place, which on average takes about 16 months.
The nation's largest homebuilder, PulteGroup Inc., is phasing out a manufacturing facility in the West Valley that ultimately will result in the loss of 280 jobs.