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As lenders are scrambling about to avoid the legal ramifications of fraudulent foreclosure documentation, another wave of foreclosures is expected to hit the market this year due to resetting mortgage interest rates of option adjustable rate...
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It is really annoying when people, particularly those in positions of power, can’t even be bothered to take the trouble to lie well.
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You were sold convenience and competition in banking, but it was explicitly stated at the time that this would not result in your rights under state law being lost.
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Florida’s foreclosure rate moved above 14 percent in the fourth quarter of 2010, and the state now accounts for nearly one in every four distressed homes in the nation, according to a new report.
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The impact of this could be substantial. Consider inventory — using CoreLogic;s methodology, unsold inventory in November 2010 was16 months of supply, not the 9.5 months the NAR claimed.
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MERS - The Mortgage Electronic Registration System issues an Announcement that appears to be an attempt to put the genie back into the bottle Summary: MERS has told its members not to foreclose in its name on home loans, effective immediately.
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Foreclose in your own name, and come to court with your documents - real ones (if you have them, and I bet in many cases they no longer exist!) or buzz off for the next three months. That ought to have a really interesting impact on the housing...
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Allow me to spell this out for you more specifically: MERS is an abomination, a legal blasphemy that should be destroyed before it unleashes the four horsemen of the apocalypse.
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It's not as hard, however, to believe in housing. By that I mean that as the economy improves, and consumers start to feel better about their personal finances, they are starting to think about investing in their homes again.
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The Administrations’ preferred solution would keep in place the bad incentives and socialization of risk that got the GSEs in trouble in the first place.
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The patently obvious deterioration in housing just took one big step for the worse, after the Mortgage Banker Association reported that the Market Composite Index, a measure of mortgage loan application volume, decreased 9.5 percent...
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In California, bank repossessions jumped 51.5 percent, in Arizona 56.2 percent, in Nevada up 36.8 percent.
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The outlook by builders hasn't improved since the fall, when new-home sales were in the midst of their bleakest year in a half-century.
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CoreLogic estimates 2010 home sales totaled 3.6 million, down 12% from 4.1 million in 2009. Sales remain extremely low relative to the last decade as sales last year were more than 50% below the level in 2005 and about 33% below the level in 2000.
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This bill will put an absolute stop to any foreclosure where the originator of the note did not transfer it properly and it will render void upon suit by any person who is foreclosed upon and discovers that the note was never properly conveyed.
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Analysts have been warning for months that the decline in foreclosures was due to the robosigning moratorium, and did not signify an improving housing market.
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After the most potent "winning streak" in human history, the majority of American society has been blindsided by equally potent losses, which continue to mount and show no signs of abatement:
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“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process. The court does not accept the argument...
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And with MERS now found to be a fraud, we expect MERS Commercial authority to be likewise eliminated. Which means that the entire US mortgage market, both residential and commercial, is a lie, and built on fraudulent foundations...
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This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law.
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The Obama Administration's newly unveiled housing finance plan may have clouded the picture for policymakers, lenders and bond buyers, but it made the future for borrowers starkly clear: It's going to cost more to get a home loan. Mortgages have a
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“When I go out and talk to people around town, they say, ‘Wow, I thought we were going to have a 12 percent correction and call it a day,’ ” said Stan Humphries, economist for Zillow, which is based in Seattle. “But this thing just keeps on going.”
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I think this legislative maneuvering is leading us to a point where a national VAT is established. That would imply that there would be very few if any deductions left. No mortgage, property or income taxes deductions would exist.
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This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law.
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This has an interesting twist to it. As Zerohedge pointed out, there is a "blow your own brains out" problem no matter which way the case goes.
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One of the main themes of the presentation was that of “lost decades”. How likely is it that we can have 20 more years of housing price declines?
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Until these operational problems are addressed once and for all, the foreclosure crisis will continue and the housing sector will languish.
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Banks are taking more of these homes back and we are seeing them filter onto the MLS. The bulk of these homes still reside in the shadow inventory and the public is unable to bid on these places.
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The correct option is to get rid of Fannie, Freddie, the FHA and HUD. The government should not provide any backstop or any guarantees at any time. Unfortunately that option was not on the table.
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Amid calls for a pullback in government backing for housing, President Barack Obama is expected to re-introduce his bid to limit deductions for high earners—including the popular mortgage interest deduction.
