Obviously, this is a situation that has to be resolved as USSA kleptocracy can not be forced to pay for prior (and ongoing) transgressions. Which is why we were not surprised to learn that "Bank regulators plan to announce settlements...
But in the never-never realm of reality denial within the Beltway, as long as you can get a PhD or better to grace the latest offering from the Ministry of Truth, it gives useful cover to Congresscritters and other message amplifiers who will spout..
There are several counties in America, each with more than 10,000 homes, which have vacancy rates above 55%. The rate is above 60% in several.
During past recessions, American cities became centers of poverty and crime. But this time, it was the suburbs that suffered.
The U.S. government surrendered. That’s the only conclusion to draw from reports that federal financial regulators have abandoned state legal officials negotiating a foreclosure settlement with Wall Street banks and instead struck their own deal.
We think that’s a good thing, since the state and federal law issues were so different that it made the idea of a grand global settlement seem a tad deranged...
The San Francisco bank, the nation's No. 1 mortgage lender, has handed pink slips to about 1,900 workers who had processed loans generated both by Wells' mortgage unit and by independent brokers, a spokesman said Thursday. ..
According to the CoreLogic HPI, national home prices, including distressed sales, declined by 6.7 percent in February 2011 compared to February 2010 after declining by 5.5 percent in January 2011 compared to January 2010.
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its February Home Price Index (HPI) which shows that home prices in the U.S. declined for the seventh month in a row.
MERS has defended their practices by saying that they were helping the registries of deeds by reducing the amount of paperwork that needed to be recorded. This claim is outrageous. This is help we did not ask for, nor was it help that we needed.
Wow, the Obama administration has openly negotiated against itself on behalf of the banks. I don’t think I’ve ever seen anything so craven heretofore.
We've told you before about how big banks cut corners on paperwork over the last few years in order to speed struggling homeowners into foreclosure. And a "60 Minutes" report that aired last night offers fresh anecdotal reporting on just how irrespon
The foreclosure crisis and "Pooling and Servicing Agreement" (PSA) violations On March 31st The Hallmark Abstract Sentinel published an article that discussed the upcoming 60 Minutes story (airing tonight) on the foreclosure crisis, and the pot
But they are missing the bigger picture here: Reckless disregard for property rights and the rule of law. And exactly where are all of my Libertarian friends on this . . . ?
Permanently enjoined. As in "can never foreclose." Not "dismissed without prejudice" (e.g. "come back and file again with proper paperwork") but rather you blew it, it's not fixable, and you're done.
The ruling in favor of the borrower endorses an argument we have made since last year on this blog, that the pooling and servicing agreement stipulated a specific set of transfers be undertaken to convey the borrower note (the IOU) to the securitizat
Overbuilding during the housing boom, record foreclosures during the subsequent crash and a significant drop in population growth have led to more than 100,000 vacant homes across the region, five times what was once considered normal.
The banks’ position is that they are to be trusted after having demonstrated again and again that they’ll take anything that is not nailed down. It is drafted wherever possible to make current practices fall within the “settlement”, which means...
Regulators have approved generous executive compensation at Fannie Mae and Freddie Mac, the taxpayer-backed mortgage finance giants, with little scrutiny or analysis, according to a report published Thursday by the inspector general of the Federal Ho
Young adults forming new households are not good candidates for homeownership in this market of incredibly tight lending standards and high unemployment. Not only is in difficult to qualify for a mortgage but the down- payment requirement...
Now that they all starting realize that the gig is up and their games are coming to an end, and have nowhere else to turn, they want to fight us.
When a homeowner asked for help, they got a higher bill. In essence, this is the financial equivalent of having the fire department try to put out a blazing inferno with gasoline.
The foreclosure crisis, MERS, issues of standing, robo-signing, fraudulent notarizations and more! This Sunday on "60 Minutes" Foreclosures As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for t
Novel materials could make practical air conditioners and refrigerators that use little or no electricity.
You might think property taxes have declined 30%, paralleling declines in housing values. But nope--property tax revenues have shot up 27% just since 2006.
Timelines continue to extend, with the average U.S. loan in foreclosure now having been delinquent for a record 537 days, and a full 30 percent of loans in foreclosure have not made a payment in over two years.
With relatively few working-age families willing or able to invest in a new home, older Baby Boomers, many of whom are in retirement or eyeing it, represent the best hope for some local homebuilders to keep busy.
It refers to allegations that foreclosing lenders quite literally forged loan assignments. As in someone willingly signed someone else’s name on a dotted line, and managed to then have that document notarized and filed with the court.
The Phoenix housing market will soon revisit the 1990s. Currently the Phoenix market rests at a level last seen in March, 2000.
Case Shiller data is out, and it is as horrible as ever. The Home Price Index came at 140.86 compared to 142.42 previously. Basically the double dip refuses to stop...