Weekend Edition - August 13 To August 17, 2012 - ForeclosureGate Gazette

WEEKEND EDITION, AUGUST 13 AUGUST 17, 2012
MONDAY, AUGUST 13, 2012

ACADEMIA ADVERSARIES ADVOCATES BLOGOSPHERE LEGAL LEGISLATE OP-ED HOMEOWNERS NEWS ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners
Sacramento area officials explore using eminent domain to aid underwater homeowners Sacramento and Elk Grove officials are exploring a controversial plan to use their powers of eminent domain to seize underwater mortgages from private investors and slash the amounts borrowers owe. The proposal has infuriated opponents in the mortgage industry. They call it an illegal use of eminent domain, a power that gives government the right to seize property for the public good while paying just compensation.
Treasury Could Force Principal Reductions at the GSEs Treasury, in other words, could play hardball with FHFA and force principal reductions or virtually anything else they want, as a condition of the lifeline they continue to hold out for the GSEs. This would be an aggressive strategy, to be sure, but its imminently available to them.
Repeal of Glass-Steagall: Not a cause, but a multiplier When the Titanic set sail from Southampton on April 10, 1912, bound for New York, it was called unsinkable. This was before that chance encounter in the North Atlantic with a large iceberg. You know how that movie ended. Many people died, of course, because there were too few lifeboats.
Mortgage delinquencies rose last quarter, trade group study says The nations slowly improving housing markets hit another bump last quarter, a report from a trade group shows, with more borrowers missing payments on their home loans amid continued high unemployment.
Error ensnares woman in foreclosure lawsuit Deloris Bell sold her house in 1995, so she was shocked when in March a bank filed for foreclosure on the house and named her in the lawsuit. She said she called the attorney's office handing the foreclosure and was told not to worry.
Fannie Mae posts $5.1-billion profit...leaving taxpayers on the hook for about $142 billion And although Fannie has now gone two straight quarters without needing more bailout money, McFarland would not guarantee the company would not have to ask for help again because of the dividend payments owed to the Treasury.
Underwater Refis Grow; Critics Not Satisfied We remain concerned that there is a significant difference between the terms and conditions associated with refinancing using the borrowers existing servicer versus a new servicer, Isaac Boltansky, an analyst with Compass Point Research & Trading, wrote in a note to clients.
CA cities eye plan to seize mortgages In the foreclosure-battered inland stretches of California, local government officials desperate for change are weighing a controversial but inventive way to fix troubled mortgages: Condemn them. Officials from San Bernardino County and two of its cities have formed a local agency to consider the plan. But investors who stand to lose money on their mortgage investments have been quick to register their displeasure.
As Foreclosures Ramp Up, New Roadblocks Ahead Fraudulent foreclosure practices, a.k.a. robosigning, uncovered now nearly two years ago, opened a new wound in the foreclosure crisis that was in the process of healing. At big bank mortgage servicers and in courts in many states, the foreclosure process ground to a halt, and the pipeline of delinquent loans swelled to historic levels. Lawsuits abounded and lengthy settlement negotiations on all levels of government began.
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964
Page 1 of 5
TUESDAY, AUGUST 14, 2012

Statement By Executive Chairman of MRP, Regarding FHFA Announcement, August 8, 2012 The application of consumer protection laws: We are confident that local governments will comply with all applicable consumer protection laws. We applaud the FHFAs concerns about these laws and hope that it will ensure that all other market participants, including members of SIFMA and the ASF, comply with these laws and do not redline any governments that use their authority to mitigate the mortgage crisis in their communities.
FDIC sues 12 banks that sold allegedly problematic mortgage-backed securities to Colonial "When they issued or underwrote these certificates, the defendants made numerous statements of material fact about the certificates and, in particular, about the credit quality of the mortgage loans that backed them," the FDIC said in its suit filed in the U.S. District Court for the Southern District of New York. "Many of those statements were untrue." Californias Homeowner Provides Solutions Bill of Rights
Maryland had highest rate of new foreclosure filings in U.S. The rate of new foreclosure filings in Maryland far exceeded any other state's this spring. "If you look at what's going on in foreclosure starts, Maryland now has exceeded Florida, has exceeded Georgia some of the states that have been up there at the top in terms of the percent of loans on which foreclosure actions have started," said Jay Brinkmann, the trade group's chief economist. Judge Sees Dead Corporations Continuing To File Lawsuits For now, read the following opinion and understand how this applies in so many foreclosure lawsuits being maintained by dead corporations..from the opinion: This is another case which is slowly convincing me that I am the judge in the Sixth Sense part of the Civil Court where, like characters in that film who only see dead people, I am relegated to seeing cases with dead corporations represented by dead law firms. State legislators: Pass laws that enforce fiduciary duties of Realtors This petition is calling for states to enact legislation to prevent Multiple Listing Services, real estate agents and brokers from failing to disclose all of their financial incentives and misusing their clients property listing information and photos for their own benefit without regard for their clients best interests. LA Tries to Make Foreclosure Cost-Prohibitive Baker doesnt note that MRP is only planning to go after performing mortgages, meaning that all the delinquent borrowers in San Bernardino County would wait in line behind people with an ability to pay, who would get all the relief. He also doesnt go into the problem of second liens, typically owned by banks.
Political leaders at the state and local levels in California have delivered not one but two aggressive efforts to address the home mortgage foreclosure crisis. One effort, the Homeowner Bill of Rights, is likely to be a powerful stick which will help borrowers. The other effort, an attempt by San Bernardino County and nearby municipalities to use eminent domain powers to modify mortgages.
Increase in Calls to HOPE Hotline Could Signal Next Foreclosure Wave A surge in increased calls to the Homeowners HOPE Hotline, which helps distressed homeowners navigate financial challenges, could signal a possible new wave of foreclosures according to a report released by the Homeownership Preservation Foundation (HPF). Here Comes the Catch in Home Equity Loans IS the housing market finally coming back from the dead? After so many years of declines, these signs of life in housing are surely welcome. But the fact is, even a strong recovery is unlikely to rescue many homeowners who are groaning under the weight of multiple mortgages.
Page 2 of 5
WEDNESDAY, AUGUST 15, 2012

No Mortgage Bank Executive Has Gone To Jail For Stealing Homes From US Citizens, Yet An Oregon Homeowner Can Be Sent To Jail For Collecting Rain Water On His Property FGG EDITOR'S NOTE: Our once great nation reeks of injustice toward homeowners and egregious favoritism toward the wealthy and for the authorities and officials owned by the wealthy. -------------------On Wednesday, Harrington must report to the Jackson County Jail for a 30-day sentence for his latest conviction. Jackson County Circuit Judge Timothy Gerking last month ordered Harrington to drain the ponds, breach the dams built to create them and pay $1,500 in fines. But Harrington's not budging, and he's undergoing a series of gyrations to keep the ponds and dams intact. Harrington is taking his case to the court of public opinion to gather property-rights sympathies as simply a landowner capturing the rain that falls on his land.
"You can't go look at county records and know who owns the mortgage anymore," "The biggest issue is this is a state-designed system. It's created in a way that it's designed not to allow counties to do anything." Throughout the process, board members bemoaned state and federal regulations as insufficient to protect homeowners. Tampa Bay area foreclosure filings jump up in July Tampa Bay is still pumping out new foreclosures at a rapid pace, another sign that the housing recovery remains a work in progress. Hillsborough and Pasco counties last month saw nearly twice as many foreclosure filings as July 2011. Bank Contractors Break Into Occupied Homes, Terrify Residents, Lawsuits Say It usually happens when homeowners are at work or out of town. These homeowners allege in separate lawsuits that a contractor hired by a major bank to preserve abandoned properties against damage, mistakenly entered their homes while they were still occupied.
San Bernardino Turns to Public For Foreclosure Answers, Considers Controversial Eminent Domain Plan On Aug. 16, officials in San Bernardino County will "formally call for detailed proposals in a public setting," said David Wert, a spokesman for the county. Wert said the county will open the suggestion box to anyone with a detailed. HOUSING: Foreclosure rate falls, but rise in defaults predicts clouds ahead The foreclosure rate in North San Diego and Southwest Riverside counties fell in July, but an increase in defaults signaled a rise in the future, according to data from ForeclosureRadar. But July marks the third consecutive month in which lenders sent out more notices of default. How a $140 bill snowballed into foreclosure It was never brought to my attention until it was too late and we were served with papers saying we had to move out of our house, said Vulpis, a 60-year-old plumber. I may pay a bill late, but I pay them. Im not trying to beat anyone for $140. Incredibly, that $140 debt snowballed to the loss of his home after the town sold the lien.
Victims of Foreclosure Crisis Line Up Demographically With Core Democratic Voting Blocs If we were to build the perfect example of an individual borrower squeezed by the foreclosure crisis, they would line up somewhat favorably with the attributes of the average voter that the Obama campaign is hoping will turn out in large numbers to put him over the top in this election.
NY Times Hit Job Against Neil Barofsky Although Barofskys book has generally gotten very positive reviews, including one from the New York Times Gretchen Morgenson last weekend, a rearguard action by Friends of the Administration was inevitable. And it has come in the form of a book review by a Washington reporter for the Grey Lady, one Jackie Calmes.
Page 3 of 5
THURSDAY, AUGUST 16, 2012

Why Principal Write-Downs Are So Emotional FGG EDITOR'S NOTE: Taxpayers pay the federal government hard earned tax dollars; the federal government uses those taxpayer dollars to bail out banks; banks then refuse to allow the taxpayer dollars to properly 'trickle down', via principal reduction, resulting in millions of taxpayers being evicted from homes that have been stolen from them by the banks. ------------------------------Vera Johnson, Mark Clerget and Lisa Agapis all bought or refinanced their homes as the housing market peaked. All of them have mortgages backed by Fannie Mae and Freddie Mac, the taxpayer-supported mortgage-finance giants. And their diverging responses to carrying a heavy debt load.
Mortgage probe could lead to action soon A joint federal and state probe into mortgagebacked securities fraud is close to "significant action," with a possible announcement in coming weeks or months, according to a source familiar with the probe. .declined to say who or what they've been investigating, citing the sensitive nature of ongoing investigations. Number of Chicago-area foreclosure rose in July homes facing
Foreclosure flood creates need for pro bono attorneys Apart from completing applications to save clients a $206 court fee and beginning to fill out their motions to delay foreclosure, Haddad said she handles the emotion and confusion that sometimes comes with appearing in court for the first time. Attention Florida Legislature: Take Appropriate Action Re Foreclosure Funds In two editorials this week, major Florida newspapers are spotlighting the issue of collecting money to pay for all the Foreclosure Fraud and robo-signing expenses that have been felt by so many different players in the Florida real estate market: housing, banking, construction, insurance, and other industries have all been
Foreclosure activity in the Chicago area continued to be well ahead of its year-ago pace in July, as lenders put new homes into foreclosure and pushed through existing cases that languished fore more than a year while federal and state authorities investigated lenders' foreclosure practices.
Chicago considers eminent domain to seize underwater mortgages The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Resolution Venture capital firm Mortgage Partners is pitching the idea to several cities across the country. 10 Million Underwater Mortgages And Shadow Inventory Worth $246B Mean Housing Trouble Dont be so sure the housing market is on its way back to health. Negative equity will continue to take its toll on consumption, while the shadow inventory, worth about $246 billion according to CoreLogic, will constrict lending and probably affect banks earnings.
Fannie Mae Regulator warns against use of eminent domain to refinance homes The regulator for mortgage giants Fannie Mae and Freddie Mac on Wednesday warned against the use of eminent domain to restructure home loans. San Bernardino County has proposed using such powers to seize distressed mortgages at a discount and then refinance them for struggling homeowners. Federal Reserve Issues Guidance on a Lender's Decision to Discontinue Foreclosure Federal Reserve System (Board) issued guidance to emphasize the importance of appropriate risk management practices and controls in connection with a decision not to complete foreclosure proceedings after they have been initiated (a situation referred to in the guidance as an abandoned foreclosure).
Page 4 of 5
FRIDAY, AUGUST 17, 2012

Washington State Supreme Court: MERS CANNOT Foreclose Without The Note The case, Bain v. Metropolitan Mortgage Group, was launched by homeowner, Kristin Bain, and grouped together with another homeowner's complaint against MERS and multiple financial firms. The homeowners claim their lenders named MERS beneficiary of the deeds of trust. MERS later named two trustees as successors, believing it had transferred over power of foreclosure.
Persuading Banks To Give Homeowners A Break Over the past four years, Bruce Marks has been on a traveling road show to help people avoid foreclosure. His nonprofit, the Neighborhood Assistance Corporation of America, has held more than 80 events in cities around the country. So far, Marks says, NACA has helped 202,000 people get their payments lowered so they. Mortgage delinquencies quarter, trade group says rose in second
John Cusack Brings Star Power to EminentDomain-for-Mortgages Hearing in Chicago Cusack is a big fan, enough to promote it to Arianna Huffington: Lots of people have called for mortgage cramdowns at the national level, but nothing's happening, so MRP has made a business model to the local level that would essentially force cramdowns by wresting the mortgages from the banks that hold them. Is Eminent Domain to Seize Mortgages the Solution to California's High Foreclosure Problem? Under a joint authority, San Bernardino County has proposed the use of eminent domain to help homeowners with distressed mortgages. Rather than seizing homes, however, the county and several towns in it intend to seize the mortgages, replacing those mortgages with more affordable ones.
The Mortgage Bankers Assn., in a quarterly delinquency survey issued Thursday, said home loans with at least one missed payment but not yet in foreclosure increased in the second quarter to 7.58% of all mortgages. That's up slightly from 7.4% in the first quarter. A separate survey from foreclosure listing firm RealtyTrac Inc. said the number of homes going into.
Borrowers lost out to banks, suits say Hundreds of Hawaii residents should have received higher prices for their properties sold through nonjudicial foreclosure auctions during the past four years, according to lawsuits recently filed on behalf of borrowers who allege unfair and deceptive practices by four major banks. A fifth lawsuit alleges that a Washington law firm, Routh Crabtree Olsen (RCO), and others that assisted in the auctions committed. Family Reunited With Muscle Car Stolen During Foreclosure Wants Bank Of America To Pay For Damages Remember Aaron and his missing purple muscle car that disappeared after Bank of America sent in a winterizing crew? He'd been storing the car in his late mother's garage when the crew contracted by BofA showed up to secure the foreclosed house against the elements, and poof his car was gone.
THE 1%: Super-Rich Real Estate Spending Spree With 11 million mortgages underwater, most homeowners worry about the every-present foreclosure threat. Yet the worlds 1% are paying record prices to buy big pieces of the American dream. Just last week, an anonymous Russian paid a record $47 million for a 30,000 square foot home on Floridas Biscayne Bay, a record high for south Florida. Mystery buyer snaps up foreclosure homes A few days ago, 275 foreclosure houses across metro Phoenix were purchased through a very quiet $34 million cash deal. But it's not clear yet who the buyer is. In February, Fannie Mae announced it would auction 2,490 foreclosure homes in Phoenix, Atlanta, Chicago, Florida, Los Angeles and Las Vegas. It was the first time the government-owned mortgage firm.
Page 5 of 5

Weekend Edition - August 13 To August 17, 2012 - ForeclosureGate Gazette

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Weekend Edition - August 13 To August 17, 2012 - ForeclosureGate Gazette

Enviado por

Direitos autorais:

Formatos disponíveis

WEEKEND EDITION, AUGUST 13 AUGUST 17, 2012

MONDAY, AUGUST 13, 2012

WEEKEND EDITION, AUGUST 13 AUGUST 17, 2012

TUESDAY, AUGUST 14, 2012

WEEKEND EDITION, AUGUST 13 AUGUST 17, 2012

WEDNESDAY, AUGUST 15, 2012

WEEKEND EDITION, AUGUST 13 AUGUST 17, 2012

THURSDAY, AUGUST 16, 2012

WEEKEND EDITION, AUGUST 13 AUGUST 17, 2012

FRIDAY, AUGUST 17, 2012

Você também pode gostar