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April 2011 Article Archive

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'Underwater' Mortgages, Short Sales, Foreclosures Weigh on Region's Housing Market
lansingstatejournal.com | Apr 30, 2011
Foreclosures and short sales continue to play a major role in the local real estate market as more homeowners go "underwater," owing more on their mortgages than their houses are worth.
Read More.

Foreclosures: End of 'Dual Track' to Help Owners
sfgate.com | Apr 29, 2011
It's a common frustration voiced by struggling homeowners: They apply for a loan modification and at the same time their bank continues the steps for a foreclosure. Sometimes, while they wait for a decision or make trial loan mod payments, the bank goes through with the foreclosure.
Read More.

Bank of America Cited in Foreclosure Inquiry
boston.com | Apr 29, 2011
Bank of America Corp. was accused by a top official at the Iowa attorney general’s office of engaging in a divide-and-conquer strategy by undermining support for the settlement of a nationwide probe into foreclosure practices, a person familiar with the matter said.
Read More.

Wrongful Foreclosures
nytimes.com
We were worried recently when we saw an advance draft of legal agreements between federal regulators and the nation’s big banks to address and correct foreclosure abuses. The actual deals were as bad as we feared.
Read More.

A Foreclosure Problem Congress Couldn't Ignore
prospect.org | Apr 28, 2011
Last week, the mortgage servicing arm of JPMorgan Chase reached an unusual settlement in a class action lawsuit, acknowledging it had charged illegally high interest rates and wrongfully foreclosed on 6,000 homeowners across the country. JPMorgan agreed to give $12 million to the individuals and $15 million to a fund for additional damages, on top of $6 million already promised for these particular violations.
Read More.

BofA Said to Target Individual States in Foreclosure Inquiry
bloomberg.com | Apr 27, 2011
Bank of America Corp. (BAC) was accused by a top official at the Iowa attorney general’s office of engaging in a divide-and-conquer strategy by undermining support for the settlement of a nationwide probe into foreclosure practices, a person familiar with the matter said.
Read More.

Rental roulette on the west coast. California foreclosures are up 22 percent from Q4 of 2010 to Q1 of 2011. Santa Monica buy versus rent example. Rent for $5,500 a month or buy at $1,950,000.
doctorhousingbubble.com | Apr 27, 2011
The number of homes foreclosed on in the first quarter of 2011 shot up in California by 22 percent from the fourth quarter of 2010. Notice of defaults remained rather steady in California.
Read More.

Wealthy Leaving Las Vegas Mansions as Foreclosures Spreading
bloomberg.com | Apr 26, 2011
Nicolas Cage, the Oscar-winning star of “Leaving Las Vegas,” bought a seven-bedroom home with a panoramic view of the city’s casino-lined Strip in 2006 for $8.5 million. By January 2010, it was in foreclosure.
Read More.

Banks Want to Reduce Public Notice for Foreclosures
tennessean.com
Bankers are trying to cut how much public notice is required before they can foreclose on homes, drawing fire from an assortment of activists, lawyers and open-government groups.
Read More.

Funding for Housing Help gets Budget Ax
marketwatch.com | Apr 25, 2011
Millions in federal funding for housing counseling services have been slashed for the 2011 fiscal year — funds that pay for U.S. Department of Housing and Urban Development-approved counselors to work with first-time home buyers, older homeowners considering a reverse mortgage and borrowers heading dangerously close to foreclosure.
Read More.

Fearful of Losing House, Queens Homeowner Claims Crooked Mortgage Company Duped Her
nydailynews.com | Apr 24, 2011
Bibi Gopaul's only source of income was a $706 monthly disability check, but that didn't stop a crooked mortgage company from putting her in a Queens home with a $3,279 monthly mortgage.
Read More.

Okla. Ag Seeks Separate Mortgage Settlement
legalnewsline.com | Apr 21, 2011
Oklahoma Attorney General Scott Pruitt is reportedly working on his own settlement with the mortgage servicers at the center of a nationwide investigation.
Read More.

Investor Sues Citi Board Over Shoddy Mortgage Ops
reuters.com | Apr 20, 2011
The board of Citigroup Inc (C.N) was sued by an individual shareholder for the damage done to the bank by years of shoddy mortgage and foreclosure practices, which recently led to a costly fix agreed with regulators.
Read More.

Banks Must Step Up Now for Hardest Hit Fund
citizen-times.com
In September, the Department of Treasury awarded Michigan with $216.8 million in Hardest Hit funds to assist struggling homeowners make their mortgage payments and avoid foreclosure. When combined with two additional awards of $154.5 million in February and $128 million in August, that brings the cumulative total of federal funding awarded to Michigan to $498.6 million, just under half a billion dollars.
Read More.

Arkansas Foreclosure Law in Effect
ozarksfirst.com | Apr 14, 2011
Arkansas homeowners now have more help when faced with the possibility of foreclosure. There's a new law called Act 885. It requires mortgage services to provide copies of the note and mortgage to the person facing foreclosure.
Read More.

Spouses of Reverse Mortgage Borrowers Get Foreclosure Relief
foxbusiness.com | Apr 13, 2011
The U.S. Department of Housing and Urban Development (HUD) has reversed itself on a rule that was forcing some spouses of reverse mortgage borrowers into foreclosure.
Read More.

Indiana High Court Tweaks Mortgage Foreclosure Program
nwitimes.com | Apr 11, 2011
Efforts to help beleaguered homeowners enter into settlement conferences with their lenders will get an assist from a new portal designed to gather and quickly channel the often voluminous paperwork.
Read More.

Bank Gives Man Foreclosed House
bradenton.com | Apr 11, 2011
Perry Laspina was in the middle of foreclosure with the possibility of losing the house he owned in Jacksonville. Then the mail came one day in late January telling him that the house was his.
Read More.

Homeowner Sues Mortgage Servicer Over HAMP Denial
businessweek.com | Apr 7, 2011
A California homeowner is suing the mortgage servicing unit of Morgan Stanley, claiming the company had no intention of permanently modifying her home loan payments to an affordable amount despite having her make a slew of trial payments under a federal program designed to help homeowners avoid foreclosure.
Read More.

Foreclosure Rates Rise In Nearly Half Of Central Valley Metros
centralvalleybusinesstimes.com | Apr 6, 2011
Four out of the nine largest metropolitan statistical areas in California’s Central Valley saw increases in their mortgage delinquency rates in January, according to figures Wednesday from CoreLogic Inc. (NYSE: CLGX), a Santa Ana-based financial information company.
Read More.

Foreclosure Assistance
nytimes.com | Apr 4, 2011
Here in New York State we have achieved more successful loan modifications than most states, thanks largely to the efforts of a network of foreclosure-prevention housing counselors and legal services providers that Gov. Andrew M. Cuomo’s 2011-2012 budget is about to curtail drastically.
Read More.

The Next Housing Shock
cbsnews.com | Apr 3, 2011
As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that's causing lawsuits and hampering an already weak housing market. Scott Pelley reports.
See video story below.

Foreclosure Aid for Unemployed, Underemployed Now Available
weblogs.baltimoresun.com | Apr 4, 2011
The Emergency Homeowner Loan Program was signed into law eight months ago, but the $1 billion in aid for unemployed and underemployed people facing foreclosure has just now reached the first few states.
Read more.

60 Minutes Investigates 'Cutting Corners' On Foreclosures
huffingtonpost.com | Apr 4, 2011
The mortgage crisis is far from over. 60 Minutes takes a new look at the state of the foreclosure crisis, interviewing homeowners, a regulator and so-called robo-signers, who approved thousands of foreclosure documents daily without reading them.
Read more.

Mortgage Mess: Who Really Owns Your Mortgage?
cbsnews.com | Apr 3, 2011
Do you know who really owns your mortgage? As Scott Pelley reports on "60 Minutes" this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And the're still causing problems.
Read more.

Nevada Ranks No. 2 in Attacking Mortgage Fraud
lasvegassun.com | Apr 1, 2011
Federal prosecutors in Nevada — home to a record number of foreclosures and plummeting home prices — rank second in the nation for attacking mortgage fraud.
Read more.


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