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June 2011 Article Archive

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Foreclosure Bills Die in Committee
bizjournals.com | June 30, 2011
Two bills designed to aid homeowners in foreclosure died in committee when the Oregon Legislature adjourned on Thursday.
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Bay Area Real Estate Investors to Plead Guilty to Rigging Bids at Foreclosure Auctions
sonoma.patch.com | June 30, 2011
Eight California real estate investors have agreed to plead guilty for their roles in two separate conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions in Northern California, the Department of Justice announced.
Read More.

Fixed Mortgage Rates Hold Steady Near Yearly Lows
salon.com | June 30, 2011
Fixed mortgage rates were mostly unchanged this week, hovering near their annual lows.
Read More.

The 19 Most Hated Companies in America
businessinsider.com | June 30, 2011
There's one difference between Bank of America and UPS that won't show up on the balance sheet.
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Contracts to Buy Homes Rose Sharply
fox11online.com | June 29, 2011
The number of people who signed contracts to buy homes rose sharply in May. But the influx of spring buyers wasn't enough to signal a rebound in the struggling housing market.
Read More.

The Next Mortgage Bombshell
finance.yahoo.com | June 28, 2011
The private insurers that cover $700 billion of U.S. mortgages are facing an onslaught of foreclosures. The big three—MGIC, Radian, PMI—are at risk.
Read More.

Foreclosures May Soon Spike in New Jersey
credit.com | June 26, 2011
The chief justice of New Jersey’s supreme court passed down a ruling late last year that effectively halted foreclosure proceedings in the state, and now lenders are waiting to file tens of thousands of cases against homeowners, according to a report from the Newark Star-Ledger. Foreclosure filings have slipped 86 percent on a year-over-year basis in the first five months of 2011, but data from LPS Applied Analytics indicates that lenders have 28,500 foreclosure cases ready to be filed, with another 55,000 borrowers 90 days or more behind on payments.
Read More.

Real Estate Credit Crunch Continues
heraldtribune.com | June 26, 2011
Last year at this time was rock bottom. Or so we were told. Nationally, real estate sales hit a recession low in July 2010. After that, indicators began to trend upward. Foreclosures eased, and there was a slow release of pent-up buyer demand. "The market was trying to heal, and people were responding," said Walter Molony, spokesperson for the National Association of Realtors.
Read More.

Florida Governor Floats Huge Gimmie for Banks: Taking Foreclosures Out of the Court System
nakedcapitalism.com | June 25, 2011
Florida continues to show a rather disconcerting willingness to throw its citizens’ rights under the bus to help the banks. The state created special foreclosure courts to clear up a substantial backlog, which might not have been such a bad idea if they had been properly implemented. However, they were staffed with retired judges, many of whom seemed to put speed over due process. There have been numerous reports of judges refusing to hear motions or evidence presented by borrowers, to the point where the ACLU contested the procedures used as violations of due process.
Read More.

The Next Mortgage Bombshell
online.barrons.com | June 25, 2011
The housing market has been a cruel goddess, destroying the finances of millions of Americans and driving the economy and financial system to near collapse.
Read More.

Keeping Banks Honest: Protect Yourself During Foreclosure
boston.com | June 23, 2011
For many people, the American dream of homeownership has turned into a nightmare. Nearly 1.3 million households were in foreclosure at the end of 2010, according to a federal report, and another 350,000 homes slid into foreclosure in just the last four months of the year.
Read More.

Don't Let Falling Foreclosure Numbers Fool You
thestreet.com | June 23, 2011
Let me preface with an apology for the huge supply of numbers in this post, but if you can make it through them all, I think you will get the picture I'm drawing here.
Read More.

Banks May be Sued if Foreclosure Negotiations Fail
boston.com | June 23, 2011
Banks negotiating with state attorneys general over foreclosure practices would be sued if a settlement isn’t reached, two of the state officials leading the talks said.
Read More.

A Bittersweet Homecoming
video.nytimes.com | June 23, 2011
The Iraq war veteran James B. Hurley's home was illegally foreclosed on and resold while he was overseas serving in the military.
Read More.

How to Fix the Dire Housing Numbers
curiouscapitalist.blogs.time.com | June 21, 2011
According to numbers released today by the National Association of Realtors, home sales fell 3.8% in May. They were down 15% from a year ago. Home prices were down as well, 5% lower than a year ago. And while 4% might not sound like a big drop for sales, for this time of year it is. May and June are typically prime home buying months. Most people like to move in during the summer so they can have their kids in by the school year. Plus houses just look better in the Spring. So these two month typically dictate how well the housing market will do all year. And if that is the case, the housing market is going to be pretty bad for a while. The number of homes sold in the U.S. in the month, about 450,000, was only slightly better than what home sales were two years, which was the worst May on record.
Read More.

State Gets Federal Help to Fight Foreclosure Crisis
nbc29.com | June 21, 2011
Existing home sales fell to their lowest level of 2011 during the month of May and foreclosures made up about a third of the 4.8 million homes sold. Virginia is working to fight the foreclosure crisis and the state plans to do it with new help from Washington.
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A Slow-Motion Real Estate Recovery
inman.com | June 20, 2011
Looking for signs of an economic and housing recovery might be like watching grass grow. Jed Smith, managing director of quantitative research for the National Association of Realtors, characterized the economic upturn as "a mediocre recovery," and a "very slow recovery... largely because of job issues. We're looking at up to a four-year recovery."
Read More.

The Next Judicial Logjam: Banks Being Sued Over Illegal Foreclosures
heraldtribune.com | June 20, 2011
Not too long ago, Florida protected homebuyers from being tossed out on the street for not making mortgage payments. Removing families from their homes and inevitably into financial ruin was previously viewed as a very serious action. Legislators passed consumer-oriented laws to guarantee no one was removed without just and due cause.
Read More.

The Next Crisis in Residential Mortgages
businessinsider.com | June 20, 2011
Back in the fall of last year, we commented to many that the so-called “foreclosure-gate,” or “document-gate” (remember, the Schwarzeneggerian term “robo-signers”) was going to prove to be a double edged sword for the large banks.
Read More.

Backlog of Cases Gives a Reprieve on Foreclosure
nytimes.com | June 19, 2011
Millions of homeowners in distress are getting some unexpected breathing room — lots of it in some places. In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.
Read More.

Banks Face $17 Billion in Suits Over Foreclosure
online.wsj.com | June 17, 2011
State attorneys general told five of the nation's largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices, according to people familiar with the matter.
Read More.

Bill On Governor’s Desk Would Hasten Foreclosures
chicago.cbslocal.com | June 16, 2011
A bill making foreclosures quicker and easier for banks is on Gov. Pat Quinn’s desk. In a state that already ranks ninth in the country when it comes to foreclosures, critics say the legislation would cause that rate to soar if it’s signed into law.
Read More.

U.S. Homeowners Shift to 15-Year Loan Refinancing to Add Equity
businessweek.com | June 16, 2011
While millions of U.S. homeowners have negotiated lower monthly mortgage bills in an effort to avoid foreclosure, Cecelia Kirchman happily added $250 to her payment when she refinanced last August.
Read More.

Lenders Repossessed Fewer Homes in May
news.yahoo.com | June 16, 2011
The number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006, the result of a slowing housing market and lingering delays in banks' foreclosure process.
Read More.

Fannie Ups Incentives on Foreclosures
bizjournals.com | June 15, 2011
Fannie Mae is expanding buyer incentives it began offering in 2010 to buyers who close on one of the foreclosed houses in its portfolio.
Read More.

Thousands Rally in Chicago: Give it Back!
dailykos.com | June 15, 2011
With the third highest poverty rate in the US, the second highest foreclosure rate in the US and the unemployment rate stuck at 9%, Chicago families are struggling.
Read More.

South Bay Foreclosures See Price Jump
mercurynews.com | June 14, 2011
Foreclosed homes were snapped up at sharply higher prices in May, but there weren't enough of them to revive the South Bay real estate market, according to a report released Tuesday.
Read More.

JPMorgan Ousts Home-Lending Chief After Foreclosure Lapses
businessweek.com | June 14, 2011
JPMorgan Chase & Co., the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers.
Read More.

Another Big Problem for Bank of America
businessinsider.com | June 13, 2011
Bank of America has been the poster-boy for post-crisis mortgage headaches, and its stock has been a total dog for most of the year.
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Foreclosure Crisis Spawns Still More Scrutiny of Banks
blogs.wsj.com | June 13, 2011
Banks continue to face close legal scrutiny over the meltdown of the subprime real estate market.
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Foreclosure Limbo: Staying Without Paying
finance.yahoo.com | June 9, 2011
Charles and Jill Segal have not made a mortgage payment in nearly five years -- but they continue to live in their five-bedroom West Palm Beach, Fla. home. Read the full article.
Read More.

Government Faults 3 Lenders Over Foreclosure-Prevention Efforts
seattletimes.nwsource.com | June 9, 2011
The Obama administration is blaming the three largest U.S. mortgage lenders for the failures of its foreclosure-prevention program. It says they've done little to help people at risk of losing their homes.
Read More.

U.S. To Fine Mortgage Banks
frumforum.com | June 9, 2011
The Treasury Department will temporarily withhold payments to the nation’s three largest mortgage companies for failing to comply with the Obama administration’s signature foreclosure-prevention effort, perhaps finally making good on a 19-month-old threat, officials announced Thursday.
Read More.

Almost 22% of Mortgage Loans in Ohio 'Underwater'
dispatch.com | June 9, 2011
More than 1 in 5 Ohioans with a mortgage owes more than their home is worth, according to a new report.
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Feds Want Tougher Debt Limit on Mortgages
dispatch.com | June 9, 2011
Consumer borrowing is so rampant in America that most people who took out a mortgage last year to buy a home ended up spending more than a third of their income to pay that loan and other debts.
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Inexcusable Scare Tactics Have No Place in Bridge Debate
livingstondaily.com | June 8, 2011
Emotional terrorism is the cowardly refuge of someone on the losing end of an argument. Thus Americans for Prosperity, the conservative group unable to muster any real facts in opposition to a publicly built bridge across the Detroit River, has resorted to preying on the fears of residents in one of the city's most distressed areas.
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Charlottesville Home Foreclosures on the Rise
nbc29.com | June 7, 2011
Home foreclosures in Charlottesville are on the rise, up almost 25 percent from the same time a year ago. But many are convinced the health of the area's real estate market is stable.
Read More.

Florida Couple Threatens BofA with Foreclosure
komonews.com | June 6, 2011
Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle.
Read More.

Business Notes - Foreclosure Rate Hits High in Southeastern North Carolina
starnewsonline.com | June 6, 2011
In March, the foreclosure rate rose to 2.43 percent from 2.38 percent in February and 1.58 percent in March 2010, the firm reported.
Read More.

Sweet Justice for Main Street: Homeowner Forecloses on Bank of America
huliq.com | June 4, 2011
Bank of America, one of the "too big to fail" financial institutions, has failed, and in several ways, in this story that seems sweet justice to those who blame Wall Street for the Great Recession: the bank was essentially foreclosed upon.
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Bank of America Pays Debt Instead of Losing Furniture
news-press.com | June 3, 2011
It was a foreclosure defendant’s revenge fantasy. Two burly Collier County sheriff’s deputies and a homeowner’s attorney strode into the Bank of America branch on Davis Boulevard in Naples with a court order and an ultimatum for Manager Erich Fahrner.
Read More.

The Foreclosure Crisis Isn't Over; Just Ask L.A.
freerepublic.com | June 2, 2011
The news landed with a thud on front doorsteps all over America: Home values are falling again, in a dreaded "double dip." If you want to know why, look no further than the house down the street -- the one in foreclosure. Foreclosed homes, selling at bargain-basement prices, are dragging the market down, and homeowners are still desperately trying to stay out of foreclosure, as CBS News correspondent Bill Whitaker reports from Los Angeles.
Read More.

Fixed Mortgage Rates Drops for 7th Straight Week
cleveland.com | June 2, 2011
Fixed mortgage rates slid for the seventh consecutive week, but the lowest rates of the year have done little to lift the struggling housing market.
Read More.

2 Metro Detroit Pastors ask Banks to be More than Foreclosure Slumlords
freep.com | June 1, 2011
Outside a vacant, unkept home on Detroit’s northwest side, two Detroit area pastors today called for big banks to help keep metro Detroiters in their homes and out of foreclosure.
Read More.

Home Clearance Sale May Come This Summer
wfmz.com | June 1, 2011
Home prices are already a third off their highs, but this summer could bring the real discounts.
Read More.

Home-Price Index Hits 8-Year Low
dispatch.com | June 1, 2011
Home prices in cities dropped in March to the lowest level since 2003, showing that housing remains mired in a slump almost two years into the economic recovery.
Read More.

Voros: Improving Foreclosures Picture Clear as Mud Pie
mercurynews.com | June 1, 2011
If you took foreclosure statistics at face value, you would report that the No. 1 problem for the American economy is improving.
Read More.


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