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WEEKEND EDITION, JULY 30 AUGUST 3, 2012

MONDAY, JULY 30, 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

Now Chicago's Considering Eminent Domain to Seize Mortgages On Wednesday, Chicago's City Council adopted a resolution to explore a plan that would "purchase underwater mortgages out of securitized packages of loans at a steep discount, write them down to fair market value, and then create a new mortgage with a much reduced principal and monthly payment.".

Independent Foreclosure Review Process Flawed Among the flaws revealed by the GAO include problems with the servicers' notifications to foreclosed homeowners about the IFR and their right to request that their files be reviewed. There are also concerns that the information sent to borrowers is difficult to understand and often fails to include what compensation, if any, borrowers may receive if wrongdoing is found.

Activists rally for alleged victim of illegal foreclosure A few dozen rallied in front of the building that houses a branch of PNC bank July 26, demanding that the bank not foreclose on Yin Wong, an elderly Bayview resident who says the bank is foreclosing on her illegally. Wong says she never missed a mortgage payment on the home that she and her family have lived in since 2001.

Mortgage Resolution Partners executive defends eminent domain proposal A founder of a San Francisco company behind a proposal for local government to use eminent domain to take control of underwater mortgages predicted other companies may follow them and take the plan national. A number of banking and real estate groups oppose Mortgage Resolution Partners' plan on the grounds that.

Nightmare on Main Street: Older Americans and the Mortgage Market Crisis This is the first study to measure the progression of the mortgage crisis and its effect on people age 50 and older. Based on an analysis of nationwide loan-level data provided by CoreLogic for the years 2007 through 2011, this study examines loan performance based on borrower age, loan type, and borrower demographics.

The Scam Wall Street Learned From the Mafia Someday, it will go down in history as the first trial of the modern American mafia. Of course, you won't hear the recent financial corruption case, United States of America v. Carollo, Goldberg and Grimm, called anything like that. If you heard about it at all, you're probably either in the municipal bond business or married to an antitrust lawyer.

5 housing markets where renting beats owning In theory, plummeting home prices and record-low interest rates should make buying a home cheaper than renting one. But experts say in some parts of the country, it still pays to be a tenant. Despite the incentives to buy now, including record-low interest rates and depressed prices, sales of single-family existing homes slipped 1.5% in May from a month earlier, according to data from the National Association of Realtors.

Big banks are big mess. Run away! JPMorgan Chase CEO Jamie Dimon first said back in May that the loss was $2 billion. And not long after that, experts were claiming that the loss would grow. In fact, my colleague Maureen Farrell spoke to people two weeks ago who suggested that the loss could be as high as $8 billion. Perhaps Dimon needs to go back in front of the Senate and House again?

CFPB Tasked Business

with

Remaking

Mortgage

The Consumer Financial Protection Bureaus greatest challenge over the next year or so is to fundamentally reshape the mortgage market, which is horribly broken and characterized almost entirely by fraud at the moment. The various settlements and consent orders have not changed this for the better, by the way.

>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, JULY 30 AUGUST 3, 2012

TUESDAY, JULY 31, 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

Takings Clause, Eminent Domain, US Constitution The Supreme Court has held that the federal government and each state has the power of eminent domainthe power to take private property for "public use". The Takings Clause, the last clause of the Fifth Amendment, limits the power of eminent domain by requiring that "just compensation" be paid if private property is taken for public use.

CA attorney general Kamala Harris fights for struggling homeowners Seven of the top 10 worst cities hit by foreclosure in the U.S. are in California. But struggling homeowners there have a powerful advocate in their corner: the state's attorney general, Kamala Harris. Harris knows what it's like to be the underdog. She beat the odds to become the first woman and the first African American to be elected attorney general of California.

Those "helping" us invest our life savings If sometimes you have that nagging feeling that the investment playing field is not exactly tilted in the individual investor's favor, you just might be on to something. Last week, a survey of 500 financial professionals revealed there is indeed real reason to hold onto one's wallet when dealing with those "helping" us invest our life savings: Almost onethird of respondents to the survey had firsthand knowledge of wrongdoing in the workplace.

Foreclosure Filings Increase in 60% of Large U.S. Cities More than 1 million homes in metropolitan areas with populations of at least 200,000 received notices of default, auction or repossession, up 1.5 percent from the last six months of 2011, the Irvine, California-based data provider said today in a statement.

Bank Killed Minister, Evicted Wife, Family Says in Foreclosure Horror JP Morgan Chase killed a retired minister by giving him a stress-induced heart attack, seized the home days later and wrongfully evicted his widow - all because they accepted the bank's offer and followed its advice, the man's wife of 57 years claims in Dallas County Court.

Federal judge in R.I. rules against banks seeking to halt foreclosure mediation process The federal judge overseeing lawsuits challenging mortgage foreclosure proceedings across Rhode Island on Monday ruled against the finance companies seeking to halt a courtsupervised mediation process. U.S. District Court Judge John J. McConnell said the mediation process is "far along" and on the.

White House Has Concerns With Eminent Domain Proposal The bid by the private company Mortgage Resolution Partners to team with municipalities and use eminent domain laws to purchase underwater mortgages and then refinance them at a discount to the borrower has generated lots of attention at the wonk level. Now theWhite House has weighed in, and expressed skepticism: The article is actually pretty thin on details of.

Commercial Mortgages Show How Bad It Got Now the first of the mortgages that were securitized in 2007 have started to come due, and it is becoming clear just how bad many of the loans were. The time when investors were most eager to buy turns out to have been the worst time to do so. Commercial mortgages unlike residential ones are seldom issued for periods of longer than 10 years, and often for as little as five.

Consumer Rights Group: Outdated Laws Are Causing Second Crisis The report, titled The Other Foreclosure Crisis: Property Tax Lien Sales, reveals that laws in many states allow local governments to sell property through a tax lien foreclosure process if the owner falls behind on property taxes. In some cases, owners owing as little as $400 lose their homes.

>>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Published Weekly, Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, JULY 30 AUGUST 3, 2012

WEDNESDAY, AUGUST 1, 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

Eminent Domain/Mortgage Seizure: This is something that's starting to percolate in all major cities around the country Chicago's City Council is wading into the debate about whether governments should use their eminent domain power to save borrowers from foreclosure. Under a controversial plan pitched by a San Francisco-based investment firm, municipalities and counties would use their eminent domain authority to buy up mortgages that are underwater, or exceed the value of the homes securing them.

Ed DeMarco, Top Housing Official, Defies White House; Geithner Fires Back In a move that brings two federal agencies as close to warfare as possible within the confines of bureaucratic memos, the Treasury Department called out housing regulator Edward DeMarco on Tuesday for his continued refusal to offer a key piece of housing assistance to underwater borrowers struggling to save. Area foreclosures jump Foreclosures in the Attleboro area climbed 15 percent in June, compared with the same month last year, according to The Warren Group which tracks Bay State real estate statistics. Overall, foreclosure activity throughout the state slowed somewhat during the month after increasing substantially during the first five months of the year.

California official chastises SIFMA for eminent domain "threats" California Lieutenant Governor Gavin Newsom on Friday warned influential investor group Securities Industry and Financial Markets Association to "cease making threats to the local officials of San Bernardino County" over a plan to use eminent domain to seize underwater mortgages from private investors. Foreclosure borrowers review program befuddles

Nothing about the letter that Keturah Miller received late last year indicated it could be worth as much as $125,000 to her. So she put it aside, forgetting about it for months until she stumbled across it while cleaning. Miller, 34, a family liaison worker with the New York City Department of Education, read it over four times.

Foreclosure crisis hits older Hispanics, African Americans hard Even working two jobs hasnt been enough to allow Jewel Lewis-Hall, 57, to make her monthly mortgage payments on time. Her husband has made little money since being laid off from his job at a farmers market, and Lewis-Hall said her salary as a school cook falls short of what she needs to make the payments on her home.

Economists say Stockton, Calif. won't be last U.S. city to go bankrupt Stockton, Calif. could become the largest American city ever to file for bankruptcy on Wednesday. And economists warn other large U.S. cities could be next. Stockton was a city with big dreams. In the mid 2000s, it overhauled its marina, built new parking garages, bought a new city hall, and put up a new arena.

Alert: The Mortgage Industry Propaganda Machine In Action Advocates contend that the bills are, designed to protect homeowners from unfair practices by banks and mortgage companies and to help consumers and communities cope with the state's urgent mortgage and foreclosure crisis. The result will be another crisis of judicial gridlock which may have little.

The Unfinished Business of the Obama Administration: The Foreclosure Crisis The housing crisis then played itself out predominantly on Obama's own watch; with the numbers of foreclosures soaring as they did only because the Administration failed to act with a speed and an effectiveness appropriate to the occasion. It is a failure that may yet bring a heavy electoral price.

>>>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Published Weekly, Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, JULY 30 AUGUST 3, 2012

THURSDAY, AUGUST 2, 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

Ed DeMarco Wins the Gold in New Event: Stonewalling on Principal Reduction Despite the fact that their own analysis finds that it would save them and the taxpayer money, Ed DeMarco, head of the FHFA, just announced that Fannie and Freddie would not do principal reductions under HAMP to help a subset of underwater borrowers avoid default. His announcement surprised a lot of us following this development, since.

Study Shows Helping Homeowners Avoid Foreclosure Saves Taxpayers Money As the regulator for Fannie Mae and Freddie Mac nears its decision on whether to approve debt forgiveness for troubled borrowers, a new analysis by the regulator suggests taxpayers could benefit from the move, according to people briefed on the findings. Fannie and Freddie could save about $3.6 billion more than.

From an Unlikely Source, a Serious Challenge to Wall Street Something very interesting is happening. Theres been so much corruption on Wall Street in recent years, and the federal government has appeared to be so deeply complicit in many of the problems, that many people have experienced something very like despair over the question of what to do about it all.

Geithner sacrificed homeowners to foam the runway for the banks By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housingrelated losses while other parts of Obamas bailout plan repaired holes in the banks balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would foam the runway.

GAO Study Finds OCC Foreclosure Review too Hard for Us to Understand So, getting back to the GAO studys conclusions the reason I dont think it was the complicated nature of the letter, Website and form is that I think for $125,000, the remedial readers who were defrauded out of their homes would have turned to family members with more advanced reading comprehension skills for help.

Could California Use Eminent Domain To Save Troubled Mortgages? On Friday July 27 Lieutenant Governor Gavin Newsom came out in support of a controversial plan to allow local governments to seize underwater properties and restructure the debts. The plan was first backed by a San Franciscobased investment group called Mortgage Resolution Partners and heres how it would work:.

One in 30 Homeowners Over Age 75 in Foreclosure Older Americans are increasingly feeling the hovering specter of foreclosure, after years of not suffering as acutely from the housing crisis, according to a new AARP report. While younger Americans still have a higher rate of serious delinquency, older Americans are now falling behind at a much faster rate, the AP explains. In the past five years, the proportion of loans.

Bank Threatens Foreclosure on Woman With Stage 4 Breast Cancer Cindi Davis has been fighting breast cancer for four years. She's now in Stage 4 of the deadly disease, and it's taken dozens of chemo treatments and $1,100 a month in prescription medications to keep her alive. Those expenses are crippling Cindi and her husband, Kirk, and they are hardly able to keep up with their.

Borrower May Sue Over Lenders Failure To Contact Prior to Foreclosure, CA Appellate Court Rules The borrower in Skov defaulted on her home loan, prompting the lender to initiate non judicial foreclosure proceedings by the recording of a notice of default. The notice of default contained a declaration of compliance with Section 2923.5. The borrower filed suit to prevent the.

>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, JULY 30 AUGUST 3, 2012

FRIDAY, AUGUST 3, 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

When Banks Inadvertently Teach Squatters How To Successfully Steal Homes, ALL Of Our Homes Are At Risk Despite a judge's ruling that a pair of squatters vacate a Colorado couple's home in two days, two weeks later they are still there, forcing the home's owners to stay put in a relative's basement. Troy and Dayna Donovan (pictured above) had spent a few months away from their home in Littleton, Colo., and when they returned late last year they found another couple, who claimed that they bought the house, living there.

Robert Hockett, Professor at Cornell Law School, Joins Bruce Norris on the Real Estate Radio Show What is interesting about the plan is that it does not deal with anything that is eminently a problem. You are only dealing with things that are current, and probably 40% of the foreclosures are two years in process before they become an eviction or they become a bankowned property. Foreclosure Activity Gets Ugly in First Half A day after the Commerce Department said sales of new homes fell 8.4% last month from May to a seasonally adjusted annual rate of 350,000, real estate research firm RealtyTrac reported that first half foreclosures marked another sign that the housing recovery has barely materialized at all.

SIGTARP Quarterly Report To Congress, July 25, 2012 (PAGE 185) Under HHF, TARP dollars are meant to fund innovative measures developed by 19 state housing finance agencies (HFAs). SIGTARP found that after two years, HHF has experienced significant delay in providing help to homeowners due to several factors, including a lack of comprehensive planning by Treasury.

Is Housing Recovery Real? Not Everyone Is Convinced Housing, the sector that led us into the recession, now looks to be one of the brighter spots in the economy. Homebuilding is at its highest level in nearly four years. More homes are selling, and at higher prices. The question, of course, is whether this is a solid enough foundation to sustain a full housing recovery.

Foreclosure Reform in California: An Economic Analysis The vast majority of California homeowners will not be helped by several foreclosure and mortgage reform bills currently making their way through the state Legislature, according to a study released today by a consortium of financial services organizations. Catherine Austin Fitts has perspective on the housing and mortgage meltdown like no other Under President George Herbert Walker Bush, she was Assistant Secretary of Housing and Federal Housing Commissioner at HUD, where she basically ran the Federal Housing Administration or FHA. And thats no small job. Were talking a hundred billion in mortgage insurance, 7,000 employees, various types of servicing on $560 billion worth of properties.

Foreclosure $455,000

Prevention

Programs

Receive

Eight nonprofit organizations that provide housing counseling and legal services to homeowners and renters facing foreclosure will receive a total of $455,000 in grants from Silicon Valley Community Foundation. The community foundations grants will help extend housing counseling or legal. Price Declines Inevitable for Many States Due to Backlog: Agency Based on its database, You Walk Away .com foresees an inevitable decrease in property values due to backlog and delays in processing foreclosures. The foreclosure agency said that 40 percent of its client base comes from California and Florida. In these states, the years worth of backlog building up could ultimately be detrimental to the regions housing markets, the agency said.

>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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