weekend edition - july 30 to august 3, 2012 - foreclosuregate gazette
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7/31/2019 Weekend Edition - July 30 to August 3, 2012 - ForeclosureGate Gazette
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WEEKEND EDITION, JULY 30 – AUGUST 3, 2012
Page 1 of 5
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 underwatermortgages out of securitized packages of loans at a steep discount, write them down to fair market value, and thencreate a new mortgage with a much reduced principal and monthly payment."….
Independent Foreclosure Review ProcessFlawed
Among the flaws revealed by the GAO includeproblems with the servicers' notifications toforeclosed homeowners about the IFR and theirright to request that their files be reviewed. Thereare also concerns that the information sent toborrowers is difficult to understand and often fails
to include what compensation, if any, borrowersmay receive if wrongdoing is found….
Activists rally for alleged victim of illegalforeclosure
A few dozen rallied in front of the building thathouses a branch of PNC bank July 26, demandingthat the bank not foreclose on Yin Wong, anelderly Bayview resident who says the bank isforeclosing on her illegally. Wong says she nevermissed 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 aproposal for local government to use eminentdomain to take control of underwater mortgagespredicted other companies may follow them andtake the plan national. A number of banking andreal estate groups oppose Mortgage ResolutionPartners' plan on the grounds that….
Nightmare on Main Street: Older Americansand the Mortgage Market Crisis
This is the first study to measure the progressionof the mortgage crisis and its effect on people age50 and older. Based on an analysis of nationwideloan-level data provided by CoreLogic for theyears 2007 through 2011, this study examinesloan performance based on borrower age, loantype, and borrower demographics….
The Scam Wall Street Learned From the Mafia
Someday, it will go down in history as the firsttrial of the modern American mafia. Of course,you won't hear the recent financial corruptioncase, United States of America v. Carollo,Goldberg and Grimm , called anything like that. Ifyou heard about it at all, you're probably either inthe municipal bond business or married to anantitrust lawyer….
5 housing markets where renting beats owning
In theory, plummeting home prices and record-lowinterest rates should make buying a homecheaper than renting one. But experts say in someparts of the country, it still pays to be a tenant.Despite the incentives to buy now, includingrecord-low interest rates and depressed prices,sales of single-family existing homes slipped 1.5%in May from a month earlier, according to datafrom the National Association of Realtors….
Big banks are big mess. Run away!
JPMorgan Chase CEO Jamie Dimon first saidback in May that the loss was $2 billion. And notlong after that, experts were claiming that theloss would grow. In fact, my colleague MaureenFarrell spoke to people two weeks ago whosuggested that the loss could be as high as $8billion. Perhaps Dimon needs to go back in frontof the Senate and House again?
CFPB Tasked with Remaking Mortgage Business
The Consumer Financial Protection Bureau’sgreatest challenge over the next year or so is tofundamentally reshape the mortgage market,which is horribly broken and characterized almostentirely by fraud at the moment. The varioussettlements and consent orders have not changedthis for the better, by the way….
>>>>>>>‘Mortgage Seizure Via Eminent Domain For Community Stabilization’
Debate And News Updated Dailyhttp://paper.li/EmDomainDebate/1342319964
7/31/2019 Weekend Edition - July 30 to August 3, 2012 - ForeclosureGate Gazette
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WEEKEND EDITION, JULY 30 – AUGUST 3, 2012
Page 2 of 5
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 domain—the powerto take private property for "public use". The Takings Clause, the last clause of the Fifth Amendment, limits the power ofeminent domain by requiring that "just compensation" be paid if private property is taken for public use….
CA attorney general Kamala Harris fights forstruggling homeowners
Seven of the top 10 worst cities hit by foreclosurein the U.S. are in California. But strugglinghomeowners there have a powerful advocate intheir corner: the state's attorney general, KamalaHarris. Harris knows what it's like to be theunderdog. She beat the odds to become the firstwoman 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 thatthe investment playing field is not exactly tilted inthe individual investor's favor, you just might be onto something. Last week, a survey of 500 financialprofessionals revealed there is indeed real reasonto hold onto one's wallet when dealing with those"helping" us invest our life savings: Almost one-third of respondents to the survey had firsthand
knowledge of wrongdoing in the workplace….
Foreclosure Filings Increase in 60% of LargeU.S. Cities
More than 1 million homes in metropolitan areaswith populations of at least 200,000 receivednotices of default, auction or repossession, up1.5 percent from the last six months of 2011,the Irvine, California-based data provider saidtoday in a statement….
Bank Killed Minister, Evicted Wife, Family Saysin Foreclosure Horror
JP Morgan Chase killed a retired minister bygiving him a stress-induced heart attack, seizedthe home days later and wrongfully evicted hiswidow - all because they accepted the bank's offerand followed its advice, the man's wife of 57 yearsclaims in Dallas County Court….
Federal judge in R.I. rules against banksseeking to halt foreclosure mediationprocess
The federal judge overseeing lawsuitschallenging mortgage foreclosure proceedingsacross Rhode Island on Monday ruled againstthe finance companies seeking to halt a court-supervised mediation process. U.S. DistrictCourt Judge John J. McConnell said themediation process is "far along" and on the….
White House Has Concerns With EminentDomain Proposal
The bid by the private company MortgageResolution Partners to team with municipalitiesand use eminent domain laws to purchaseunderwater mortgages and then refinance them ata discount to the borrower has generated lots ofattention at the wonk level. Now theWhite Househas weighed in, and expressed skepticism: Thearticle is actually pretty thin on details of….
Commercial Mortgages Show How Bad It Got
Now the first of the mortgages that weresecuritized in 2007 have started to come due,and it is becoming clear just how bad many ofthe loans were. The time when investors weremost eager to buy turns out to have been theworst time to do so. Commercial mortgages —unlike residential ones — are seldom issued forperiods of longer than 10 years, and often for aslittle as five….
Consumer Rights Group: Outdated Laws AreCausing Second Crisis
The report, titled The Other Foreclosure Crisis: Property Tax Lien Sales , reveals that laws inmany states allow local governments to sellproperty through a tax lien foreclosure process ifthe owner falls behind on property taxes. In somecases, owners owing as little as $400 lose theirhomes….
>>>>>>>>‘Mortgage Seizure Via Eminent Domain For Community Stabilization’
Debate And News Published Weekly, Updated Dailyhttp://paper.li/EmDomainDebate/1342319964
7/31/2019 Weekend Edition - July 30 to August 3, 2012 - ForeclosureGate Gazette
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WEEKEND EDITION, JULY 30 – AUGUST 3, 2012
Page 3 of 5
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 aroundthe country”
Chicago's City Council is wading into the debate about whether governments should use their eminent domainpower to save borrowers from foreclosure. Under a controversial plan pitched by a San Francisco-basedinvestment 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, DefiesWhite House; Geithner Fires Back
In a move that brings two federal agencies asclose to warfare as possible within the confinesof bureaucratic memos, the Treasury Department called out housing regulator EdwardDeMarco on Tuesday for his continued refusal to
offer a key piece of housing assistance tounderwater borrowers struggling to save….
California official chastises SIFMA for eminentdomain "threats"
California Lieutenant Governor Gavin Newsom onFriday warned influential investor group SecuritiesIndustry and Financial Markets Association to"cease making threats to the local officials of SanBernardino County" over a plan to use eminent
domain to seize underwater mortgages fromprivate investors.…
Area foreclosures jump
Foreclosures in the Attleboro area climbed 15percent in June, compared with the same monthlast year, according to The Warren Group whichtracks Bay State real estate statistics. Overall,foreclosure activity throughout the state slowedsomewhat during the month after increasingsubstantially during the first five months of theyear….
Foreclosure review program befuddles borrowers
Nothing about the letter that Keturah Millerreceived late last year indicated it could be worthas much as $125,000 to her. So she put it aside,forgetting about it for months until she stumbledacross it while cleaning. Miller, 34, a family liaisonworker with the New York City Department ofEducation, read it over four times….
Foreclosure crisis hits older Hispanics,African Americans hard
Even working two jobs hasn’t been enough toallow Jewel Lewis-Hall, 57, to make her monthlymortgage payments on time. Her husband hasmade little money since being laid off from his job at a farmer’s market, and Lewis-Hall said hersalary as a school cook falls short of what sheneeds to make the payments on her home….
Economists say Stockton, Calif. won't be lastU.S. city to go bankrupt
Stockton, Calif. could become the largest American city ever to file for bankruptcy onWednesday. And economists warn other largeU.S. cities could be next. Stockton was a city withbig dreams. In the mid 2000s, it overhauled itsmarina, built new parking garages, bought a newcity hall, and put up a new arena….
Alert: The Mortgage Industry Propaganda
Machine In Action
Advocates contend that the bills are, “designedto protect homeowners from unfair practices bybanks and mortgage companies and to helpconsumers and communities cope with thestate's urgent mortgage and foreclosure crisis.” ¹The result will be another crisis of judicialgridlock which may have little….
The Unfinished Business of the Obama
Administration: The Foreclosure Crisis
The housing crisis then played itself outpredominantly on Obama's own watch; with thenumbers of foreclosures soaring as they did onlybecause the Administration failed to act with aspeed and an effectiveness appropriate to theoccasion. It is a failure that may yet bring a heavyelectoral price….
>>>>>>>>>‘Mortgage Seizure Via Eminent Domain For Community Stabilization’
Debate And News Published Weekly, Updated Dailyhttp://paper.li/EmDomainDebate/1342319964
7/31/2019 Weekend Edition - July 30 to August 3, 2012 - ForeclosureGate Gazette
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WEEKEND EDITION, JULY 30 – AUGUST 3, 2012
Page 4 of 5
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 ofthe FHFA, just announced that Fannie and Freddie would not do principal reductions under HAMP to help a subset ofunderwater borrowers avoid default. His announcement surprised a lot of us following this development, since….
Study Shows Helping Homeowners AvoidForeclosure Saves Taxpayers Money
As the regulator for Fannie Mae and FreddieMac nears its decision on whether to approvedebt forgiveness for troubled borrowers, a newanalysis by the regulator suggests taxpayerscould benefit from the move, according to people
briefed on the findings. Fannie and Freddiecould save about $3.6 billion more than….
From an Unlikely Source, a Serious Challengeto Wall Street
Something very interesting is happening.There’s been so much corruption on Wall Street inrecent years, and the federal government hasappeared to be so deeply complicit in many of theproblems, that many people have experienced
something very like despair over the question ofwhat to do about it all….
Geithner sacrificed homeowners to “foam therunway” for the banks
By delaying millions of foreclosures, HAMP gavebailed-out banks more time to absorb housing-related losses while other parts of Obama’sbailout plan repaired holes in the banks’ balancesheets. 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 tooHard for Us to Understand
So, getting back to the GAO study’s conclusions…the reason I don’t think it was the complicatednature of the letter, Website and form is that I thinkfor $125,000, the remedial readers who weredefrauded out of their homes would have turned tofamily members with more advanced readingcomprehension skills for help….
Could California Use Eminent Domain ToSave Troubled Mortgages?
On Friday July 27 Lieutenant Governor GavinNewsom came out in support of a controversialplan to allow local governments to seizeunderwater properties and restructure the debts.The plan was first backed by a San Francisco-based investment group called Mortgage Resolution Partners and here’s how it wouldwork:….
One in 30 Homeowners Over Age 75 inForeclosure
Older Americans are increasingly feeling thehovering specter of foreclosure, after years of notsuffering as acutely from the housing crisis,according to a new AARP report. While youngerAmericans still have a higher rate of seriousdelinquency, older Americans are now fallingbehind at a much faster rate, the AP explains. Inthe past five years, the proportion of loans….
Bank Threatens Foreclosure on Woman WithStage 4 Breast Cancer
Cindi Davis has been fighting breast cancer forfour years. She's now in Stage 4 of the deadlydisease, and it's taken dozens of chemotreatments and $1,100 a month in prescriptionmedications to keep her alive. Those expensesare crippling Cindi and her husband, Kirk, andthey are hardly able to keep up with their….
Borrower May Sue Over Lender’s Failure ToContact Prior to Foreclosure, CA AppellateCourt Rules
The borrower in Skov defaulted on her home loan,prompting the lender to initiate non judicialforeclosure proceedings by the recording of anotice of default. The notice of default contained adeclaration 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 Dailyhttp://paper.li/EmDomainDebate/1342319964
7/31/2019 Weekend Edition - July 30 to August 3, 2012 - ForeclosureGate Gazette
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WEEKEND EDITION, JULY 30 – AUGUST 3, 2012
Page 5 of 5
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 AtRisk
Despite a judge's ruling that a pair of squatters vacate a Colorado couple's home in two days, two weeks later theyare still there, forcing the home's owners to stay put in a relative's basement. Troy and Dayna Donovan (picturedabove) had spent a few months away from their home in Littleton, Colo., and when they returned late last year theyfound another couple, who claimed that they bought the house, living there….
Robert Hockett, Professor at Cornell LawSchool, Joins Bruce Norris on the Real EstateRadio Show
What is interesting about the plan is that it doesnot deal with anything that is eminently aproblem. You are only dealing with things thatare current, and probably 40% of the
foreclosures are two years in process beforethey become an eviction or they become a bank-owned property….
SIGTARP Quarterly Report To Congress, July25, 2012
(PAGE 185) Under HHF, TARP dollars are meantto fund “innovative measures” developed by 19state housing finance agencies (“HFAs”). SIGTARP found that after two years, HHF hasexperienced significant delay in providing help to
homeowners due to several factors, including alack of comprehensive planning by Treasury….
Foreclosure Activity Gets Ugly in First Half
A day after the Commerce Department said sales of new homes fell 8.4% last monthfrom May to a seasonally adjusted annual rate of350,000, real estate research firm RealtyTracreported that first half foreclosures markedanother sign that the housing recovery hasbarely materialized at all….
Is Housing Recovery Real? Not Everyone IsConvinced
Housing, the sector that led us into the recession,now looks to be one of the brighter spots in theeconomy. Homebuilding is at its highest levelin nearly four years. More homes are selling, andat higher prices. The question, of course, iswhether this is a solid enough foundation tosustain a full housing recovery….
Foreclosure Reform in California: AnEconomic Analysis
The vast majority of California homeowners willnot be helped by several foreclosure andmortgage reform bills currently making their waythrough the state Legislature, according to astudy released today by a consortium of financialservices organizations….
Foreclosure Prevention Programs Receive$455,000
Eight nonprofit organizations that provide housingcounseling and legal services to homeowners andrenters facing foreclosure will receive a total of$455,000 in grants from Silicon Valley CommunityFoundation. The community foundation’s grantswill help extend housing counseling or legal….
Catherine Austin Fitts has perspective on thehousing and mortgage meltdown like noother
Under President George Herbert Walker Bush,she was Assistant Secretary of Housing andFederal Housing Commissioner at HUD, whereshe basically ran the Federal Housing Administration or FHA. And that’s no small job.We’re talking a hundred billion in mortgageinsurance, 7,000 employees, various types ofservicing on $560 billion worth of properties….
Price Declines Inevitable for Many States Dueto Backlog: Agency
Based on its database, You Walk Away .com foresees an inevitable decrease in propertyvalues due to backlog and delays in processingforeclosures. The foreclosure agency said that 40percent of its client base comes from Californiaand Florida. In these states, the years’ worth ofbacklog building up could ultimately be detrimentalto the regions’ housing markets, the agencysaid….
>>>>>>>‘Mortgage Seizure Via Eminent Domain For Community Stabilization’
Debate And News Updated Dailyhttp://paper.li/EmDomainDebate/1342319964