Thursday - August 30, 2012 - ForeclosureGate Gazette
Content
THURSDAY, AUGUST 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
The Impact of Cramdown on Mortgage Interest Rates Recent proposals to address housing market troubles through principal modification raise the possibility that such policies could increase the cost of credit in the mortgage market. We explore this using historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy filers could reduce the principal owed on a home loan to the home’s market value. The practice, known as cramdown, was definitively prohibited by the Supreme Court in 1993. We find evidence that home loans closed during the time when cramdown was allowed had interest rates 10-20 basis points higher than loans closed in the same state when cramdown was not allowed, which translates to a roughly 1-2 percent increase in monthly payments….
St. Louis County Council foreclosure mediation plan
approves
Foreclosures Leave Holes In Voter Outreach The nation's foreclosure crisis rarely is mentioned by the presidential candidates, but it looms large as their campaigns grapple with finding evicted voters in swing states. Organizers are discovering scores of vacated homes in key battlegrounds that contributed strong turnouts in the 2008 election. In the past four years, more than 3.7 million homes have been lost to foreclosure, according to market research firm CoreLogic….
Under an ordinance approved last night by the St. Louis County Council, lenders will have to pay $100 per mediation session, in a previous version of the ordinance the fee was $500. Councilwoman Hazel Erby, who introduced the new plan, told council members something had to be done to help slow the rate of foreclosures in the county….
No Crime, No Punishment When the Justice Department recently closed its criminal investigation of Goldman Sachs, it became all but certain that no major American banks or their top executives would ever face criminal charges for their role in the financial crisis. Justice officials and even President Obama have defended the lack of….
$395K grant to help homeowners facing foreclosure "Our goal is to ensure that homeowners have access to the full-range of resources and programs available to help them stay in their homes," Bryan Ketcham, director of Catholic Charities Housing Services, said in the release. "We anticipate that we will be able to double….
Foreclosure Woes Of The Rich And Famous More than 4 million homes have been foreclosed on in the past five years and another nearly 192,000 were in the foreclosure process as of July. Now the foreclosure wave is pulling in more celebrities and the wealthy. “We are seeing foreclosure activity on higher-end homes increase at a faster pace for the past two years,” says Daren Blomquist, vice president….
Wells Fargo Settles Mortgage-Crisis Case for $6.5 Million In an order against Wells Fargo and one of its former brokers, the Securities and Exchange Commission charged that the bank had failed to study or even understand the complexity of the high-risk investments it sold. In the period leading up to the bursting of the housing bubble, the S.E.C. said, Wells Fargo sold so-called….
FL AG Bondi and Legislature both claim authority over $300 million in foreclosure money Florida attorney general Pam Bondi clarified Tuesday that she was not feuding with the Legislature over how to spend $300 million in cash earmarked for Florida as part of a $25 billion national foreclosure settlement. But it’s abundantly clear that Bondi’s office and the….
Risks of Eminent Domain in California: Fitch In a commentary, Fitch stated the proposed uses of eminent domain in California could negatively affect private label RMBS performance. Recently, the board of supervisors of San Bernardino County voted to form a joint powers authority with California cities Fontana and Ontario to look into the option of using eminent domain to seize underwater mortgages….
>>>>>>> ‘Mortgage Seizure Via Eminent Domain For Community Stabilization’ Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964
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
The Impact of Cramdown on Mortgage Interest Rates Recent proposals to address housing market troubles through principal modification raise the possibility that such policies could increase the cost of credit in the mortgage market. We explore this using historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy filers could reduce the principal owed on a home loan to the home’s market value. The practice, known as cramdown, was definitively prohibited by the Supreme Court in 1993. We find evidence that home loans closed during the time when cramdown was allowed had interest rates 10-20 basis points higher than loans closed in the same state when cramdown was not allowed, which translates to a roughly 1-2 percent increase in monthly payments….
St. Louis County Council foreclosure mediation plan
approves
Foreclosures Leave Holes In Voter Outreach The nation's foreclosure crisis rarely is mentioned by the presidential candidates, but it looms large as their campaigns grapple with finding evicted voters in swing states. Organizers are discovering scores of vacated homes in key battlegrounds that contributed strong turnouts in the 2008 election. In the past four years, more than 3.7 million homes have been lost to foreclosure, according to market research firm CoreLogic….
Under an ordinance approved last night by the St. Louis County Council, lenders will have to pay $100 per mediation session, in a previous version of the ordinance the fee was $500. Councilwoman Hazel Erby, who introduced the new plan, told council members something had to be done to help slow the rate of foreclosures in the county….
No Crime, No Punishment When the Justice Department recently closed its criminal investigation of Goldman Sachs, it became all but certain that no major American banks or their top executives would ever face criminal charges for their role in the financial crisis. Justice officials and even President Obama have defended the lack of….
$395K grant to help homeowners facing foreclosure "Our goal is to ensure that homeowners have access to the full-range of resources and programs available to help them stay in their homes," Bryan Ketcham, director of Catholic Charities Housing Services, said in the release. "We anticipate that we will be able to double….
Foreclosure Woes Of The Rich And Famous More than 4 million homes have been foreclosed on in the past five years and another nearly 192,000 were in the foreclosure process as of July. Now the foreclosure wave is pulling in more celebrities and the wealthy. “We are seeing foreclosure activity on higher-end homes increase at a faster pace for the past two years,” says Daren Blomquist, vice president….
Wells Fargo Settles Mortgage-Crisis Case for $6.5 Million In an order against Wells Fargo and one of its former brokers, the Securities and Exchange Commission charged that the bank had failed to study or even understand the complexity of the high-risk investments it sold. In the period leading up to the bursting of the housing bubble, the S.E.C. said, Wells Fargo sold so-called….
FL AG Bondi and Legislature both claim authority over $300 million in foreclosure money Florida attorney general Pam Bondi clarified Tuesday that she was not feuding with the Legislature over how to spend $300 million in cash earmarked for Florida as part of a $25 billion national foreclosure settlement. But it’s abundantly clear that Bondi’s office and the….
Risks of Eminent Domain in California: Fitch In a commentary, Fitch stated the proposed uses of eminent domain in California could negatively affect private label RMBS performance. Recently, the board of supervisors of San Bernardino County voted to form a joint powers authority with California cities Fontana and Ontario to look into the option of using eminent domain to seize underwater mortgages….
>>>>>>> ‘Mortgage Seizure Via Eminent Domain For Community Stabilization’ Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964
