Thursday - December 6, 2012 - ForeclosureGate Gazette
Content
THURSDAY, DECEMBER 6, 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
Invalid foreclosures resulting in properties with clouded titles may have caused harm to third-party purchasers JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co., must face claims over home foreclosure practices in a lawsuit brought by the Massachusetts attorney general, a judge ruled. Allegations that the banks violated state law by conducting invalid foreclosures can proceed, according to a decision by Justice Judith Fabricant of Suffolk County Superior Court in Boston dated Nov. 30. Invalid foreclosures resulting in properties with clouded titles may have caused harm to third-party purchasers “and the real estate market as a whole, and thereby to the public,” Fabricant wrote….
Radar Logic Sustainability
Questions
Recovery's
Foreclosures Rehabbed for Qualified First Time Buyers in Prince George's County, Md. The fight to stabilize property values in the Prince George's County's foreclosure crisis is leading to good deals for some lucky home buyers. Since 2009 the county has tapped more than $5 million in federal stimulus funds to purchase, rehab and resell homes to qualifying first-time home buyers. By next year the county will have turned around 36 such house in Lanham and Suitland….
In addition, sales activity has gone up by 12.3 percent over a one-year period. However, the increase in prices tracked by Radar Logic is not a result of “significant appreciation in householdowned homes,” the report stated. Instead, it is due to a decline in “motivated sales,” or sales of foreclosed homes and REOs, which are sold at significant discounts compared to nonforeclosures….
More Chicago area homes face foreclosure, but fewer owners ‘underwater’ But on a better note, rising home values mean fewer Chicago area homeowners were upside down on their mortgages in the third quarter. The share of those “underwater” fell to 36.6 percent in the third quarter from 39.2 percent in the yearago quarter and in the second quarter, according to Zillow Inc. The number of homes hit with foreclosure filings in the Chicago metropolitan area jumped 19.5 percent in October from a….
Yes, Banks Are Paying “Penalties” in Foreclosure Fraud Settlement With Other People’s Money This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. But it was clearly set up by the terms of the settlement….
MBIA Outflanked by BofA in Toxic Bond Battle: Corporate Finance Less than a week after MBIA Inc. gained the advantage in its three-year legal fight with Bank of America Corp. over toxic mortgage debt, the tables have turned on the bond insurer. MBIA shares fell the most in three years and creditdefault swaps tied to its debt surged by the most since July 2009 after Bank of America offered yesterday to buy the insurer’s $329.1 million of 5.7 percent bonds due in December 2034….
Foreclosure filings surged in NJ, NY and CT last month before superstorm Sandy Foreclosure filings surged in New Jersey, New York and Connecticut last month, even before those three states bore the brunt of superstorm Sandy that now has homeowners digging through the debris. Default, auction and repossession notices increased 140 percent in New Jersey, 123 percent in New York and 41 percent in Connecticut from a year earlier, the biggest annual gains among U.S. states in….
Lack of a “Foreclosure Wave” Determined By Banks Missing here is any understanding of who controls the timing of a so-called foreclosure wave. Banks do the foreclosing, after all, and it’s really up to them whether or not to put inventory on the market or to foreclose at all. And in both cases, they haven’t moved forward for very specific reasons. Professor Adam Levitin had a solid response to this article. First of all, we aren’t seeing a “foreclosure wave” because mortgage servicers still don’t have the capacity for mass foreclosures above and beyond their current pace….
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
Invalid foreclosures resulting in properties with clouded titles may have caused harm to third-party purchasers JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co., must face claims over home foreclosure practices in a lawsuit brought by the Massachusetts attorney general, a judge ruled. Allegations that the banks violated state law by conducting invalid foreclosures can proceed, according to a decision by Justice Judith Fabricant of Suffolk County Superior Court in Boston dated Nov. 30. Invalid foreclosures resulting in properties with clouded titles may have caused harm to third-party purchasers “and the real estate market as a whole, and thereby to the public,” Fabricant wrote….
Radar Logic Sustainability
Questions
Recovery's
Foreclosures Rehabbed for Qualified First Time Buyers in Prince George's County, Md. The fight to stabilize property values in the Prince George's County's foreclosure crisis is leading to good deals for some lucky home buyers. Since 2009 the county has tapped more than $5 million in federal stimulus funds to purchase, rehab and resell homes to qualifying first-time home buyers. By next year the county will have turned around 36 such house in Lanham and Suitland….
In addition, sales activity has gone up by 12.3 percent over a one-year period. However, the increase in prices tracked by Radar Logic is not a result of “significant appreciation in householdowned homes,” the report stated. Instead, it is due to a decline in “motivated sales,” or sales of foreclosed homes and REOs, which are sold at significant discounts compared to nonforeclosures….
More Chicago area homes face foreclosure, but fewer owners ‘underwater’ But on a better note, rising home values mean fewer Chicago area homeowners were upside down on their mortgages in the third quarter. The share of those “underwater” fell to 36.6 percent in the third quarter from 39.2 percent in the yearago quarter and in the second quarter, according to Zillow Inc. The number of homes hit with foreclosure filings in the Chicago metropolitan area jumped 19.5 percent in October from a….
Yes, Banks Are Paying “Penalties” in Foreclosure Fraud Settlement With Other People’s Money This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. But it was clearly set up by the terms of the settlement….
MBIA Outflanked by BofA in Toxic Bond Battle: Corporate Finance Less than a week after MBIA Inc. gained the advantage in its three-year legal fight with Bank of America Corp. over toxic mortgage debt, the tables have turned on the bond insurer. MBIA shares fell the most in three years and creditdefault swaps tied to its debt surged by the most since July 2009 after Bank of America offered yesterday to buy the insurer’s $329.1 million of 5.7 percent bonds due in December 2034….
Foreclosure filings surged in NJ, NY and CT last month before superstorm Sandy Foreclosure filings surged in New Jersey, New York and Connecticut last month, even before those three states bore the brunt of superstorm Sandy that now has homeowners digging through the debris. Default, auction and repossession notices increased 140 percent in New Jersey, 123 percent in New York and 41 percent in Connecticut from a year earlier, the biggest annual gains among U.S. states in….
Lack of a “Foreclosure Wave” Determined By Banks Missing here is any understanding of who controls the timing of a so-called foreclosure wave. Banks do the foreclosing, after all, and it’s really up to them whether or not to put inventory on the market or to foreclose at all. And in both cases, they haven’t moved forward for very specific reasons. Professor Adam Levitin had a solid response to this article. First of all, we aren’t seeing a “foreclosure wave” because mortgage servicers still don’t have the capacity for mass foreclosures above and beyond their current pace….
