While the overriding story is one of misfortune, people like Fysah Thomas can thank the market for her dream home.
(Rolling Out) — The recession continues to affect millions of Americans in every income bracket. In 2010, several notable hip-hop artists were hit hard by the recession. Platinum-selling rap artist Trick Daddy is the latest hip-hop star to experience financial difficulties. According to reports, Trick Daddy owes the IRS over $157,000 in back taxes. In […]
(Daily Finance) — On Oct. 20, New York State Chief Judge Jonathan Lippman ended robo-signing in New York state foreclosures by requiring a special affirmation from the banks’ attorneys. They now must swear that they know the banks’ documents are true because they checked the paperwork. At the time, attorneys in the state told me […]
(New York Times) — In California, where foreclosures are more abundant than in any other state, homeowners trying to win a loan modification have always had a tough time. Now they face yet another obstacle: hiring a lawyer. Sharon Bell, a retiree who lives in Laguna Niguel, southeast of Los Angeles, needs a modification to keep […]
(Wall Street Journal) — Facing a spike in the number of apartment buildings going bust in low-income neighborhoods due to heavy debt burdens, the Bloomberg administration is taking an activist approach, publicly and privately pushing lenders selling loans on the properties to take haircuts on the troubled mortgages. The aggressive role reflects a fear among […]
(CNN Money) — The number of foreclosure notices filed in November plunged 21%, the biggest month-over-month drop ever recorded by RealtyTrac, the online foreclosure marketer. Filings fell 14% compared with November 2009. The number of Americans who actually lost their homes to bank repossessions plummeted even more steeply — to 67,428. That was off a […]
(LA Times) — With foreclosures soaring — and homeowners with unblemished payment histories abruptly walking away from their houses with no warning to lenders — the two major producers of credit scores have begun changing how they evaluate consumers’ risks of default. The revisions could affect you the next time you apply for a loan. […]
Vacated houses in Florida are being claimed by strangers citing a law from the 1800s.
(New York Times) — For some Florida residents, the price of getting out of foreclosure will include taking on a second mortgage — payable this time to their lawyers. The new mortgage, which takes effect only if the foreclosure is dismissed and the homeowner’s debt to the bank is reduced, is controversial among defense lawyers, some […]
(New York Times) — Updated Even as investors put aside their worries on Friday about the effect of the foreclosure mess on bank stocks, new signs emerged of what is likely to be a long and expensive legal battle for the financial services industry over mortgages gone bad. Citigroup disclosed in a regulatory filing that […]
(New York Times) — Banks have been under siege in recent weeks for widespread corner-cutting in the rush to process delinquent mortgages. The accusations have stirred outrage and set off investigations by attorneys general across the country, prompting several leading banks to temporarily cease foreclosures. But lawyers who defend consumers in debt-collection cases say the banks […]
(New York Times) — Have you noticed that the lead dogs investigating the mortgage foreclosure mess are not any federal prosecutors or national bank regulators, but rather the state attorneys general? I sure have. I can’t think of a more encouraging development. Yeah, yeah, a handful of federal investigations have also been announced, but we […]