(AJC) — Housing advocates, policy makers and developers troubled by metro Atlanta’s foreclosure crisis kicked off a regional initiative Tuesday to curb one of the plagues of the region’s economy. The ambitious project, dubbed Piece By Piece, a Regional Foreclosure Initiative, was short on specific policy fixes to metro Atlanta’s housing ills, but long on […]
(AJC) — Metro Atlanta and Georgia are in the top five for the most shadow inventory of residential property, according to CoreLogic. Shadow inventory, sometimes called pending supply, is the number of properties that are seriously delinquent (90 days or more), in foreclosure and real estate owned (REO) by lenders and that are not currently […]
The hope is to stave off lawsuits and offer relief to wronged borrowers.
(Chicago Breaking News) — The number of Chicago-area homes with negative equity in the Chicago area continued to rise in the year’s third quarter, a troubling sign for a local housing market struggling to recover. Some 32.9 percent of all local single-family detached homes with mortgages were underwater in September, meaning the homeowners owed more […]
Vacated houses in Florida are being claimed by strangers citing a law from the 1800s.
(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) — 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 […]
(Time) — Michael and Pamela Negrea, of Cleveland suburb Eastlake, Ohio, have never missed a mortgage payment. Yet their mortgage company, GMAC, has tried to foreclose on their house, not once, but three times. And GMAC is still trying to haul the couple out of their house. It’s one of the incredible stories in the past few weeks that […]
by Charing Ball California Democratic Rep. Barbara Lee has penned an op-ed piece urging the Obama administration to issue a national moratorium on housing foreclosure. According to her piece, Lee is frustrated with the apparent rubber-stamping of foreclosure documents by mortgage lending and the alleged predatory practices happening with the government’s modifications program. Moreover, because there […]
(AJC) — Joel Brady didn’t expect to find such a variety of high-end rental homes in metro Atlanta when he began looking for a residence inside the Perimeter. Currently renting a home in Alpharetta, Brady and his wife are among a growing group of ex-homeowners who aren’t interested in owning again right now. “We have […]
(Wall Street Journal) — Two major lenders at the center of the foreclosure crisis took steps Monday to put the mess behind them by restarting home seizures that were frozen by documentation concerns. Bank of America Corp. reopened more than 100,000 foreclosure actions, declaring that it had found no significant problems in its procedures for […]