tagged w/ FORECLOSURES
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WHACKO-TV welcomes our newest sponsor Ratte Village where everyone gets in for $100. Their new commercial features their mascot Rodney the Dancing Rat. With all the controversy about the housing industry, it's great to see someone doing something positive about the renting industry.WHACKO-TV welcomes our newest sponsor Ratte Village where everyone gets in for $100.... more
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Remember those playground words "prove it!"?
As the foreclosure rate continues to set new highs, a little-noticed legal provision that requires bankers, if challenged, to prove they hold the original mortgage documents before getting possession has spawned a minor homeowner rebellion, alternately called "produce the note" or "show me the note". For homeowners trying desperately to keep their homes, the tactic is one way to buy some time -- and maybe even get the upper hand on the lender.
Click the link for the article in it's entirety.Remember those playground words "prove it!"?
As the foreclosure rate... more
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A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure.
Read all about it at link.A landmark ruling in a recent Kansas Supreme Court case may have given millions of... more
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The fallout from the recession has cut deeply into the housing security, employment and income of many Americans. But some parts of the country are clearly faring better than others. Here, three interactive maps show foreclosure and jobless rates as well as household income by county.The fallout from the recession has cut deeply into the housing security, employment... more
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The deepness of the recession is indicated by two sets of statistics that belie the happy talk of its ending. For new housing sales there is little to indicate a rising sales volume and people who have been living in homes without making payments for 6 months to a year will receive foreclosure notices.The deepness of the recession is indicated by two sets of statistics that belie the... more
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taps65
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3 years ago
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WASHINGTON – A plan to give debt-strapped homeowners a chance to lower their mortgage payments through bankruptcy courts won House approval Thursday as a report revealed that foreclosures and past-due home loans hit a record 5.4 million last year.
The legislation, part of President Barack Obama's housing rescue plan, is facing a much tougher road in the Senate amid the same industry opposition and reservations from moderate Democrats that nearly derailed it in the House.
The House passed the bill 234-191 mostly along party lines, and the Senate could consider it within weeks.WASHINGTON – A plan to give debt-strapped homeowners a chance to lower their... more
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gooma2
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added this
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3 years ago
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Wells Fargo, J.P. Morgan Chase, Bank of America and Citigroup Inc. have agreed to halt home foreclosures while the federal government works out a plan to stabilize the nation’s banking industry.
“We will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by J.P. Morgan Chase,” said J.P. Morgan Chase CEO Jamie Dimon in a Feb. 12 letter to Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee.
That moratorium would remain in effect through March 6.Wells Fargo, J.P. Morgan Chase, Bank of America and Citigroup Inc. have agreed to halt... more
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Kepano
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added this
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3 years ago
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The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won't spur an economic recovery.The bad mortgages that got the current financial crisis started have produced a... more
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A total of 13,161 properties were repossessed in the three month to the end of September, which is 92% more than the same three months of 2007.
Homes are being repossessed in Britain because home owners have been unable to meet their monthly mortgage repayments as the economic downturn intensifies. This equates to more than 1000 homes being taken back b lenders every week despite several new schemes announced by the British government to help struggling home owners keep their properties. Under the Government's Homeowner Mortgage Support Scheme, home owners facing a loss of income can reduce their monthly mortgage payment for up to two years, while the government's Mortgage Rescue scheme allows families to either get an equity loan to reduce their mortgage, or sell their home and remain as tenants.
The Council of Mortgage Lenders predicted that there will be abou 75000 homes repossessed this year. It suggests the level of one home repossesed every ten minutes - based on teh FSA's figures for the three months to the end of September - has intensified to one every seven minutes. The latest repossessions figures are a further blow to home owners who have seen their homes plummet in value.A total of 13,161 properties were repossessed in the three month to the end of... more
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Amidst pending "pay to play" investigation, New Mexico Governor Bill Richardson withdraws from Secretary of Commerce Cabinet position.Amidst pending "pay to play" investigation, New Mexico Governor Bill... more
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Skateboarders utilize empty pools from foreclosed homes and provide community a service! Keeping pools dry keeps out West Nile Virus spreading mosquitos!
On a recent morning, a 27-year-old skateboarder who goes by the name Josh Peacock peered into a swimming pool in Fresno, Calif., emptied by his own hands — and the foreclosure crisis — and flashed a smile as wide as a half-pipe.
Jim Wilson/The New York Times
Kyle the Dude tries a maneuver. More Photos »
“We have more pools than we know what to do with,” said Mr. Peacock, who lives in Fresno, the Central Valley city where thousands of homes, many with pools behind them, are in foreclosure. “I can’t even keep track of them all anymore.”
Across the nation, the ultimate symbol of suburban success has become one more reminder of the economic meltdown, with builders going under, pools going to seed and skaters finding a surplus of deserted pools in which to perfect their acrobatic aerials.
In these boom times for skaters, Mr. Peacock travels with a gas-powered pump, five-gallon buckets, shovels and a push broom, risking trespassing charges in the pursuit of emptying forlorn pools and turning them into de facto skate parks.
“We can just hit them back to back,” said Mr. Peacock, who preferred to give his skateboarding name because of the illegality of his activities.
Skaters are coming to places like Fresno from as far as Germany and Australia. Mr. Peacock said his floor and couch were covered by sleeping bags of visiting skateboarders each weekend.
Some skateboarders use realty tracking sites like realquest.com and realtor.com to find foreclosed houses with pools, while others trawl through satellite images from Google Earth. On the Web site skateandannoy.com, where skaters trade tips about how to find and drain abandoned pools, one poster wrote about the current economic malaise. “God bless Greenspan,” the post read, “patron saint of pool skatin’.”
Pool builders feel differently, of course. In Phoenix, for example, where scorching summers can make pools seem like a survival tool, the city has issued fewer than half the number of residential pool permits this year as in 2007, as builders are being pummeled by declining home construction and evaporating credit for potential buyers. Several large companies have gone bust this year, including Riviera Pools, which once sponsored the swimming pool at Chase Field, where the Arizona Diamondbacks play baseball. Smaller contractors, retailers and pool cleaning companies have also failed, leaving unpaid bills and unfinished projects.
“You’ve got people that still want to build pools, but now you’re getting maybe 20 percent or 10 percent that can actually qualify now,” said Dave Brandenburg, a pool builder in north Phoenix who estimated business was off 40 percent to 70 percent. “Before it was, ‘Sure, no problem.’ Now it’s like, ‘Sorry.’ ”
Business is just as bad in Florida, where builders like Ben Evans, the chief executive at American Pools and Spas in Orlando, said he had let much of his staff go as orders for pools dropped to 150 this year, from about 1,000 in 2007.
“I’m just looking for my bailout money,” Mr. Evans said, ruefully. “Do you know where that is?”
In many warmer states, the authorities are trying literally to bail out pools, using pumps, dredges and strong stomachs to attack a surge in abandoned ones that have attracted all manner of nastiness — rats or belligerent raccoons, or algae, dead leaves and worse. These so-called green pools can become a breeding ground for mosquitoes carrying West Nile virus.Skateboarders utilize empty pools from foreclosed homes and provide community a... more
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This report basically is the key to understanding that we are not nearly as close to an economic rebound as soo many would like to think. Likewise, record foreclosures translate to a continued downward trend in home values. Get ready to say DejaVU to more of the same in the near term, bailouts, and spastic swings of plus or negative sixhundred points to the DOW Industrial Average. Am I the only one uncomfortable with 600 point swings ?
This is not something investors should become "comfortable" with. On the contrary,
the stock market could be poising itself for a drop unlike any we have ever seen.
The volatility, uncertainty, and trading volumes are clearly signals to be extremely cautious over, it is as if we are watching a Global Trading Anxiety Attack.This report basically is the key to understanding that we are not nearly as close to... more
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ANP: The morning her house was to be auctioned off Voltaire woke up to donations and reporters.
Last week, ANP reported on the foreclosure of Jocelyn Voltaire in Queens Village, NY and the impending auction of her house. Since the report aired, a national grassroots effort to save her home was launched. In this piece, we report on the outcome of said initiative and delve deeper into a connection between Jocelyn's mortgage company and Goldman Sachs.
ANP: The morning her house was to be auctioned off Voltaire woke up to donations and... more
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Average mortgage evictions average high.... "victims" of these evictions are cast in a positive light.Average mortgage evictions average high.... "victims" of these evictions are... more
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Bailout bill no relief on foreclosures as159,000 more jobs were lost in September, markets down again.
The financial bailout package was passed by the US House of Representatives on Friday but 108 Republicans and 63 Democrats still refuse to approve the bill. Markets drop anyway with the Dow Jones losing 818 points on the week. Jobs in September slashed by 159,000 and home foreclosures at 770,000 since August 2007 expected to continue to rise. The Real News Network talks to Michael Perelman, Professor of Economics at California State University, Chico.
Michael Perelman teaches economics at California State University, Chico. He has published 19 books, including, The Confiscation of American Prosperity, Railroading Economics, Manufacturing Discontent, The Perverse Economy , and The Invention of Capitalism . He writes a blog Unsettling Economics: A Progressive Look At Economics and the Rest of the Screwed Up World at michaelperelman.wordpress.com.
Bailout bill no relief on foreclosures as159,000 more jobs were lost in September,... more
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An increase in the number of West Nile Virus cases this summer has officials in one New York community studying whether the spike could be linked to the rise in mortgage foreclosures.An increase in the number of West Nile Virus cases this summer has officials in one... more
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