WEEKEND EDITION, NOVEMBER 12 NOVEMBER 16, 2012

MONDAY, NOVEMBER 12, 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

Wall Street Tries to Shift Elizabeth Warren Away From Senate Banking Committee Having failed to stop Elizabeth Warren from reaching the US Senate, Wall Street interests are now clearly trying to push her away from the committee assignment where she would have the greatest oversight capability over them. Politicos Morning Money, which is basically just a giant quote laundering program for lobbyists and operatives, has this item today.

Mortgage bankers cast wary eye at housing market Mortgage bankers are nervous. There's a lot of uncertainty in the market and a lot of still undefined terms like qualified mortgage and qualified residential mortgage that won't get firmed up until early next year. Mike Heid, president of Wells Fargo Home Mortgage, spoke of that ambiguity in an interview. "There's no question there's a huge level of uncertainty in the marketplace right now, and uncertainty makes.

12 years after mortgage default only 35% of borrowers return The Federal Reserve Bank of San Francisco wonders how bad mortgage default is for getting future mortgage credit. Well, it's pretty bad. Their research report finds that 12 years after a mortgage termination, just above 35% of borrowers with no prior defaults have taken out new mortgages. Only about 10% of borrowers with a prior serious delinquency regain access to the mortgage market within 10 years of their default.

Scrutiny for Home Appraisers as the Market Struggles When Justin Olson put his Southwestern-style ranch house outside Phoenix on the market, he got what he was expecting: an immediate batch of offers, virtually all above his asking price, which was set intentionally low, at $197,500, to attract interest. He chose an offer of $210,000. But then came an unpleasant surprise. An appraiser for the buyers bank said the house was worth only $195,000.

FHFA Releases Strategic Plan for 2013-2017 Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today released an updated strategic plan for FHFA for fiscal years 2013-2017 subtitled, Preparing a Foundation for a More Efficient and Effective Housing Finance System. The four strategic goals included in the new FHFA plan are: 1. Safe and sound housing government-sponsored enterprises, or GSEs (Fannie Mae, Freddie Mac and Federal Home Loan Banks);

A.C.L.U. to Sue Mortgage Loans

Morgan

Stanley

Over

5 Reasons Why You Shouldn't Buy a House Right Now McClane's dream of homeownership is further clouded by her own unpaid bills. Four years ago, McClane entered a hospital and racked up a $25,000 bill, which she never paid. That lingering unpaid bill is causing her credit score to remain stuck at 709, she says. "Five years ago, 709 wasn't too bad," says Barry Paperno, Credit.com's credit scoring expert. "Nowadays it's pretty"

The action against Morgan Stanley follows a series of lawsuits brought by investors and federal and state officials against some of the nations largest banks. The A.C.L.U. suit, which is to be filed in federal court in New York and will seek class-action certification, claims that Morgan Stanley violated the Fair Housing Act and the Equal Credit Opportunity Act.

Occupy Wall Street Anti-Foreclosure Offshoot Occupy Our Homes: National Day(s) of Action Four years after an economic meltdown precipitated by Wall Street greed, fraud, and recklessness in the housing market, Americans continue to face an epidemic of unjust foreclosures. While homeowners and renters seek help to keep their homes, banks have rushed to foreclose and evict, and in too many communities, homes remain vacant while neighbors sleep on the street.

>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, NOVEMBER 12 NOVEMBER 16, 2012

TUESDAY, NOVEMBER 13, 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

Oregon: Multnomah County gears up to sue national mortgage giant In an action that has implications for tens of thousands of area homeowners, Multnomah County is taking on a mortgage-industry giant in hopes of recouping potentially millions of dollars in recording fees the county says have been avoided illegally. County commissioners on Thursday will vote to make Multnomah the first county in Oregon to file a lawsuit against the Mortgage Electronic Registration Systems, a Virginia-based conglomerate created by large national banks to bundle and sell loans without having to record each new transaction. "What MERS does is take the property recording system we have in Multnomah County and make it worthless," said Jeff Cogen, commission chairman. "Anyone who buys, sells or owns a home in this county is affected." .

Financial Literacy for Law Students? NYU has created a bit of stir in legal education by announcing that it will start mandating a financial literacy course for all of its students. I think this is a fantastic move from a pedagogical angle, a career angle, and a public interest angle. Some thoughts on this below, as I think it relates in part to Credit Slips' larger discussion of finance and society.

Financial Literacy for Law Students: Part II Separate from the question of whether we should have financial literacy education for law students, there's the question of what should be included. I'm curious what readers think is important. Comments are open. I'd merely ask that if your comment relates to the "should," rather than the "what" that you post in response to the "should" post, and not here.

FHFA Announces New Standard Short Sale Guidelines for Fannie Mae and Freddie Mac The new guidelines, which go into effect Nov. 1, 2012, will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship. Servicers will be able to expedite processing a short sale for borrowers with hardships such as death of a borrower or co-borrower, divorce, disability, or relocation for a job without any additional approval from Fannie Mae or.

Robo-Signing Is Back, Now in Even More Robo-Form Yves Smith links to an important report on an entirely new type of robo-signing being performed by a small servicer called Green Tree Servicing. It appears Green Tree Servicing has been flying under the radar and was hardly noticed until a recordation research team began uncovering similarly signed documents yup, the old robosigned Assignment of Mortgage trickery again but this time new and improved via computer, maybe for speed and precision, ya think? .

Oakland takes steps to address foreclosure crisis In June, The Bay Citizen reported that investors buy nearly half of Oaklands foreclosed homes, often with cash. Frequently, investors turn such properties into rentals with rents higher than a mortgage payment would be on the same home. Now, the city is taking steps to keep homes in the hands of homeowners. On Tuesday, the Oakland City Council approved two new initiatives intended to address.

BofA Sued For Over $1 Billion For Mortgage Fraud The Governments Complaint seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) for engaging in a scheme to defraud the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Shiller: Housing Market Could Take 50 Years to Fully Recover From housing starts to home prices, renowned economist Robert Shiller acknowledged there are a lot of positive signs for the U.S. housing market right now, but told CNBC Wednesday its still unclear if a recovery is actually in place. After all, Shiller noted the housing futures market for single-family homes was only mildly optimistic before superstorm Sandy struck the U.S.s East Coast with expectations for just 3 percent growth per year over the next four years.
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, NOVEMBER 12 NOVEMBER 16, 2012

WEDNESDAY, NOVEMBER 14, 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

Exec Who Allegedly Enabled Fraud Runs Chases Effort to Compensate Foreclosure Victims In a lawsuit filed last month in federal court in New York, Justice Department attorneys allege that Countrywide, which was bought by Bank of America in 2008, perpetrated a two-year scam to foist shoddy home loans on Fannie and Freddie. Neither Mairone nor any other individuals are named as defendants in the civil suit, and no criminal charges have been filed against her or anyone else in connection with the alleged misconduct.

Community rallies for threatened therapeutic horse farm "It just kills me to see it go like this," said Parkwood Farms volunteer Ginger Jones as she choked back tears. "I just get so much out of working with the kids and the horses," she added. After eleven years of helping calm children with disabilities like autism and down's syndrome, Parkwood Farms is facing foreclosure.

Realtors object to bulk foreclosure sales, call for leadership California Realtors are strongly objecting to the bulk foreclosure sale program and calling for a change of leadership at the Federal Housing Finance Agency, the agency that initiated the pilot program. In a recent statement, the California Association of Realtors objected to the Nov. 5 REO bulk sale transaction between Fannie Mae, the FHFA and Colony Capital.

SIGTARP Investigations and Audit Teams Recognized For Excellence The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) today announced that its Investigations and Audit teams have been awarded the 2012 Award for Excellence in Investigations and the 2012 Award for Excellence in Audit, respectively, by the Council of the Inspectors General on Integrity and Efficiency (CIGIE). The Investigations division was recognized for its work, in conjunction with its law enforcement partners.

$620,000 grant from national foreclosure settlement awarded to Illinois Legal Aid Online The attorney generals grant will be used to develop web-based resources to assist Illinois homeowners and legal professionals dealing with foreclosure, including online training programs for legal staff and attorneys working with Illinois residents facing foreclosure. The grant also will be used to develop and enhance educational websites intended for homeowners and renters affected by foreclosure. This grant will give homeowners facing foreclosure online.

Affordable housing leader Carol Galante talks about the future of foreclosures Carol Galante, who made her mark on the Bay Area as a trailblazer for affordable housing, now applies her passion for housing policy on the federal level. Galante served for years as executive director of Bridge Housing and had previously been executive director of Eden Housing before heading to Washington D.C. a few years ago. President Barack Obama recruited Galante to serve in the U.S. Department of Housing and Urban.

Collateral Damage: The Spillover Costs of Foreclosures Between 2007 and 2011, 10.9 million homes went into foreclosure.1 These foreclosures not only have harmed the families that experienced them, they also have had negative effects that extend to the neighborhood, community and wider economy. There are myriad indirect costs of foreclosures, but in this report we focus on one: the economic impact on neighboring homeowners who lose property value as a result of being in close proximity to foreclosures.

Karl Rove and his investors were the biggest losers on Election Day The Republican strategist who created the model for the outside money groups that raised and spent more than $1 billion on the Nov. 6 elections saw almost no return for their money. Rove, through his two political groups, American Crossroads and Crossroads Grassroots Policy Strategies, backed unsuccessful Republican presidential contender Mitt Romney with $127 million on more than 82,000 television spots, according to Kantar Medias CMAG, an ad tracker based in New York.
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, NOVEMBER 12 NOVEMBER 16, 2012

THURSDAY, NOVEMBER 15, 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

Clark County NV foreclosures rise sharply in October Maybe Nevada Attorney General Catherine Cortez Masto was right after all. The robo-signing law that has drawn so much criticism from real estate agents really isn't stopping banks from foreclosing on delinquent borrowers. Clark County foreclosure filings increased to 1,731 in October, up 30 percent from the previous month and up 92.8 percent from a year ago, online listing service ForeclosureRadar.com reported Wednesday. That's a sharp reversal from the downward year-over-year trend in notices of default that started when Assembly Bill 284 took effect in October 2011.

Foreclosed Homeowners Getting Back In The Market Buyers are coming back into the housing market after losing their homes during the financial crisis returning to homeownership more quickly than lenders have typically allowed. With millions of families with recent foreclosures on their records, some report that they are having luck buying a house in some cases within three years.

MS: Foreclosure help coming to a city near you Owning a home in Mississippi may be on the rebound, but there are still plenty of folks across the state dealing either with the threat of losing a home or the fact they've already lost it. Attorney General Jim Hood said some of that is actually preventable and he's trying to put financial assistance into the hands of those who deserve.

A Solution to the Foreclosure Crisis Not since the Great Depression have so many homes been seized in foreclosure proceedings. With no end in sight, our country and local communities are faced with the realization that neither Washington nor Wall Street is willing or able to solve the problem. National Commonwealth Group has developed a set of solutions that can be initiated at the local level independent of outside help.

Reverse Mortgages Are Proliferating, but Its Wise to Proceed with Caution Reverse mortgages are growing in popularity as older adults tap their home equity to help them maintain their standard of living in retirement. But these loans come with potentially serious risks and AARP has been working for years to educate older homeowners on reverse mortgages, so they dont get into trouble. The New York Times reported Monday about some of the.

Orange County: An epicenter of real estate fraud Orange County is known for sand, surf and rich Republicans. But did you know its also the epicenter of real estate fraud in California? Its true. For the third year in a row, the Legislative Analysts Office reported this month that Orange County law enforcement agencies investigated the most real estate fraud cases among the states most-populated counties in fiscal year 2011-2012. In fiscal year 2008-09, the LAO reported that Orange County investigated the second most real estate fraud cases.

Lawyer cites foreclosure fraud in ex-APD officer's fight for home A national foreclosure expert said there is evidence of foreclosure fraud in a former Atlanta Police Department officers fight to keep her home. Jacqueline Barber faces foreclosure on her home on Woodland Road in Fayetteville. She told Channel 2s Linda Stouffer she is on edge from the constant threat of eviction. Occupy Atlanta is keeping someone at Barbers home 24 hours a day to assist her in case she gets an eviction notice.

Waiting for housing to drive the U.S. economy Housing's most direct impact on growth is via construction, remodeling and associated services, known as residential investment. Its contribution to GDP has shrunk from a historical average of about 5 percent, and over 6 percent in 2005, to 2.5 percent in the third quarter of this year. Economists expect residential investment will add two- to three-tenths of a percentage point to GDP in 2013, helping the economy maintain this year's pace of growth.
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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WEEKEND EDITION, NOVEMBER 12 NOVEMBER 16, 2012

FRIDAY, NOVEMBER 16, 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

You Do Not Have To Leave Your Pets Behind Currently there are over 1.6 million foreclosures and with the current economy, including credit crunch and job market, unfortunately there will be more in the near future. Sadly, pets are being left behind to fend for themselves and in many cases this results in starvation and death. These animals cannot survive on their own and simply do not deserve this treatment. The goal of foreclosurepets.org is to provide a FREE SERVICE where current homeowners can establish an account. Once the account is set up, they will be able to post their pets information, including photos, description, and contact information in order to find them a temporary home or a new family.

CA: Dual-Tracking Banned, Cancellations Surge 62%

Foreclosure

Judge lifts restraining order against St. Louis County foreclosure ordinance A new St. Louis County ordinance that requires banks to participate in mediation before foreclosing on residents can go into effect, a judge ruled Wednesday. Associate Circuit Judge Brenda Stith Loftin lifted a temporary restraining order Wednesday. Lenders and homeowners who request mediation will now be required to meet, though they will not have to reach an agreement. Failure to comply with the ordinance can result.

The number of foreclosures canceled by banks surged 62% across California last month, the same month major mortgage servicers were required to comply with new rules outlined by this years National Mortgage Settlement. Banks in the Golden State canceled 15,539 scheduled auctions last month, according to a report by website ForeclosureRadar.com. That was a 36.7% drop from the same month last year.

Home Resales Slip, Housing Recovery Still Eyed Home resales retreated in September from a two-year high, a reminder that America's housing sector is a long way from a full recovery despite recent signs of improvement. The National Association of Realtors said on Friday that existing home sales dropped a modest 1.7 percent last month to a seasonally adjusted annual rate of 4.75 million units, matching the median forecast in a Reuters poll.

Cash available for foreclosed homeowners People who lost their home to foreclosure from 2008 through 2011 should have received a letter by now saying theyre eligible to get cash under the national mortgage settlement stemming from scandal. But because the robosigning homeowners often are inundated by mailings regarding their foreclosure many of them from scam artists theres a danger that many either ignored their letters or threw away without realizing that this is the real deal.

Real Estate Agent Among 3 Charged in $1.5 Million Fraud Case Three people have been arrested and charged with defrauding the Bank of America by convincing the bank that it had improperly foreclosed on a house, an alleged fraud that cost the bank and a title company $1.5 million. Saliya "Sal" DeSilva, 49, of Northridge, Vahe Hayrapetian, 45, of Burbank, and Nora Yefima.

Housing Prices and Income Inequality Why is the gap between rich and poor in America yawning ever wider? The issue is urgent. As my colleague Annie Lowrey writes, there is growing evidence that income inequality impedes economic growth. And one interesting explanation boils down to the high price of housing. A recent paper by researchers at Harvard University argues that the prohibitive.

Elizabeth Warren II: Shes Baaaaaack as a U.S. Senator Look out, Wall Street: Shes baaaaaack. Elizabeth Warren, the Harvard professor and self-styled cop on the beat who protects consumers from Wall Street, left Washington last year after failing to gain enough Senate support to be confirmed as director of the new consumer financial protection agency she championed. Now, as if in a sequel, Warren will return to the U.S. capital having been remade into a senator herself just as Congress prepares its first revisions
>>>>>>> Mortgage Seizure Via Eminent Domain For Community Stabilization Debate And News Updated Daily http://paper.li/EmDomainDebate/1342319964

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