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Home Prices Continue Downward March

Home Prices Continue Downward March
The Wall Street Journal

U.S. home prices continued their multiyear tumble in March, according to the S&P Case-Shiller home-price indexes, as the downdraft shows no near-term signs of abating.

Meanwhile, U.S. consumer confidence improved sharply in May, especially in expectations for the economy six months from now, a report released Tuesday said.

Job Losses Push Safer Mortgages to Foreclosure
The New York Times

As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.

In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans — those extended to home buyers with troubled credit — to the far more numerous prime loans issued to those with decent financial histories.

Face-Lift for Foreclosure Prevention
The Washington Post

The Obama administration is attempting to revive a stalled government foreclosure prevention program that could restore equity to hundreds of thousands of borrowers whose home values have plummeted.

After eight months, the program, known as Hope for Homeowners, has helped just one borrower secure a more affordable loan. President Obama signed legislation last week simplifying and lowering the cost of the program for lenders and borrowers. Lenders that participate also are eligible for incentive payments from government bailout funds.

Mortgage Modifying Fails to Halt Defaults
The Wall Street Journal

Mortgage-servicing companies are struggling to find the best way to modify mortgages so that borrowers can stay in their homes, according to a Fitch Ratings report expected to be released this week.

The Fitch report analyzed mortgages bundled into securities between 2005 and 2007, a peak time when the U.S. housing industry benefited from investors' demand for mortgages. The Fitch report studied pools of mortgages that are managed by more than 30 servicing firms charged with collecting and modifying loans on behalf of investors in so-called residential mortgage-backed securities.

MBS, Foreclosure Lawsuits Jump
MortgageBank Mag

Mortgage-backed securities investors led an increase in mortgage-related lawsuits, according to the First Quarter Mortgage Litigation Report from MortgageDaily.com. A rise in foreclosure lawsuits also contributed to the increase.

The analysis, based on active cases covered by MortgageDaily.com, was prepared in conjunction with the law firm of Weiner Brodsky Sidman Kider PC, which is known as a leader for its work in mortgage banking litigation.

Posted: Tue, May 26 2009 9:34 AM by joelc

Comments

Jan said:

pxquisitatlaw/ppWhat a terrible story!   What state  - can you dvuilge?  We really need to get these stories out there.  Need to create our own advocacy group.   /ppThe complaint posted here by Foreclosure Fraud - is absolutely amazing as to how the people were scammed   - and Washington just continues to ignore all.    Courts just do not care - and think the "investors" get the proceeds from a foreclosure recovery.   /ppPay attention to the complaint's "Relief Requested" -br /Quote:/pp"Wherefore, Plaintiff requests...... (i) recovery of the consideration paid for the Securities, together with statutory interest from the date of payment, costs, and reasonable attorneys' fees, less the amount of any income received on the Securities, upon the tender of the Securities, or (ii) damages in the amount that would be recoverable upon a tender of the Securities less the value of the Securities when the buyer disposed of them, statutory interest from the date of disposition, costs, and reasonable attorneys' fees.     In addition, Plaintiff requests such other and further relief as the Court deems just and proper."/ppEnd Quote./ppIf the investor plaintiff in this case was recovering monetary amounts on foreclosed properties, this recovery would have to deducted from the "relief requested."   This is not the case - the investor lost income only - and, it is not apparent as to whether or not the securities are still even in possession.    /ppThe law firm would not give a foreclosure victim the time of day.   And, they have access to information (which borrowers do not have)  that would clearly help foreclosure victims.  Where is the government help for the people, where is the justice for the people as a whole? /ppHope someone can help your neighbor - it is very kind of you  to care, but, the fact remains that the US Government should have helped all the victims.  They did not - and, again, major source of blame started with Mr. Henry Paulson -with close follow by Mr. Ben Bernanke, Mr. Timothy Geithner,  Mr. President Obama, and Congress..  We were discarded from the onset./p

# March 11, 2012 9:06 AM

Gor said:

he was fed up with quote  my bitching  so he ebliad because i would not pay him anymore to do nothing. He refused to change my decree papers prior to a final sign off on them to state for  Adultery  he worded the papers to state i got 1/2 of all of the 401K, IRA, Bonus program, and the company stock as of what was left in it as of the day before the decree papers were signed instead of what was in those accounts at the beginning of the divorce for the last yr. Of course my ex pulled out over $14,000.00 out of just one of his 401K's and pulled out all the other money out just before the signing of the decree. Now that atty. contends because my previous atty.'s did not do Discovery that he had no way to find out what my ex had in those acct.'s. But i was Pro Se for 2 wks and I DID do the Interrogatories and Discovery. That same atty. was aware of it and had them in his office for the last 7 months. My ex's atty. told me he refused to respond to them as i did not respond to his. Which i did but the first atty. I had did not send them to him. I have no job and have filed for disability and just got news yesterday i was approved( after waiting 2 yrs). the mortgage co. for the Boise home is GMAC. I am going to send them the 41 page questionaire on who owns the note. My home in Oregon is in the same situation. I actually had to get written permission from my ex to even talk to Carrington Mortgage to make house payments on the home i owned prior to marrying this idiot. I know that the note on it has been bought out at least once as Carrington was not the original holder of the note. I am filing complaints with the Idaho State Bar for the 3 atty.'s i have had who have screwed up my divorce beyond belief but in the mean time i am looking at two foreclosures. My ex filed bankruptcy on May 19, 2009 and remarried another sucker on May 22, 2009 so her income would not count against his bankruptcy. between the two of them they have approx. $6,500.00 a month in income and are now in the process of buying a new $300,000.00 home one month after his bankruptcy was discharged. I have spent all my money that should have gone to paying house payments on Atty.'s I sold my 52 Chevy to pay the last one then after the last payment i made to him which i had to use my house payment to pay him another $900.00 he told me i was  bitching  too much about the QDRO not being done. Any ideas? I am desperate. I have no where to go and i also have the poor innocent cats my ex left with me who will be put to sleep if i have no home for them either. I am taking my ex back into court Pro Se again for contempt charges but he has a very good atty. court is Nov. 18, 2009.

# March 12, 2012 6:56 PM
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