Firms are Getting Billions, Yet Aren't Averting Foreclosures
Firms are Getting Billions, Yet Aren't Averting Foreclosures
October 5, 2009, Star-Telegram
The federal government is engaged in a massive mortgage modification program that's on track to send billions in tax dollars to many of the very companies that judges or regulators have cited in recent years for abusive mortgage practices. The firms, called mortgage servicers, have been cited for badgering, manipulating or lying to their customers; sticking them with bogus fees, or improperly foreclosing on them.
Real Estate Flippers Back in South Florida; This Time They Could Help
October 6, 2009, Miami Herald
The flippers are back. Bolstered by swelling foreclosures and bottomed-out prices, investors are returning to the South Florida real estate market, snapping up distressed homes with cash payments for either a quick turnaround or a short-term rent-then-sell investment.
Unlike the speculative flippers during the boom -- scourges who unnaturally jacked up prices, spawned reality TV shows and led to the economic crumble -- today's flippers are erudite capitalists who could usher in positive change by buying dilapidated and abandoned homes, patching them up and selling them for a market-bearable price, experts say.
Ohio Bill Proposes Mediation Before Home Foreclosures
October 7, 2009, The Plain Dealer
With a foreclosure moratorium bill stalled in the Ohio Senate, a House lawmaker from Northeast Ohio is pitching an alternative approach that he hopes can gain bipartisan support. State Rep. Matthew Dolan, a Russell Township Republican, rolled out his bill Tuesday, which would force borrowers and lenders to turn to mediation before a foreclosure action can be filed.