In Foreclosure Settlement Talks With Banks, Predictions of a Long Process
In Foreclosure Settlement Talks With Banks, Predictions of a Long Process
March 30, 2011, New York Times
Little was settled in the first round of foreclosure settlement talks. The nation’s top mortgage servicers met Wednesday in Washington with the attorneys general from five states as well as Obama administration officials, beginning negotiations in earnest over new rules for homeowners who are in default. The one thing everyone seemed to agree on was that an agreement was going to take time.
Foreclosures Boost Incomes?
March 30, 2011, Barron’s
There's good news and bad news on the housing front. The good news is that the numbers of borrowers who have fallen behind on their mortgages or are seriously delinquent are beginning to recede. Meanwhile, foreclosures appear to have plateaued, albeit at historically high levels. The bad news is that all the folks who have stopped paying their mortgages eventually will lose their houses and will no longer be able to live rent-free. And when that happens, there will be a hit to personal income, at least the way government economists count it.
House Votes to Scrap Foreclosure Program
March 29, 2011, New York Times
Republicans, ignoring a veto threat from the White House, pushed a bill through the House on Tuesday that would eliminate a foreclosure prevention program that provides financial incentives to mortgage servicers who modify loans for homeowners who are behind on their payments. The House voted 252-170, mostly along party lines, to terminate the $30 billion Home Affordable Modification Program and redirect unspent funds toward reducing the deficit.
Which state faces biggest foreclosure risks? New Jersey
March 30, 2011, Christian Science Monitor
The US has 1.8 million units of 'shadow inventory' – distressed properties likely to hit the housing market. New Jersey tops the list, with Illinois, Florida, and California also among the most at-risk. The data, part of a new report, show both improvement and remaining problems.
Judge to Oversee NJ Mortgage Foreclosure Process
March 30, 2011, Bloomberg
A judge appointed a special overseer Tuesday to ensure that foreclosure proceedings in the state of New Jersey conform to the law. The move comes after state Supreme Court Chief Justice Stuart Rabner in December ordered six of the nation's biggest mortgage lenders to show why their foreclosure operations shouldn't be suspended in New Jersey over reports of widespread irregularities.
Stern to Stop Prosecuting Thousands of Foreclosure Cases in Florida
March 30, 2011, Miami Herald
The Law Offices of David J. Stern will cease pursuing its 100,000 pending foreclosure cases as of Thursday, the firm’s founder announced in a letter to Florida judges this month. Stern’s departure from the business of foreclosure prosecution will leave more than 25,000 South Florida foreclosure cases stranded without representation, and many of them could be dismissed for lack of prosecution.