Foreclosure Reforms May be Coming to a Head
Housing Starts in U.S. Fell in July as Construction Stagnated
By Shobhana Chandra, Bloomberg News, Aug.16, 2011
Builders began work on fewer homes in July, indicating residential real estate is failing to contribute to U.S. growth two years into an economic recovery. Housing starts fell 1.5 percent to a 604,000 annual rate, from June’s 613,000 pace that was less than previously estimated, Commerce Department figures showed. Building permits, a proxy for future construction, also dropped.
Nevada A.G. Joins States Balking at Bank Deal
By David McLaughlin, Bloomberg News, Aug.16, 2011
A possible settlement of a 50-state probe of foreclosure practices drew more state scrutiny as Nevada’s attorney general joined three other states in voicing concern about a deal that protects banks from continuing mortgage investigations. Nevada Attorney General Catherine Cortez Masto, whose office sued Bank of America Corp. and is conducting civil and criminal foreclosure probes, said she will be “very cautious” about agreeing to a settlement that hinders those inquiries.
N.J. Judge Allows 4 Major Banks to Resume Foreclosure Proceedings
By Sarah Portlock / The Star-Ledger, Aug. 16, 2011
Four of the country’s biggest banks can now resume their uncontested residential mortgage foreclosures in state court, a Superior Court judge ruled today. The decisions come nearly nine months to the day after New Jersey Supreme Court Chief Justice Stuart Rabner cracked down on more than 30 residential mortgage lenders and servicers over fears judges had inadvertently "rubber-stamped" files with inadequate or inaccurate paperwork and people were unnecessarily put out of their homes.
Obama Wants Proposal for How Government Can Keep Big Role
By Zachary A. Goldfarb, Washington Post, Aug. 15, 2011
President Obama has directed a small team of advisers to develop a proposal that would keep the government playing a major role in the nation’s mortgage market, extending a federal loan subsidy for most home buyers, according to people familiar with the matter.
Foreclosure Reforms May be Coming to a Head
By Michael Hiltzik, Los Angeles Times, Aug. 14, 2011
We are now in the fifth year of a housing crisis in which more than 3 million Americans have lost their homes to foreclosure, with millions more still at risk. Every initiative — government or private — to stem the tide of misery has fallen leagues short in the face of continued economic gloom and the intransigence of lenders. So it's an odd moment to be identifying glimmers of optimism that solutions to the crisis might finally be emerging. Yet that may be the case.