Home Prices Drop in November for Third Straight Month
Home Prices Drop in November for Third Straight Month
By Derek Kravitz, Associated Press, Jan 30, 2012
Home prices fell for a third straight month in November in nearly all cities tracked by the Standard & Poor's/Case-Shiller home-price index. The declines show that most homeowners are not reaping the benefits from some signs of an improving housing market. Prices dropped from October in 19 of the 20 cities tracked. The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase. November's decline partly reflects the typical fall slowdown after the peak buying season.
Yet Another ‘Settlement’ Date
By Loren Berlin, Huffington Post, Jan 30, 2012
As the Obama administration, state attorneys general and the nation's biggest banks close in on a settlement over allegations of widespread mortgage fraud, Nevada's attorney general is pushing back with concerns and questions. Meanwhile a Feb. 3 deadline looms for states to declare whether they are joining the settlement.
NV AG Masto Defends Nevadans Against a Rushed and Bad ‘Settlement’
By Abigail Caplovitz Field, Reality Check, Jan 30, 2012
States’ Attorneys General across the nation are under tremendous pressure to sign off on a “deal” resolving the foreclosure fraud, servicing fraud, at least some origination fraud and perhaps more, committed by the biggest banks (wearing their mortgage servicing hats.) They’ve been told to sign on or reject the deal by this coming Friday, February 3. The States’ Attorneys General are being pushed by not only the banks, but by the federal government. And yet the AGs aren’t being given a settlement agreement to review. They’re not even being given a meaningful term sheet to review.
A Victory for the Public on Foreclosures?
By Matt Taibbi, Rolling Stone, Jan 28, 2012
So there was big news yesterday on the foreclosure settlement front. We still have to wait and see what the final deal looks like, but there are reports out that the long-awaited settlement is a far, far better deal for the public than expected. If these reports are true, it looks like New York Attorney General Eric Schneiderman and California AG Kamala Harris have scored an enormous victory in narrowing the scope of the settlement to the point where it really only covers robosigning abuses.
Treasury Investigates Freddie Mac Investment
By Shalia Dewan, New York Times, Jan 30, 2012
The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners’ ability to refinance their loans even as it was making it more difficult for them to do so, Jay Carney, a White House spokesman, said on Monday. On Monday, ProPublica and National Public Radio reported that Freddie Mac, which maintained slightly tighter restrictions than Fannie on homeowners’ eligibility to refinance, had a multibillion-dollar investment whose value hinged on borrowers continuing to pay higher interest rates.