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August 2012 - Posts

Cautious Moves on Foreclosures Haunting Obama

Cautious Moves on Foreclosures Haunting Obama
By Binyamin Appelbaum, The New York Times, August 19, 2012

WASHINGTON — After inheriting the worst economic downturn since the Great Depression, President Obama poured vast amounts of money into efforts to stabilize the financial system, rescue the auto industry and revive the economy.

The Unsettled Foreclosure Settlement
By Joel Cone, Staff Writer, August 17, 2012

It’s been six months since the federal government and attorneys general from 49 states came to terms with the five largest lenders in the nation, settling on a $25 billion penalty for illegal foreclosure practices including the so-called “robo-signing” of foreclosure documentation starting back in 2008.

Foreclosures and the Presidential Race
By Octavio Nuiry, Staff Writer, August 15, 2012

With less than three months remaining until the presidential election, neither candidate has talked much about the troubled U.S. housing market, especially in foreclosure-riddled states like Arizona, California, Florida, Nevada and Michigan — all key swing states.

Published Mon, August 20 2012 9:47 AM by joelc
Know pitfalls of mortgage-to-lease option

Know pitfalls of mortgage-to-lease option
By Lew Sichelman, United Features Syndicate, August 9, 2012

Investors know a good thing when they see one. That's why they are lining up in droves to get their hands on thousands of government-held problem loans and foreclosures under Uncle Sam's mortgage-to-own initiative.

Foreclosures for the Price of a Motorcycle
By Octavio Nuiry, Staff Writer, August 8, 2012

Imagine buying a foreclosed house for less than what it cost to buy a brand new motorcycle.

Can Eminent Domain Solve The Foreclosure Crisis?
By Peter G. Miller, Guest Columnist, August 7, 2012

A new idea is floating around that underwater borrowers can be helped by refinancing their homes at current interest rates by having local government seize mortgages under eminent domain.

Published Thu, August 09 2012 9:35 AM by joelc
Nevada a test ground for campaign economic themes

Nevada a test ground for campaign economic themes
By Thomas Beaumont, Huffington Post, August 8, 2012

LAS VEGAS — Look no further than the epicenter of the nation's housing worries – where "for sale" signs dot neighborhoods just off the glittering Las Vegas Strip – to see how Democrat Barack Obama and Republican Mitt Romney are pitching themselves to voters beleaguered by the economy.

Can Eminent Domain Solve The Foreclosure Crisis?
By Peter G. Miller, Guest Columnist, August 7, 2012

A new idea is floating around, the thought that underwater borrowers can be salvaged by refinancing their homes at current interest rates. How? By having local government seize mortgages under the concept of eminent domain, a plan which has been proposed in San Bernardino, Calif. Dig a little further and we have to ask the question of who, exactly, will buy the existing loans — especially if the current lenders do not want to sell or cannot sell.

Why Lenders Don’t List REOs: The Conspiracy Theories
By Daren Blomquist, RealtyTrac Vice President, August 8, 2012

Two items in the most recent quarterly 10-Q SEC filing from Fannie Mae opens the possibility that lenders may be intentionally holding back REO inventory from being listed.

Published Wed, August 08 2012 9:53 AM by joelc
The Shocking Reason Why The Foreclosure Near You Won't Go Away

The Shocking Reason Why The Foreclosure Near You Won't Go Away
By Karen Nielsen, InvestingAnswers, August 6, 2012

Ever wonder why that house on your street is just sitting there, making the neighborhood look crummy? You're not alone.

Bottom Dwellers Waiting to Pounce on the Market
By Joel Cone, Staff Writer, August 6, 2012

The Wall Street Journal and The New York Times both published articles within the past six weeks declaring that the housing market has bottomed out. But hold on for just a minute. It seems that not everyone believes it. \

RealtyTrac Exclusive Q&A with Spike TV’s Flip Men: Garages The New Kitchens and Other Foreclosure Flipping Secrets
By Daren Blomquist, RealtyTrac Vice President, August 2, 2012

RealtyTrac recently caught up with the stars of Spike TV’s Flip Men, Doug Clark and Mike Baird, fresh from finishing up Season 2 of their show, which premieres this Sunday, Aug. 5 at 10 p.m. In this exclusive interview with RealtyTrac, Clark and Baird provide insight into what it takes to be successful real estate investors, particularly when it comes to flipping distressed properties. Read their advice for new investors, along with practical tips on the value of a good garage rehab, saving $10,000 on a simple drywall fix, and dealing with pesky city inspectors.

Published Tue, August 07 2012 9:13 AM by joelc
Mitt's Mansions, the Foreclosure Crisis, and the Election

Mitt's Mansions, the Foreclosure Crisis, and the Election
By Peter Dreier, Huffington Post, August 5, 2012

It is time for reporters following Mitt to start asking him some questions about housing, a serious problem today.

RealtyTrac Exclusive Q&A with Spike TV’s Flip Men: Garages The New Kitchens and Other Foreclosure Flipping Secrets
By Daren Blomquist, RealtyTrac Vice President, August 2, 2012

RealtyTrac recently caught up with the stars of Spike TV’s Flip Men, Doug Clark and Mike Baird, fresh from finishing up Season 2 of their show, which premieres this Sunday, Aug. 5 at 10 p.m.

Regulator Torpedoes Obama’s Mortgage Reduction Plan
By Octavio Nuiry, Staff Writer, August 2, 2012

The federal regulator overseeing Fannie Mae and Freddie Mac said onTuesday that he would not allow the government sponsored enterprises (GSEs) to reduce loan balances of delinquent and underwater borrowers, claiming in a 15-page report that there was no clear cut financial benefits, and such a move could trigger  some borrowers to intentionally default on their mortgage loans in the hopes of a taxpayer bailout.

Published Mon, August 06 2012 10:24 AM by joelc