Experts share solutions to solving the foreclosure mess
The federal government just reported that 4.2 million homeowners are "seriously delinquent" on their mortgages and some 10.9 million borrowers are underwater, meaning their loans exceed the value of their homes.  To make matters worse, there is the threat of protracted litigation between banks and borrowers because lenders might not have followed the letter of law in processing foreclosure paperwork.  An even bigger source of worry is the $426 billion in so-called second liens — home equity loans, second mortgages and other loans "junior" to the primary mortgage — that sit on the balance sheets of Bank of America, JPMorgan Chase, Wells Fargo and Citigroup...  Add it all up and there's the potential for the U.S. housing market to languish in a stupor for years to come. As bleak as all that might sound, there could be a way out — one that doesn't involve another government bailout.

The G.O.P.’s Moneyman
Over the last decade, two Republicans with the last name Perry have dominated the Texas political landscape. One is Rick, the state’s longest-serving governor. The other is Bob (no relation), the state’s largest individual political donor during that time. There is no close secon.  Since 2000, Bob Perry, a wealthy Houston home builder, has contributed about $28 million to more than 400 candidates and political action committees in Texas, according to an analysis of campaign-finance data by The Texas Tribune... Since 2000, Mr. Perry has also contributed at least $38 million more to candidates and groups outside Texas. That includes $10 million to the Republican Governors Association, according to data provided by the Center for Resonsive Politics.He gave $4.4 million to the Swift Boat Veterans campaign that attacked the Vietnam War record of Senator John Kerry... 

Lowe’s Amends Settlement to Get Drywall Victims More Money
Lowe's Companies Inc. has dramatically increased the amount of money  [1] it is prepared to offer customers whose health or homes were harmed by defective drywall they bought from its stores. Those customers are now eligible for up to $100,000 in cash, instead of the maximum $4,500 in cash and gift cards that was previously agreed upon in a class action lawsuit that is being negotiated in a Georgia state court.

Should Obama Halt Foreclosures?
As the American economic malaise moves into its third year, the plague of home foreclosures continues to spread. It’s hardly news that people are still losing their houses, unable to keep up with payments because of job losses or bad decisions on loans that should never have been made. What is alarming, though, is that another wave of foreclosures is headed toward America’s suburbs, threatening further injury to the housing market. In the next three years, there are likely to be 3 million more homes seized, according to RealtyTrac, a real-estate-research firm. That would be as many as were seized from 2008 through today, a period that included the worst of the recession. In September alone there were more than 100,000 foreclosures, the most since RealtyTrac began following the numbers in 2005.

Dream home turns into nightmare for one local couple
Our homes, for the most part, are by far the biggest investment we will ever make. Builders give warranties with most new homes. But what would you do if you thought your builder wasn’t standing behind that guarantee? One couple called Barry Davis and Eyewitness Wants to Know...The Weisses settled on Broadway 5 Custom Homes. Almost $500,000 later, they have a show place, complete with an outdoor kitchen on a balcony. There is just one problem that returns when it rains. “[It] it continually leaks, every time it rains and it’s been a nightmare,” said Marc Weiss. The Weisses say they called Marshall, who agreed to come out and fix the problem... “In September, when we had the big rains, the garage ceiling bowed and it was collapsing," Marc Weiss added. So was their confidence in Peter Marshall. The Weisses say he wouldn’t even return their calls, but their attorney did come through.

AG Reaches Agreed Judgment with Mortgage Rescue Company
Already outraged homeowners are now furious with the Texas Attorney General’s office for going easy on two brothers FOX 4 found running a mortgage rescue company. They were supposed to be helping struggling homeowners but the brothers were accused of helping themselves instead. The two faced enormous penalties but that’s not what happened when it was all said and done... FOX 4 wondered how the restitution would be divided and how the Attorney General decided on $25,000.00. We also wanted to know why $90,000.00 of the $110,000.00 penalty was abated. Since no one from the Attorney General’s office would sit down with us and answer our questions on camera, we caught up with assistant attorney general, Andrew Leonie in Dallas. Leonie worked on the Bailey brothers’ case. He just happened to be speaking at a summit on combating loan scams. The media was invited.

Big Gifts to G.O.P. Groups Push Donor to New Level
Now Mr. Rove and his party are benefiting from his old friend’s largess once again, as new federal disclosure reports this week showed that Mr. Perry has given $7 million since September to American Crossroads, the conservative group Mr. Rove helped start. Mr. Perry was the group’s biggest donor. Mr. Perry, 77, has long been a major donor to Republican candidates, with significant contributions to George W. Bush’s campaigns for Texas governor and his presidential races, as well as to Republican groups and causes. But his donations to American Crossroads, which has been become a major force this election season in pushing Republican candidates, along with $4 million to the Republican Governors Association this year, put Mr. Perry in another stratosphere as a conservative version of George Soros, the patron of liberal causes. ... Mr. Perry’s company was drawn into a long controversy over the liability issue when a couple claimed a Perry Homes house was defective. ...in March a jury ordered Perry Homes to pay $58 million in damages.

Coalition Presents Testimony to Interim IGR Committee
A Coalition of Homeowners and Homeowner Organizations for HOA Reform in Texas.  Senator West, Chair of InterGovermental Relations and committee members heard testimony on regulation of abusive HOA organizations.  Founding Members: Texas Homeowners for HOA Reform, Inc.    HomeOwners for Better Building and Texas Housing Justice League

Join HOA Reform Coalition and View Video of Interim Hearing

SA Home Builder Hit With Warranty Complaints
In March, the Defenders illustrated Mike Urzendowski's problems with his Stonewall Custom home: A cracked driveway and stucco, and flashing that allowed rain to come inside the house. Another StoneWall customer ..."The one thing I want is the house I paid for," said Lisa Forsyth, who moved into her StoneWall home last year.  Now, Forsyth said her home has cracks in the tile, in the patio, the brick archways and the driveway.  She said only duct tape keeps her bedroom door from blowing open and that StoneWall will not honor its warranty even after an inspector's report and a lawsuit. "I want the defects corrected; I want to come home to a house where I can raise my family in a safe, happy manner," Forsyth said. Related article: Man Asks For Settlement From Homebuilder 

Developer broke restriction by selling to speculators, Stuart condo association says
As a condition of sale, buyers had to sign a deed restriction that said they must occupy the condominium as their primary or secondary residence for at least one year. But Centex sold units to investors who did not occupy the units... The suit also alleges numerous inadequacies in design and construction, including landscaping, plumbing, irrigation and drainage, potable water system, fire hydrants, downspouts, sidewalks, sunken pavers, entrance gates and roadways. Some of these flaws are in violation of the Florida Building Code or city ordinances, the suit said.