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Organizing your community to bring public attention to builder’s bad deeds and seeking assistance from local, state and federal elected officials has proven to be more effective and much quicker for thousands of families. You do have choices and alternatives. Janet Ahmad |
Forcloseure Latest News
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Homebuilding industry lobbies for Big Tax Break Rewards for its Predatory Lending |
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Saturday, 26 April 2008 |
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Home builders group spent $3.2M lobbying
So far this year, the builders group has been especially active in pushing for legislation designed to jump-start the lethargic housing market. It favors an emergency tax break that would let companies use losses from this year and next year to offset profits earned over the previous four years, instead of the usual two-year timeframe and a tax credit of $7,500 for first-time home buyers, estimated to cost $3.8 billion over 10 years...Earlier this year, the builders were so distressed by what they saw as lawmakers' lack of attention to the housing market in an economic stimulus bill signed by President Bush in February that the trade group's political action committee halted contributions to congressional candidates' campaigns. |
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Worthless Foreclosure Prevention Act |
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Saturday, 26 April 2008 |
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Foreclosure Act Does Squat for Homeowners
Representatives from numerous organizations assembled this week at a press conference in Washington, D.C., to call upon the House of Representatives to fix the legislation, which includes billions in taxpayer-funded breaks to homebuilders and financial-services companies...Critics of the legislation say the measure doesn't do enough to help individuals and families who are now suffering the consequences of a stalled economy. Instead, it aids the homebuilding and financial-services industries, who are in dire straits because of their own actions.
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Homeowners Associations and what's behind them |
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Wednesday, 16 April 2008 |
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Homeowners Battle to Stop Home Foreclosures and fines
See who is behind HOA abuses of power. Associa Management Company is the largest HOA management company in the US and is owned byTexas Senator John Carona. Need help see American Homeowners Resource Center and Texas Homeowners for HOA Reform.
See Fox News Report |
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Democrats help homeowners |
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Thursday, 10 April 2008 |
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House Democrats reshape bill to help more homeowners
House Democrats, opposed to the Senate's focus on helping homebuilders, moved Tuesday to reshape housing legislation to help more homeowners. "We need to provide relief to the buyers and families themselves, not just the banks and builders," said Rep. Charles Rangel, D-N.Y. House Democrats, he said, intend to put "families first."...Also today, House Financial Services Committee Chairman Barney Frank, D-Mass., will hold a hearing on his bill to provide $300 billion for federal guarantees of mortgages for troubled borrowers if lenders make them more affordable. |
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HUD in big trouble as Secretary Jackson resigns |
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Wednesday, 09 April 2008 |
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Looming Deficit Impedes Federal Housing Agency
Housing officials say the agency will face a deficit for the first time in its 74-year history, starting in the fiscal year that begins in October. And they blame a rapidly growing and increasingly troubled sector of the F.H.A.s mortgage portfolio, known as the seller-financed down payment loan program, which has suffered from high delinquency and foreclosure rates in recent years... In 2000, such mortgages made up less than 2 percent of F.H.A.-insured loans, officials say. By 2007, statistics show, they accounted for 35 percent of F.H.A. loans...These types of loans have pushed F.H.A. to the brink of insolvency, Alphonso R. Jackson, the housing secretary, told senators recently. They are costing hard-working Americans their homes. Mr. Jackson announced last week that he would resign his post as of April 18...But HUD is not the only agency to raise concerns about seller down payment loans. In 2005, the Government Accountability Office raised concerns that were echoed by the Internal Revenue Service a year later. |
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Reuters: 8.8 million homeowners, or 10.3 percent, are in over their heads |
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Wednesday, 05 March 2008 |
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One in 10 home loans is under water: Economy.com
One-tenth of U.S. homeowners hold mortgages that are larger than the worth of their homes, Moody's Economy.com said on Friday.Nearly 8.8 million homeowners, or 10.3 percent, are in over their heads, its chief economist, Mark Zandi, estimates... |
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More loan servicers agree to put foreclosures on hold |
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Saturday, 09 February 2008 |
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Project Lifeline provides 30 day breather for loan mods
Loan servicers and lenders who handle about nine out of 10 subprime loans have agreed to participate in an initiative to help delinquent borrowers by putting foreclosure proceedings on hold for up to 30 days to evaluate alternatives. The Project Lifeline initiative, targeted at borrowers who are 90 days or more behind on their payments, was announced by six major lenders on Feb. 12 (see Inman News story). |
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Preditory Lending has Worldwide Financial Impact |
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Tuesday, 22 January 2008 |
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If Everyones Finger-Pointing, Whos to Blame?
A wave of lawsuits is beginning to wash over the troubled mortgage market and the rest of the financial world. Homeowners are suing mortgage lenders. Mortgage lenders are suing Wall Street banks. Wall Street banks are suing loan specialists. And investors are suing everyone...Some of the loans have defaulted, and a trustees report on the pool of loans packaged and underwritten by UBS, the Swiss investment bank, shows that losses on some defaulted mortgages are as high as 100 percent. As of November, about 27 percent of the loans in the pool were either delinquent 60 days or more, in foreclosure or had resulted in a repossessed home. |
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State lawmakers consider legislation |
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Tuesday, 15 January 2008 |
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State lawmakers wrestle with abusive lending
In the three months since Iowa Attorney General Tom Miller launched a foreclosure hotline, nearly 6,000 Iowans have called for help. The calls come to the Iowa Mediation Service, which Miller hopes will be able to negotiate with lenders to help borrowers keep their homes. "We're trying to do it on a mass basis," Miller says. Foreclosure rates for homes purchased using non-standard, high-interest loans have reached historic highs in Iowa and around the USA. |
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Mortgage fraud convictions double |
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Tuesday, 15 January 2008 |
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FBI: Housing scams more than double
Federal mortgage fraud convictions have more than doubled in the past year, and the FBI expects a growth in foreclosure scams as the crisis over substandard, high-interest home loans escalates. Foreclosure rates for these mortgages, known as subprime loans, are at historic highs, according to surveys by the Mortgage Bankers Association and government records. |
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