Princeton Study: Foreclosures and Racism |
Wednesday, 24 November 2010 |
Princeton study: Institutional racism played role in foreclosure crisis
African-Americans were more likely to be offered subprime loans over whites who had similar financial backgrounds, according to a new study that looks at institutional racism in the nation's housing crisis.âWhile policy makers understand that the housing crisis affected minorities much more than others, they are quick to attribute this outcome to the personal failures of those losing their homes â poor credit and weaker economic position,â noted Douglas Massey, the study's other author and a professor at Woodrow Wilson. âIn fact, something more profound was taking place; institutional racism played a big part in this crisis.â Read More on Study: Princeton study finds racial dimensions to foreclosure crisis See: Summary |
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Foreclosure Congressional Hearings |
Tuesday, 23 November 2010 |
Congressional hearing on foreclosures: When did feds learn of problems?
Rep. Spencer Bachus (R-Ala.), who is likely to be tapped as the next chairman of the House Financial Services Committee, grilled federal regulators about when they learned of the "robo-signing" and other issues related to foreclosures. Rep. Randy Neugebauer (R -Tex.) also criticized the regulators, calling it frustrating to have "the people we put in charge" come before Congress again as they did during the financial crisis and say, "We didn't know." "The American people have a greater expectation that you know it before it happens than reacting after it happens," Neugebauer said. |
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ABC's 20/20 Slams the Better Business Bureau |
Friday, 12 November 2010 |
Watch '20/20' Friday Nights at 10 p.m. Eastern Time
Consumer Watchdog Accused of Running 'Pay for Play' Scheme With Grading System
ABC's 20/20 is the primetime news magazine program featuring co-anchors Elizabeth Vargas and Chris Cuomo. From newsmaker interviews, to hard-hitting investigative reports, Barbara Walters exclusives... Hamas Terror Group Gets 'A' Rating From Better Business Bureau? Consumer watchdog accused of running 'pay to play' scheme with grading system.
View Good morning America Preview |
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Licensed and Bonded? No Deals if you don't have Wheels |
Thursday, 11 November 2010 |
NYC Uses 'Sting' House to Nab Unlicensed Home Contractors
Today the city of New York is announcing the results of an undercover sting operation that targeted illegal contractors. The majority of states require home improvement contractors to be properly licensed, but there are still plenty of rogue companies operating. That's why authorities in New York and elsewhere are getting tough with illegal, unlicensed contractors...inspectors eventually nab a dozen companies and issue $65,000 in fines...Even more powerful, they impound their vehicles. Because you can't do any deals if you don't have wheels. |
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Supreme Court: AT&T Attempts to Block Class Action to Force Abritration |
Wednesday, 10 November 2010 |
Justices Question Contracts That Block Class Actions
The Supreme Court seemed disinclined to let companies use legal fine print to block class actions, with several justices suggesting they might defer to state courts that ruled in favor of consumers. An AT&T Inc. unit tried to prohibit class actions with arbitration clauses in the contracts it imposes on mobile-phone customers. But courts in California ruled the provision unenforceable..."scheme to deliberately cheat large numbers of consumers out of individually small sums of money," a clause prohibiting class actions was unconscionable because it left consumers with no practical remedy |
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TIME: Homeownership has let us down |
Monday, 08 November 2010 |
The Case Against Homeownership
Homeownership has let us down. For generations, Americans believed that owning a home was an axiomatic good. Our political leaders hammered home the point. Herbert Hoover argued that homeownership could "change the very physical, mental and moral fiber of one's own children." Franklin Roosevelt held that a country of homeowners was "unconquerable." Homeownership could even, in the words of George H.W. Bush's Secretary of Housing and Urban Development (HUD), Jack Kemp, "save babies, save children, save families and save America." A house with a front lawn and a picket fence wasn't just a nice place to live or a risk-free investment; it was a way to transform a nation. |
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NYT Gretchen Morganson: Mr. Shepherdson saw the housing crisis coming |
Saturday, 06 November 2010 |
He Saw Trouble Coming. Now He Sees It Going
Ian Shepherdson chief United States economist at High Frequency Economics. As a reader of economic tea leaves over the last five turbulent years, Mr. Shepherdson has a darn good record. For instance, unlike the throng of economists who failed to see the housing crisis coming, Mr. Shepherdson warned his clients in fall 2005 that real estate would crash and a recession would ensue...One problem for economists and investors, he said, is that our current economic cycle does not have the typical recession-recovery characteristics or timeline. Those who thought it would be similar to recent recessions were trying to fit a square peg into a round hole; there was nothing normal or routine about the events we have just lived through.
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Reuters: Rethinking Better Solutions Without Government Bailout |
Saturday, 30 October 2010 |
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 â home equity loans, second mortgages and other loans "junior" to the primary mortgage â 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 â one that doesn't involve another government bailout. |
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More Money from Lowe's Defective Drywall Settlement |
Friday, 29 October 2010 |
Loweâs 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. |
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Newsweek: More Trama of protecting homeowners from fraud |
Friday, 29 October 2010 |
Should Obama Halt Foreclosures?
As the American economic malaise moves into its third year, the plague of home foreclosures continues to spread. Itâs 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 Americaâs 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. |
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Eye Witness Wants to Know About Builder Warranty |
Friday, 29 October 2010 |
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 wasnât 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. â[It] it continually leaks, every time it rains and itâs been a nightmare,â said Marc Weiss. The Weisses say they called Marshall, who agreed to come out and fix the problem... âIn 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 wouldnât even return their calls, but their attorney did come through. |
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FOX 4 Outstanding Investigative Report - AG Goes Soft on Prosecution |
Tuesday, 26 October 2010 |
AG Reaches Agreed Judgment with Mortgage Rescue Company
Already outraged homeowners are now furious with the Texas Attorney Generalâs 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 thatâs 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 Generalâs 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 brothersâ case. He just happened to be speaking at a summit on combating loan scams. The media was invited. |
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HOA Reform Coalition Website |
Thursday, 21 October 2010 |
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 |
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StoneWall Homebuilder in the news again - Warranty! What Warranty? |
Thursday, 21 October 2010 |
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 |
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