Foreclosed Homeowners Go to Court on Their Own
Lawyers are scarce and free legal assistance is overwhelmed in New Mexico, so a community center here is offering an hourlong class in how to download the correct forms, decipher the lingo and mount a defense, however tentative and primitive, against a multibillion-dollar bank... In New Mexico, New York, Florida and the 20 other states where foreclosures require a judge’s approval, homeowners in default have traditionally surrendered their homes without ever coming to court to defend themselves. (In the 27 other states, including California, Nevada and Arizona, homeowners have a much harder time contesting a foreclosure even if they want to.)

Bad News: New Book Probes Role of Press in Financial Crisis
Given that some economists still debate the root causes of the Great Depression, little wonder that a multitude of competing stories still vies for affirmation as explanation for the financial crisis of 2008... As several chapters in Bad News make clear, a good deal of excellent work in the years before the crisis could have limited the pain had warnings been heeded--not least, work by my former Times colleagues Gretchen Morgenson and David Leonhardt, who sounded the alarm early on that home prices were getting well of whack with American incomes, setting up a fall. The trouble was that a louder chorus repeatedly drowned out this probing reporting about the magnitude of the real estate bubble--a steady celebration of permanently rising home price, the fantasy that propelled a construction binge, a mortgage bonanza and no end of wealth that got created along the way. That chorus abetted and enabled the capture of the regulators who are supposed to be able to tune out such noise while dispassionately scrutinizing the numbers.

Matt Taibbi on how foreclosure courts are helping big banks screw over homeowners 
The foreclosure  lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This "rocket docket," as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on — securitized mortgages and laby­rinthine derivative deals of a type that didn't even exist when most of them were active members of the bench. Their stated mission isn't to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. They certainly have no incentive to penetrate the profound criminal mysteries of the great American mortgage bubble of the 2000s, perhaps the most complex Ponzi scheme in human history — an epic mountain range of corporate fraud in which Wall Street megabanks conspired first to collect huge numbers of subprime mortgages, then to unload them on unsuspecting third parties like pensions, trade unions and insurance companies (and, ultimately, you and me, as taxpayers) in the guise of AAA-rated investments.

A Bank Crisis Whodunit, With Laughs and Tears
Finally, if it’s comic relief you’re after, turn to Page 105 for an interview with Angelo R. Mozilo, former chief executive of Countrywide Financial, a lender that profited by roping unsuspecting borrowers into poisonous loans.   Mr. Mozilo, the commission said, described his company as having “prevented social unrest” by providing loans to 25 million borrowers, many of them members of minority groups. Never mind that throngs of these loans have resulted in foreclosures and evictions. “Countrywide was one of the greatest companies in the history of this country,” Mr. Mozilo maintained, “and probably made more difference to society, to the integrity of our society, than any company in the history of America.” You cannot make this stuff up.  Related Article - See You Tube Quantitative Easing Explained

Out-of-control HOAs need reform
Homeowners Associations, known as HOAs, are multiplying across central Texas. So are the complaints against them.  Nearly 5 million people live in HOAs in Texas, and one out of every four homes built in the state during the last decade is part of one. But some homeowners said HOAs are out of control and now Texas lawmakers are listening.

Legal documentary "Hot Coffee" a provocative brew
Like many excellent documentaries, "Hot Coffee" is more a visual editorial rather than an all-encompassing and comprehensive distillation of a subject matter, in this case, our tort system. Essentially, it will play to standing ovations with the Trial Lawyers Assn., but be deplored by corporations and such entities as the U.S. Chamber of Commerce. Such is the direct force of its message.

Furry Creatures Explain Bank Bailouts: 'The Screwing Of The American People' (VIDEO)
In the new video, from Omid Malekan, one character asks why the banks were bailed out, and the other responds "Because they said the banks were too big to fail, and if they failed, there would be too many foreclosures, and no new mortgages." The video goes on to point out that after the bailouts, banks didn't stop foreclosures, or issue new mortgages. But one executive at Bank of America did pay bill on his $70,000 desk.

Perry Homes settles decade-old lawsuit by Mansfield couple
The two sides appeared in state District Judge Tom Lowe's courtroom Wednesday for a brief status conference but were instead immediately ushered into mediation. It was the third attempt at mediation in the case.

Residents Reflect On Anniversary Of Wall Collapse
 A year after a massive retaining wall failed dramatically at the Hills of Rivermist subdivision, there remains a tell-tale scar that runs through the heart of the neighborhood... McGinty said he's seen home values drop dramatically since the wall collapse, and now finds himself in a situation where he has no realistic shot of selling his home and breaking even, after watching his neighbors lose more than $15,000 on their investment. San Antonio Pulte-Centex Retaining Walls - And the Wall Came Tumblin Down

MoDOT wants day in court on highway lawsuits
The Missouri Department of Transportation wants its day in court when it is sued over injuries or deaths blamed on defects in state roads. The highway agency contends it is paying out millions of dollars more than necessary because of arbitration rulings against it. So the department wants to be able to take its chances before a judge and jury. Legislation considered by a Senate committee this past week would repeal a 1999 law that allows plaintiffs to decide whether to submit their cases to binding arbitration instead of a jury. The bill would require lawsuits to go to arbitration only if the Missouri Highways and Transportation Commission agreed to it.

No. 2 bank overcharged troops on mortgages
One of the nation's biggest banks — JP Morgan Chase — admits it has overcharged several thousand military families for their mortgages, including families of troops fighting in Afghanistan. The bank also tells NBC News that it improperly foreclosed on more than a dozen military families. The dispute apparently caused the bank to review its handling of all mortgages involving active-duty military personnel. Under a law known as the Servicemembers Civil Relief Act (SCRA), active-duty troops generally get their mortgage interest rates lowered to 6 percent and are protected from foreclosure. Chase now appears to have repeatedly violated that law, which is designed to protect troops and their families from financial stress while they’re in harm's way.

Marine sued by HOA over flagpole
"They're suing me for $200 a day and lawyers' fees and everything," Michael Merola said. Merola said he went through the proper channels to ask for permission to put up a 20-foot flag pole, but permission was denied.  The HOA told him he was welcome to attach a small flagpole to his house.

JPMorgan Chase Wrongly Forecloses On Military Families
JPMorgan Chase has admitted to overcharging military families on their mortgages, and illegally foreclosing on 14 families, NBC News reports.  NBC's report  focuses on one military family's five-year battle with the mortgage giant, who overcharged them by as much as $900 a month. While Marine Captain Jonathan Rowles was away on active duty, his wife Julia got calls demanding $15,000 they didn't owe. "It's been a nightmare, it's been my living nightmare," Julia Rowles told NBC News.

On the Commons with Janet Ahmad
The American dream of homeownership seems to be falling apart.  First the heavy handed HOAs and all the many problem associated with that largely unregulated layer of government reducing the dream to a nightmare, followed by the massive mortgage fraud that has stripped housing consumers of their homes and now we hear about the problems with the actual physical product, the building itself.  Is the American dream of homeownership all it is cracked up to be?  What are the dangers of owning a piece of the dream?  On The Commons this week we are joined by Janet Ahmad. Janet is the founder and President of the Texas based Home Owners for Better Building.  Their web page hobb.org is full of information and stories about the issues HOBB gets involved with.  Please join us On The Commons.  We'll find out what prompted Janet to take on this huge issue and what pitfalls of ownership we should look for. On The Commons is a weekly radio show, dedicated to discussing the many issues surrounding mandatory membership common ownership developments.  It is broadcast live from WEBR, Fairfax, Virginia. 

 Listen to, On The Commons Podcast