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April 9, 2013

Most borrowers affected by mortgage-related abuses won’t get a big payout

  • <$1000payout received by settlement to an average borrower victimized by banks’ alleged mortgage-related abuses. Federal regulators slated 1,135 people who’d lost their homes, most of them members of the military, to receive a bigger piece of the $3.6 billion pie — $125,000 for each. For 80% of those being compensated, however, the return won’t be so rich. source
20:05 // 1 year ago
August 4, 2012
This is how the United States repays its medal winners. (ht @pbump)
EDIT: Because this clearly got misinterpreted, this was not meant as the U.S. government, but the U.S. as a culture. The cultural climate of the United States made foreclosures a fact of life for many. Especially in Florida, of all places, where foreclosures have in recent years been among the country&#8217;s highest. That&#8217;s what the comment was intended towards. A single sentence probably wasn&#8217;t enough to make that clear. — Ernie @ SFB

This is how the United States repays its medal winners. (ht @pbump)

EDIT: Because this clearly got misinterpreted, this was not meant as the U.S. government, but the U.S. as a culture. The cultural climate of the United States made foreclosures a fact of life for many. Especially in Florida, of all places, where foreclosures have in recent years been among the country’s highest. That’s what the comment was intended towards. A single sentence probably wasn’t enough to make that clear. — Ernie @ SFB

11:00 // 2 years ago
May 6, 2012
Today in ways to turn toxic assets into something a little less toxic.

Today in ways to turn toxic assets into something a little less toxic.

21:20 // 2 years ago
November 21, 2011
18:50 // 2 years ago
October 1, 2011

Much credit to these protesters: In some ways, these protests were arguably more effective in one quick burst than the Occupy Wall Street protests have been in one long, slow-moving one. With a specific target (Bank of America) and a specific reason (their overly harsh handling of foreclosures) the result is a protest that plays well for the cameras and effectively encapsulates the point of what’s going on. People got arrested, but they did peacefully. It took a while to draw some reaction from Occupy Wall Street; Bank of America was forced to dismiss the protests as a PR stunt right away. But the fact they had to say anything at all is a big deal. source

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16:16 // 2 years ago
June 19, 2011

Home foreclosure backlogs laughably long in some states

  • 62 year backlog for foreclosures in New York state (no really) source

» And they’re far from alone: Nearby New Jersey has a backlog stretching back a solid 49 years, and noted foreclosure mecca Florida has a decade-long backlog. A big reason? The courts are overworked on this issue and can only handle so many cases. But even in the 27 states where courts aren’t involved, the wait is often still significant — at least a year in many cases. Beyond the courts, the entire system is overworked — and lenders seem to be in no rush to add any more repossessed houses to their balance sheet.

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23:47 // 3 years ago
February 25, 2011
The current environment of heightened regulatory scrutiny has the potential to subject the corporation to inquiries or investigations that could significantly adversely affect its reputation.
A statement from Bank of America • Noting in a filing with the Securities and Exchange Commission that the company could be subject to huge penalties over their abusive mortgage practices. They’re not alone; Wells Fargo and Citigroup ware in the same boat, and it’s all thanks to the shady way that the trio dealt with their foreclosures. The reports from the companies suggest that all three will take a financial hit for said shadiness. Bank of America says that the state and federal inquiries “could result in material fines, penalties, equitable remedies (including requiring default servicing or other process changes), or other enforcement actions, and result in significant legal costs.” In other words, they’re screwed for screwing over homeowners. Oops. source (viafollow)
23:26 // 3 years ago
January 20, 2011

Some positive home sales news, because we need some

  • 12.3% jump in existing home sales in December source

» Oh yeah, some more good news: The annual rate of 5.28 million homes, while far below the mid-naughts peak of 7 million in September 2005, is a bit higher than analysts expected. The number hit a low of less than 4 million home sales back in the middle of last year. Granted, people’s homes are still getting foreclosed en masse, but this isn’t bad news.

10:40 // 3 years ago
January 13, 2011

A record year: How bad were home foreclosures in 2010?

  • 2.9 million the number of foreclosure notices homeowners received in 2010 – a record, but only modestly above 2009
  • 1 million the number of people who lost their homes as a result – Nevada led the nation in Foreclosures, BTW source
9:38 // 3 years ago
December 28, 2010
The double-dip is almost here. There is no good news in October’s report. Home prices across the country continue to fall.
Standard & Poor Index Committee Chairman David Blitzer • Expressing fear that recently-released housing numbers are a harbinger of a double-dip. The numbers, which showed a 1.3 percent decline in home prices in 20 key cities, were apparently much more dire than many analysts were expecting. “It was a bit of a surprise,” said IHS Global Research’s Pat Newport. “I wasn’t expecting it to lag so badly in all 20 cities.” source (viafollow)
11:09 // 3 years ago