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HOMEOWNERS NEWS

ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

Facing Foreclosure? Don't Just Sit ThereAct Now A shocking 2012 study by the Federal Reserve Bank of Chicago, the Office of the Comptroller of the Currency, University of Chicago and Ohio State University estimates that over 800,000 foreclosures that were done between 2009 and 2010 were done in error ... much like a doctor amputating the wrong leg. Studies show that higher rates of home owners in a neighborhood versus renters generally result in better property maintenance, school quality, crime rates and tax base stability. Higher amounts of rentals generally have the opposite effect. Home foreclosures can result in neighborhood property devaluation, neighborhood blight, increase in crime, government tax base erosion, family discord and health issues.

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New rules to govern Illinois foreclosures The Illinois Supreme Court on Friday announced new rules governing mortgage foreclosures that will require lenders to prove to judges that they have exhausted all efforts to help a borrower before seeking a foreclosure judgment against the homeowner. The rules, first reported by the Chicago Tribune, are designed to better inform and protect the tens of thousands of Illinois homeowners still at risk of losing their homes to lenders six years after the local housing market's bubble burst.

Four proposals to protect homeowners from foreclosure-related abuses and increase resources to keep them in their homes were filed this week as lawmakers ready for a legislative session that already includes a long-debated The bills, filed fast-track foreclosure bill. Wednesday by Sen. Darren Soto, D-Orlando, would help homeowners by reducing their loan amounts through principal reductions, shrinking the number of years banks can pursue a.

SHILLER: All This Housing Optimism Is Way Too Premature Henry Blodget: Everybody in the U.S. seems convinced that the housing market is going to come roaring back, its going to save the economy, house prices are going to rise, houses are a great investment again. Are they right? Professor Shiller: First of all, I challenge your statement a little bit. The Pulsenomics survey of experts they had 105 experts in their December survey and not one of them predicted a return to the boom that we had.

Chairman Of Debt Collection Service Sentenced To 5 Yrs In Prison For Tarp Fraud To keep the money flowing in the $12 million fraud scheme at Oxford, Richard Pinto defrauded TARP recipient Webster Bank in order to obtain a $6 million line of credit, said Christy Romero, Special Inspector General for TARP (SIGTARP). In this case, the consequence for lying, cheating, and stealing from clients, investors, and a TARP bank is serving five years in federal prison, and it should serve as a warning to anyone exploiting TARP at taxpayers expense. SIGTARP, the.

New York City Housing Trails Rebound: Cutting Research

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Case Offers Peek Behind the Curtain of a Security The private mortgage-backed securities market grew to be a virtually inscrutable giant. Each securitization contained thousands of mortgages and as many as dozens of different securities, some of which could emerge unscathed even if others produced total losses for investors. Five years after it began to blow up, that market can be seen as having failed twice

New York Citys housing market is poised to lag behind other markets for the next two years even as a national recovery in real estate continues. Thats the assessment of Capital Economics Ltd. Property Economist Paul Diggle and assistant Michael Pearce, who in a Jan. 28 report said conditions look less amenable to rising prices in New York City, particularly in Manhattan and.

The Government Whiffs, Again, on Mortgage Servicer Abuse Since the foreclosure crisis began six years ago, homeowner advocates advanced two priorities: accountability for the fraud and abuse that took place, and safeguards to ensure it never happens again. There has been little if any progress on the former, but a spate of new rules from the Consumer Financial Protection Bureau represent a serious attempt at the latter. New rules governing mortgage lenders (also called mortgage originators), which create a standard 30-year qualified mortgage based on the borrowers ability to pay, and use various incentives to discourage riskier loans outside the QM model, have been lauded by many analysts.