TUESDAY JULY 10, 2012

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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

The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.- John Adams, A Defense of the American Constitutions , 1787 Eminent domain as a foreclosure fix Property values have fallen so sharply in San Bernardino County that nearly half of the homeowners with mortgages owe more than their houses are worth. Hoping to aid at least some of those "underwater" borrowers, the county is considering a novel plan to use venture-capital dollars to buy and refinance their mortgages. Banks' Paperwork Woman Her Home Foul-Up Cost Atlanta

Sidnetta Smith had to uproot herself and her children and move to North Carolina, leaving half of their belongings behind, when Bank of America foreclosed on their Atlanta home and evicted them. That's painful enough, but there's an added rub: Smith's home wasn't BofA's to take because the bank wasn't her mortgage lender.

Working to stabilize local housing markets and economies? Mortgage Resolution Partners (MRP) is a Community Advisory firm working to stabilize local housing markets and economies by keeping as many homeowners with underwater mortgages in their homes as possible. America is facing an historical national mortgage crisis. Due to a collapse of home values, one in five mortgaged homeowners owe more than their homes are worth;

Nevada Committed To Prosecuting HousingRelated Crime Nevada's mortgage Fraud Task Force -- arguably among the most aggressive in the country -- has undergone some dramatic changes in the last few months. The changes prompted its former chief to question whether those responsible for Nevada's housing collapse will ever be brought to justice. John Kelleher and Attorney General Catherine Cortez-Masto express a mutual respect for one another, but they disagree.

Mass. judge ordinances

upholds

anti-foreclosure

States Steal Federal Foreclosure Funds at Their Own Peril Heres the problem: many states -- including some hardest hit by the housing bust -- are diverting more than $1 billion of that settlement money to fill budget gaps, fund public universities and even bankroll litigation against defective Chinese drywall, according to a Bloomberg Government report. In doing so, states are robbing troubled borrowers of assistance and jeopardizing their housing recoveries in the process.

A federal judge on Tuesday upheld two Springfield anti-foreclosure ordinances, ruling against six banks that sought to overturn the regulations. U.S. District Judge Michael Ponsor dismissed a lawsuit filed by the banks, finding that the ordinances do not violate any state law or the U.S. Constitution. The banks sued after the Springfield City Council passed the ordinances last summer.

Former Orion Bank President Sentenced To 6 Years In Federal Prison "The observance of laws and regulations specifically enacted to protect the interest of consumers' investments and financial transactions are crucial to the integrity of our economy," said U.S. Attorney Robert O'Neill. "When financial institutions and their principals willfully break these laws, they must be enforced and prosecuted to the fullest extent of the law."

Middle Class Hurt by Broken Global Banking System: In the wake of the 2008 financial crisis, "the feeling is that we haven't really got to the heart of what the problem was and in my mind it was a banking crisis," says Casey, who goes on to cite the most recent examples global finance gone awry: Spain's banking liquidity crisis, JPMorgan's loss of $2-3 billion in just a matter of weeks or Jon Corzine's MF Global's loss of billions.