If Wells Fargo’s shareholders were looking for some positive news—or really, any reason to have fuller faith and confidence in the next quarterly statement—they need look no further than the American heartland, where Wells Fargo is working hard to keep everyone honest, and debtors paying their bills on time. Read More
California has been the ‘cool kid’ of states, reinstating hippie-esque garb for daily wear and passing laws that appeal to a weed-loving population.
Now, the several cities in the state are toying with a novel—and highly debated—idea that would utilize its eminent domain power to restructure mortgages, without actually seizing the homes, The Wall Street Journal reports. Read More
Want to experience the housing market crash in less than a minute? You’re in luck! The New York Fed has released an interactive map that displays foreclosures by county in the tri-state area between Jan. 2007 and Dec. 2011. (Warning: we do not recommend the map to anyone with an underwater mortgage or high Read More
For almost five years now, the housing crisis has been a drag on the U.S. economy, the U.S. psyche, the U.S. spirit. It turns out it is also dragging down Americans’ health. Read More
If it is going to take at least six decades to unwind the foreclosure fiasco in New York, that can only mean two things: bad news for homeowners and good news for attorneys, especially those who know the right people. Read More
At least not in the Empire State, as a cover story from the Sunday Times explains:
In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Read More
Amid revelations that foreclosures around the country have been improperly processed, State Attorney General Eric Schneiderman is stepping up an investigation of the cottage industry that foreclosures have become in New York. Mr. Schneiderman’s office recently issued subpoenas to a law firm that has handled about 40 percent of all foreclosures in the state. The Read More
We sure do miss those homebuyer tax credits.
According to a report out from Zillow today, homes are on track to lose $1.7 trillion in value this year, 63 percent more than the $1 trillion in value they sacrificed in 2009. Much of that fall has come in the latter half of the year, Read More
Foreclosure filings were down 19 percent in New York City last month and 35 percent compared to this time last year. But that could simply mean a cold holiday season for homeowners.
There were 1,466 foreclosure filings in the city last month, according to a report that came out today from Realty Trac. The Daily Read More
Attorney General Eric Holder is joining several state attorneys general in an escalating legal inquiry over reports of legally dubious foreclosure proceedings initiated by major lenders like JPMorgan Chase and Ally (formerly known as GMAC).
Reuters reports that Holder said today he’s looking into “charges that have surfaced in the newspapers in the last Read More
