http://iamfacingforeclosure.com Learning about foreclosure risks and avoiding foreclosure. en http://iamfacingforeclosure.com/viewnews/2008-07-26_Howhousingrescuebillcanhelpyou.html http://iamfacingforeclosure.com 2008-07-26 Clear language explanation of the bill (which has cleared the last of its congressional hurdles and is now headed for Dubya's desk). http://iamfacingforeclosure.com/viewnews/2008-07-26_VideoCongressHelpsBanksbutWhatAboutHomeowners.html http://iamfacingforeclosure.com 2008-07-26 NACA loan workout "fest", interviews with over-the-barrel borrowers, comments By Danny Schechter. http://iamfacingforeclosure.com/viewnews/2008-07-26_HR3221OnItsWayForPresidentsSignature.html http://iamfacingforeclosure.com 2008-07-26 In a rare Saturday session, the Senate voted 72-13 to send the bill to the president; the House passed it Wednesday. "Because of the Democratic Congress' delays and the need for action now, President Bush will sign this bill when he receives it, despite our concerns with some provisions, including nearly $4 billion to help lenders, not the homeowners this legislation is intended to serve," said Tony Fratto, deputy White House press secretary. http://iamfacingforeclosure.com/viewnews/2008-07-25_625000houseonastreetwreckedbysubprimeloans.html http://iamfacingforeclosure.com 2008-07-25 Emily Ralles, who served as escrow officer in the sale of 920, said she didn't know or care who paid the down payment – as long as the check was good and the parties agreed to the terms of the deal. "It sounds to me like the seller helped out," she said. "If someone gave them $125,000, what's the problem? That's a beautiful thing, if you ask me." I'm sure Nehemiah would agree. http://iamfacingforeclosure.com/viewnews/2008-07-25_FitchMassiveHousePriceLossesinNonConformingAreastoCome.html http://iamfacingforeclosure.com 2008-07-25 "Fitch Ratings, arguably the only rater with their act together other than Egan-Jones, just finished with its ResiLogic enhancements. Its new mortgage loss model will be released today. In it, its new National, State and MSA-level economic and house price forecasting will make their modeling ‘far more predictive and forward-looking.’ That is a nice way to put it." http://iamfacingforeclosure.com/viewnews/2008-07-25_SanDiegoLookstoHaltCountrywideForeclosures.html http://iamfacingforeclosure.com 2008-07-25 "San Diego, Calif. is the latest city to attempt to stop a growing tide of foreclosures via legal action, with city attorney Michael Aguirre filing a civil complaint earlier this week against Countrywide Financial Corp. that alleges the former lender engaged in a “pattern of unlawful, fraudulent or unfair predatory real estate lending practices” that has put city residents in jeopardy of losing their homes." http://iamfacingforeclosure.com/viewnews/2008-07-25_Q2ForeclosuresDouble.html http://iamfacingforeclosure.com 2008-07-25 "The latest RealtyTrac foreclosure data is out, and it is rather astonishing: Almost 740,000 properties were in some stage of the foreclosure process, the most since they began tracking this data in January 2005. That represents one in every 171 U.S. homeowners that either 1) lost their house to foreclosure; 2) received a default notice or 3) was warned of a pending auction. This is an increase of 121% from a year earlier, and is a 14% rise quarter over quarter." http://iamfacingforeclosure.com/viewnews/2008-07-25_StiglitzFanniesandFreddiesfreelunch.html http://iamfacingforeclosure.com 2008-07-25 When commentators as diverse as Willem Buiter, Marc Faber, and Joseph Stiglitz (to name a few) agree on something, whatever their shared opinion is probably merits consideration. In this case, it's a cause near and dear to most readers' hearts, namely, that the rescue efforts orchestrated by the officialdom are poorly designed. They treat taxpayers shabbily, let current shareholders and incumbents off too easily, and have moral hazard written all over them. http://iamfacingforeclosure.com/viewnews/2008-07-25_ShockingCDOLossEstimatePrecedent90Loss.html http://iamfacingforeclosure.com 2008-07-25 "I am not suggesting all CDO’s are worth 10 cents on the dollar, but this is sounding like the most realistic loss estimate to date. It’s no wonder why the banks have done everything possible to hide these losses and keep the bond insurers afloat." http://iamfacingforeclosure.com/viewnews/2008-07-24_DebtorsWinVictoriesAgainstMortgageServicers.html http://iamfacingforeclosure.com 2008-07-24 In the last few weeks, several courts have issued opinions ruling that mortgage servicers' actions have harmed consumers... Debtors won big in these cases, variously recovering sizeable damages, having the foreclosure action against their home dismissed, or getting a preliminary injunction issued against a servicer's misconduct. Taken collectively, they all signal an increased willingness by courts at all levels (state, federal, bankruptcy) to take challenges to mortgage servicers' actions seriously. While I'm convinced that legislation, regulatory enforcement, and different market incentives are necessary to stop the misbehavior of mortgage servicers, this trio of decisions shows how litigation can help real families and point the way for further policymaking. And in a comment reminiscent of the "Fight Club" scene on automobile deadly defect actuarials: If I were Wells Fargo (and I'm grateful that I'm not), I'd be worried that the remand is an invitation to a large sanction. Wells' decision to appeal the new accounting standards is itself noteworthy. Why not embrace correct accounting? Do servicers prefer to pay monetary damages on those rare (albeit increasingly frequent) occassions when they get caught and continue to overcharge debtors in all other instances? It appears the answer may be "yes." And, frighteningly (if you're Wells Fargo or many of its peers): On June 5, 2008, a New York state court dismissed with prejudice a foreclosure proceeding because Wells Fargo, and its servicing agent, Litton, could not prove that Wells Fargo owned the mortgage. The note had purportedly been assigned from Argent to Ameriquest to Wells Fargo but the court found the assignments defective. It also ruled that the servicing agreement between Wells Fargo and Litton was insufficient to give Litton authority to make the required "affidavit of facts" to support the foreclosure petition. ... While my research study found that 40% of bankruptcy claims were not accompanied by a note, these cases reveal the existence of an even bigger problem--the companies who are foreclosing may not have any legal right to do so. That is, it's not just that some servicers are sloppy and don't bother with the note, it's that some do not have the authority to foreclose at all! http://iamfacingforeclosure.com/viewnews/2008-07-24_HousingbillbonusAlleviatedebtceiling.html http://iamfacingforeclosure.com 2008-07-24 "The Treasury Department appeared open to the pending housing bill, since it would also expedite action this week on Secretary Henry Paulson’s rescue plan to shore up investor support for the two mortgage finance giants, Fannie Mae and Freddie Mac." http://iamfacingforeclosure.com/viewnews/2008-07-24_FacingforeclosureTauntonwomancommitssuicide.html http://iamfacingforeclosure.com 2008-07-24 "The housing crunch has caused anguish and anxiety for millions of Americans. For Carlene Balderrama, a 53-year-old wife and mother, the pressure was apparently too much to bear." http://iamfacingforeclosure.com/viewnews/2008-07-24_SenateduetobackhousingbillGSEsharesslide.html http://iamfacingforeclosure.com 2008-07-24 "The U.S. Senate is due to vote finally on Saturday to approve a major housing market rescue bill, including federal financial assistance for Fannie Mae and Freddie Mac, the mortgage titans whose shares fell again in early Thursday trading." http://iamfacingforeclosure.com/viewnews/2008-07-24_SecondQuarterVacancyRatesSlipfromPreviousQuarter.html http://iamfacingforeclosure.com 2008-07-24 "The U.S National homeowner housing vacancy rate slipped to 2.8% in the second quarter, a 0.1% decline from the previous quarter's 2.9% rate, according to the U.S. Census Bureau report released on Thursday." http://iamfacingforeclosure.com/viewnews/2008-07-24_ExistingHomeSalesFallto10YearLowShadowInventoryGrows.html http://iamfacingforeclosure.com 2008-07-24 "Another month, another new low: Existing-home sales resumed its fall. The ugly details follow" http://iamfacingforeclosure.com/viewnews/2008-07-24_USCongressmanWarnsMajorEconomicDisasterImminent.html http://iamfacingforeclosure.com 2008-07-24 "Time is short for making a course correction before this grand experiment in liberty goes into deep hibernation,” the U.S. Congress was told earlier this month. On July 9, Texas Rep. Ron Paul warned the House Financial Services Committee that “big events” were about to occur." http://iamfacingforeclosure.com/viewnews/2008-07-24_SanDiegosuesBankofAmericatoblockforeclosures.html http://iamfacingforeclosure.com 2008-07-24 "San Diego City Attorney Michael Aguirre said on Wednesday he filed a lawsuit against Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary."" http://iamfacingforeclosure.com/viewnews/2008-07-24_RonPaulTheHousingBillIsTheMotherOfAllBailouts.html http://iamfacingforeclosure.com 2008-07-24 Report on the bill from Ron Paul. http://iamfacingforeclosure.com/viewnews/2008-07-23_EdMcMahonSpeaksOut.html http://iamfacingforeclosure.com 2008-07-23 Candid remarks about his facing foreclosure situation. http://iamfacingforeclosure.com/viewnews/2008-07-23_2ndMortgageHoldersBanksNowtobeBailedOutTooBreaking.html http://iamfacingforeclosure.com 2008-07-23 Our nations largest banks are being weighed down by second mortgage liens (Home Equity Lines/Loans). You have heard this in many of their earnings calls recently. For many banks this is their largest residential mortgage exposure. For example, Wells Fargo still carries $84 billion and Bank of America and Chase about $100 billion a piece. The banks were very touchy in their recent earnings reports on this topic. Wells Fargo actually changed the definition of ‘default’ from 120 days to 180 days to push out defaults further and hides losses. See my report on Wells Fargo’s mystery earnings.