October 28, 2008
The New York Times reports:
“Senators prodded government officials involved in the bank-rescue plan to do more to help struggling homeowners avoid foreclosure and expressed impatience on Thursday over the pace of the unfolding program.”
“The lawmakers on the Senate Banking Committee urged the officials, in effect, to make the banks do something for the [...]
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October 22, 2008
The Chicago Tribune recently ran several stories related to the state of foreclosures in Cook County, Illinois and the increasingly large burden placed on the county in attempting to reconcile the situation brought on the sub-prime mortgage crisis.
For stories, see:
http://www.chicagotribune.com/news/local/chi-foreclosure-russelloct20,0,610972.story
http://www.chicagotribune.com/news/nationworld/chi-foreclosure-courtoct20,0,3770516.story
http://www.chicagotribune.com/news/local/chi-foreclosure-sampsonoct20,0,6780549.story
What’s more…they’ve gad to hire additional judges to deal with the foreclosure caseload.
For the story, see:
http://www.wbez.org/Content.aspx?audioID=29625
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October 15, 2008
The New York Times reports:
Despite the hope that the bailout would quickly relieve some of the economic pressure placed upon the economy, chairman Ben Bernanke warned Wednesday that economic stability will not occur immediately even despite market stabilization. He added that the labor, housing and credit markets would also take time to rebound, without giving [...]
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October 14, 2008
The Wall Street Journal reports:
According to Moody’s Economy, one in six U.S. homeowners is now saddled with a home that is worth less than her mortgage. The plummet in home values increases the potential for foreclosures which results in greater economic pressure for an economy that is already on the verge of a recession, according [...]
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October 7, 2008
An increasing number of clients have contacted us recently who have filed bankruptcy thinking (or being told) that doing so would stop foreclosure and possibly result in being able to recover money damages from the “lender”. The reality that these clients are now realizing is that filing bankruptcy in response to a foreclosure is causing [...]
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October 7, 2008
As all of you know, the Congress of the United States wound up passing the “Bailout Legislation” which has been touted as being in the best interests of those in foreclosure, as being legislation which will help homeowners, and which will reduce foreclosures. However, a close reading of this bill reveals that these claims are [...]
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October 6, 2008
In Sacramento, California, Legal Newsline reports:
With news of billion dollar settlement, foreclosures may not be imminent for some affected parties. With word traveling fast, several Attorneys General received wind of the decision on Sunday night.
According to San Diego City Attorney Mike Aguirre, one of many attorneys suing Countrywide over its lending practices, “This is [...]
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October 2, 2008
In New York City, Reuters reports:
Maurice McDowall, a New York operator of a fraudulent foreclosure rescue scheme was sentenced on Wednesday to 10 years in prison and will forfeit $2.5 million. This case involved a scam that ran from November 2003 through April 2005 in Brooklyn and The Bronx.
Mary Banks, one of the victims of [...]
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October 1, 2008
Website Legal Newsline reports:
Mortgage servicer efforts to keep U.S. homeowners from going into foreclosure have decreased according to a report by state attorneys general and banking regulators on Monday. The State Foreclosure Prevention Working Group(1) report found that for the period February through May that nearly 80 percent of seriously delinquent homeowners are not on [...]
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