Foreclosure Problems | USA Foreclosures 101

New Yorkers Warned Of Foreclosure Settlement Scam

Home foreclosure, avoid foreclosure scams

New York Atty. Gen. Eric Schneiderman issued an alert to his state’s citizens warning them of scammers trying to take advantage of the February (2012) foreclosure settlement reached between the states and five of the nation’s largest banks. The settlement provides millions of dollars in relief funds the states will be using to help distressed homeowners. However, according to Schneiderman the opportunity has led some individuals in New York State to attempt to steal from … Continue reading →

Geithner, Treasury At It Again

The Independent, a popular London-based newspaper, is reporting on a story out of the U.S. Treasury not being carried by very many American news outlets. According to the Independent, Treasury Secretary Tim Geithner is locked in a head-to-head battle with the director of the Federal Housing Finance Agency (FHFA) over whether or not Fannie Mae and Freddie Mac should sign off on a principal reduction plan included as part of the foreclosure settlement announced last … Continue reading →

Foreclosed Home Neglect: Racial Bias or Just Business?

Phoenix area radio station KTAR picked up a story out of Washington alleging racial bias in the upkeep and sale of foreclosed homes around the country. According to the story, a public advocacy group fighting against fair housing discrimination claims banks are not putting the same effort into maintaining and selling foreclosed homes in minority neighborhoods as they are in white neighborhoods. The National Fair Housing Alliance (NFHA) looked at foreclosed homes in nine different … Continue reading →

“Ability to Repay” Rule Could Prompt More Foreclosures

On April 26, 2012 the Kansas City Star published a column from the Philadelphia Inquirer’s Al Heavens analyzing the federal government’s new “ability to repay” rule. This rule was part of the Frank-Dodd financial reform act of 2010 aimed at getting rid of high-risk mortgages and cleaning up the home lending industry. Among other things the Frank-Dodd legislation essentially put an end to risky mortgage products like interest only and negative amortization loans. While parts … Continue reading →

Renters Protected During Foreclosure

With the foreclosure settlement out of the way and the pace of foreclosure proceedings picking up, there is a lingering question about the fate of renters currently living in homes going through foreclosure. The question is getting even more scrutiny now that private investors are beginning to view foreclosed properties as an opportunity to make good money in the real estate market. Fortunately, there are protections in place that prevent renters from being thrown out … Continue reading →

Former Insurance Investigator Gets $18 Million From Foreclosure Settlement

Back in February, 2012 the attorneys general of 49 states reached a settlement with five of the nation’s largest mortgage lenders to put an end to possible litigation surrounding allegations of fraud. The case was borne out of a thorough investigation and subsequent whistle-blower report by 63-year-old Lynn Szymoniak, an attorney and former insurance industry investigator. For her efforts Szymoniak earned some $18 million out of a total $25 billion settlement. In reporting the story … Continue reading →

The Government’s Continued Culpability In Foreclosure Mess

Check your favorite news feed about stories on foreclosures in the US and you will most likely see the vast majority focusing on bank practices and illegal foreclosure proceedings. That’s likely to be fueled even more by the HUD report released yesterday indicating alleged widespread fraudulent activity among many of the nation’s largest mortgage lenders. That report is suspect to begin with, but even so, we still are not hearing a whole lot about the … Continue reading →

Abuse Of Foreclosures Increasing Across America

According to experts and officials who have conducted research across America, foreclosure abuse is now becoming rampant. This story comes out of a report conducted by the California city of San Francisco which revealed that foreclosure abuse was widespread. Of the 400 foreclosures which were audited for the report, 84% of them were apparently illegal. Many experts are now assuming that the figures revealed in San Francisco are also reflective of the true state of … Continue reading →

Foreclosure Problems Not Entirely The Fault Of Banks

If nothing else, the recent settlement between 49 state attorneys general and five of the nation’s largest mortgage lenders has exposed many weaknesses in the current system of mortgage lending and foreclosures. However, it’s important that both consumers and the media refrain from jumping on the banks and blaming them exclusively. They certainly do own their fair share of the blame here, but we cannot leave out the responsibility of consumers and the federal government. … Continue reading →

Contradictory Foreclosure Reports Leave Consumers Confused

Within the last seven to ten business days there have been several different foreclosure reports about the state of US foreclosures; reports that are contradictory in many aspects. Such reports are leaving consumers confused as to the state of the housing market and where the housing and mortgage industries as a whole are at the current time. That’s likely to continue into the future until the entire housing market settles down. One of the more … Continue reading →

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