Top Leaderboard, Site wide
November 21, 2014
Truthdig: Drilling Beneath the Headlines
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Get Truthdig's headlines in your inbox!


Slayings Turn Spotlight on Peru’s Forest Policies
Mexico’s Breaking Point




Joan of Arc


Truthdig Bazaar more items

 
Ear to the Ground

New York City Foreclosures Soar

Email this item Email    Print this item Print    Share this item... Share

Posted on Feb 5, 2013
bogieharmond (CC BY 2.0)

Activists with Occupy Wall Street demonstrate outside a foreclosed home in New York.

Foreclosures in New York City rose 19 percent last year as filings fell nationally by 3 points, a new report says. Meanwhile, New York Attorney General Eric Schneiderman announced a meager $1.9 million settlement with a robosigning giant.

The offending company, Lender Processing Services, which earned $290 million on revenues of $2.1 billion in 2011, had to pay a penalty roughly equal to the average sales price of a single Manhattan apartment, the New York Post reports.

The 13,116 foreclosed properties occurred mostly in Queens, which saw a 164 percent rise in filings, compared with a 1 percent increase in the Bronx and a 19 percent hike in Staten Island. Foreclosures fell 27 percent in Manhattan and 19 percent in Brooklyn.

—Posted by Alexander Reed Kelly.

Catherine Curan at the New York Post:

The $1.9 million is New York’s portion of a $121 million multistate deal with LPS and its subsidiaries, LPS Default Solutions and DocX, to settle for misdeeds (including robosigning), overhaul its business and fix mistakes.

Foreclosure experts called the payment stunningly inadequate and noted that faulty documents created by LPS and other firms in the past are still appearing in foreclosure cases.
“It looks like a big number, but it’s truly a failing for the people in New York,” said foreclosure defense attorney Linda Tirelli. “I continue to find these documents every day.”

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

 

Monsters of Our Own Creation Event Ad
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.

Like Truthdig on Facebook