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Tag: Foreclosure


Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis

In June, investors led by the world’s largest asset manager and the world’s largest bond-fund manager sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for the equivalent of 1 million homeowners with $250,000 in damages suing at one time.

Posted on Jul 17, 2014 READ MORE



Foreclosure Filings Jump as Investors Eye Exits

It’s too bad Keynes isn’t around today to see how the toxic combo of financial engineering, central bank liquidity and fraud have transformed the world’s biggest economy into a hobbled, crisis-prone invalid that’s unable to grow without giant doses of zero-rate heroin and mega-leverage crack cocaine.

Posted on Feb 15, 2014 READ MORE



taberandrew (CC BY 2.0)

Iraq Vet: Losing Home ‘Worse Than Getting Blown Up’

Twenty-six year National Guardsman Jerrod Hays lost nearly half his face to a roadside bomb in Iraq. Now, like too many other Americans, he could lose his home to banks.

Posted on Nov 9, 2013 READ MORE



The hills are alive (Away) (CC BY 2.0)

Poor Losing Homes Over Small Tax Liens to Private ‘Investors’

Low-income D.C. residents—many of them retirees—have been losing their homes under a program in which tax rights are sold to private investors who add mind-boggling fees and then foreclose when they aren’t paid. And it’s all legal.

Posted on Sep 8, 2013 READ MORE



AP Photo/Carlos Osorio

Federal Cash to Help Homeowners Will Raze Properties Instead

Some $100 million in federal money aimed at keeping Michigan families in their homes will now be used to tear down emptied buildings.

Posted on Aug 21, 2013 READ MORE



Ivan McClellan Photography (CC BY 2.0)

The Landscape of Wall Street’s Creative Destruction

It’s May 2012 and we’re in Woodlawn, a largely African American neighborhood on the South Side of Chicago. The goal of the HIT Squad, short for Housing Identification and Target, is to map blighted, bank-owned homes with overdue property taxes and neighbors angry enough about the destruction of their neighborhood to consider supporting a plan to repossess on the repossessors.

Posted on Aug 2, 2013 READ MORE



Rainforest Action Network (CC-BY)

Bank of America Lied to Homeowners and Rewarded Foreclosures, Ex-Employees Say

Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees.

Posted on Jun 18, 2013 READ MORE



Screenshot via WFTV

Wells Fargo Foreclosing on Florida Man Who Made Mortgage Payments Early

Did you know you could make your mortgage payments early and still be foreclosed on? That’s exactly what happened to a Florida man who says he not only made his loan payments ahead of time, but even paid more than was required each month, and is still being foreclosed on by Wells Fargo.

Posted on May 26, 2013 READ MORE



Richard Elzey (CC BY 2.0)

Fraud No Impediment to Foreclosure, Florida Lawmakers Decide

Legislation passed Friday in Florida “prevents a homeowner who loses a foreclosure case from recovering the property, even if the bank’s actions are later determined to be fraudulent,” the Sarasota Herald-Tribune reports.

Posted on May 8, 2013 READ MORE



Ian Muttoo (CC BY-SA 2.0)

The Housing Market Recovery Is ‘A Complete Hoax’

Homeownership is at its lowest level in 18 years, but housing prices are rising. Why? Because banks are creating real estate scarcity by buying up homes and selectively stalling foreclosures.

Posted on May 3, 2013 READ MORE



Andrea_44 (CC BY 2.0)

Elderly Man Facing Foreclosure Commits Suicide

A West Virginia man became one of the latest fatalities of the American economy when he shot and killed himself this month after authorities arrived at his home with an eviction notice.

Posted on Mar 15, 2013 READ MORE



Flickr/MoneyBlogNewz

Disabled Veteran Wrongly Hounded by Wells Fargo Dies in Court

A typo by banking giant Wells Fargo resulted in a more than two-year legal battle that came to a tragic conclusion in December when Larry Delassus’ heart stopped in a Los Angeles area courtroom, a new LA Weekly report reveals.

Posted on Mar 10, 2013 READ MORE



bogieharmond (CC BY 2.0)

New York City Foreclosures Soar

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, reports Catherine Curan at the New York Post.

Posted on Feb 5, 2013 READ MORE



hans.gerwitz (CC BY-SA 2.0)

Inside the Sham Foreclosure Review Process

Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.

Posted on Jan 11, 2013 READ MORE


Foreclosure
Flickr / respres

Feds Replace Flawed Foreclosure Review With Vague Settlement

The Independent Foreclosure Review was supposed to be a full and fair investigation of the big banks’ foreclosure abuses. But Monday morning, the very regulators who launched the program 18 months ago announced that it had all been a massive mistake and shut it down.

Posted on Jan 9, 2013 READ MORE



Photo by Taber Andrew Bain (CC-BY)

Foreclosure Settlement Ends Investigation Into Banks

Homeowner advocates and some lawmakers are upset that an $8.5 billion settlement with JPMorgan Chase, Bank of America, Wells Fargo and other banks over improper foreclosures would let lenders off the hook both financially and legally.

Posted on Jan 7, 2013 READ MORE


Foreclosure
Flickr / respres

Got Credit Card Debt? One Bank May Try to Go After Your Home

Hundreds of California residents are being threatened with foreclosure by a major Canadian bank, but it has nothing to do with missing their home payments.

Posted on Oct 5, 2012 READ MORE



Flickr / 7bikeframesweldedtogether

The Flawed Credit Card Debt Collection Process

Credit card companies are increasingly turning to the legal system in their rush to collect money that is owed to them. But, there now exists a very big problem in this litigious-happy practice—nearly all these lawsuits may be flawed.

Posted on Aug 13, 2012 READ MORE



AP/Jae C. Hong

The Poverty Epidemic Hits the Suburbs

Ignored by the presidential campaigns, poverty is hitting 1960s levels, and spreading to once-prosperous areas unequipped or unwilling to serve poor residents.

Posted on Jul 26, 2012 READ MORE


Matt Taibbi: Bank of America ‘Too Crooked to Fail’

Rolling Stone reporter Matt Taibbi joins “Democracy Now!” to discuss the dual history of Bank of America and the deregulation of banking ownership in the United States and to expose the holes in the $26 billion settlement deal that President Obama said would provide relief for American homeowners.

Posted on Mar 22, 2012 READ MORE



woodleywonderworks (CC-BY)

The Best, Most Revealing Reporting on the Foreclosure Crisis

The U.S. housing crisis has been going on nearly five years, with still regular revelations about misdeeds by banks and others. Here’s ProPublica’s roundup of standout reporting on the crisis.

Posted on Feb 18, 2012 READ MORE



AP / Cliff Owen

Banks, Gov’t Strike $25B Deal in Foreclosure Fraud Settlement

On Thursday, state and federal government representatives announced that five major banks—Wells Fargo, Bank of America, Ally Financial, Citigroup and JPMorgan Chase—had agreed to pay their part in a settlement of more than $25 billion stemming from the mortgage market meltdown that caused millions of Americans to lose their homes.

Posted on Feb 9, 2012 READ MORE



AP / Manuel Balce Ceneta

Meet the Obscure Federal Regulator Who’s Not Helping Homeowners

Fannie and Freddie are required to help homeowners while earning profits so they can pay back the taxpayers who bailed them out. Here is our guide to the little-known federal regulator, Edward DeMarco, ultimately in charge of the two companies. You may have never heard of him, but as The Washington Post put it, he’s “the most powerful man in housing policy.”

Posted on Feb 8, 2012 READ MORE


Gazillions

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Posted on Jan 23, 2012 READ MORE



niallkennedy (CC-BY)

Surging Foreclosures Benefit Home Investors

A sunken housing market has turned foreclosure auctions into feeding grounds for the vultures of American capitalism. Low prices mean plenty of available buildings to be bought, fixed up and sold at a profit. Meanwhile, suffering evictees are nowhere to be seen, except for the rare occasions when they show up to protest or bid on the homes themselves.

Posted on Jan 14, 2012 READ MORE



AP / Erich Schlegel

Truthdiggers of the Week: Indiana University Poverty Researchers

Here’s a sobering dose of reality: Poverty in America has risen to the 27 percent mark in the last half-decade and, perhaps worse, the prospects for our nation’s poorest won’t necessarily get better as the economy picks up. It’s not news many want to hear, but we’re glad a group of researchers at Indiana University were gutsy enough to release it.

Posted on Jan 13, 2012 READ MORE



bogieharmond (CC-BY)

Vacant Houses Outnumber Homeless People in U.S.

There are more than five times as many vacant homes in the U.S. as there are homeless people, according to Amnesty International USA. Since 2007, banks have shuttered about 8 million American houses, almost doubling the previous number, while 3.5 million homeless shiver in the cold.

Posted on Dec 31, 2011 READ MORE


Occupy Our Homes Makes a Move

The Occupy Our Homes campaign kicked off last Tuesday when hundreds of people, including activists, neighborhood residents and a couple of City Council members, marched through a neglected Brooklyn neighborhood to open a foreclosed house to a homeless family.

Posted on Dec 10, 2011 READ MORE


Foreclosure
Flickr / respres

The Occupy Movement’s Next Frontier

Those critics of Occupy Wall Street who claimed the movement lacked direction might look to foreclosed homes around the country, as well as housing auctions at select banks, where activists turned up Tuesday as part of the Occupy Our Homes initiative.

Posted on Dec 6, 2011 READ MORE



AP / Matt Rourke

Thanks for What?

On this Thanksgiving we have been cheated of the bounty of the harvest as one in three Americans descends into poverty.

Posted on Nov 24, 2011 READ MORE



WELS.net (CC-BY)

To Protest Foreclosures, San Jose Priest Divests $3 Million From Bank of America

Father Eduardo Samaniego, the Jesuit pastor of Most Holy Trinity Catholic Church in San Jose, Calif., protested foreclosures by Bank of America against those in his flock and beyond by moving $3 million of his parish’s funds to a local credit union. (more)

Posted on Nov 17, 2011 READ MORE



Flickr / pweiskel08 (CC-BY)

Occupy Boston Protesters Hauled Off in Greenway Standoff

Some 100 people—around 65 men and 35 women—taking part in an Occupy Boston protest were arrested in the wee hours of Tuesday morning after they refused to leave a newly groomed section of the Rose Fitzgerald Kennedy Greenway near Dewey Square. (more)

Posted on Oct 11, 2011 READ MORE


Nowhere to Go

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Posted on Oct 3, 2011 READ MORE



AP / Paul Sakuma

Three Banks Spanked for Subpar Mortgage Practices

In a startling move, the Obama administration is holding three major banks—Wells Fargo, Bank of America and JPMorgan Chase—accountable for their bad lending habits on the mortgage market, cutting off funds from the Home Affordable Modification Program until they shape up.

Posted on Jun 10, 2011 READ MORE



Flickr / respres Some rights reserved

Banks Push to Appease Regulators With Low-Ball Damage Compensation

Investigators at the United States Trustee Program, which oversees U.S. bankruptcy cases, are collecting mountains of evidence that show that banks industrywide are hurrying huge numbers of borrowers out of their homes prematurely, based on false loan repayment claims. (more)

Posted on May 15, 2011 READ MORE



Adzookie.com

Advertiser Offers to Rescue Desperate Homeowners—for a Price

Here’s one solution to the foreclosure crisis, albeit an ugly one. In what Gizmodo points out could very well be a publicity stunt, mobile ad company Adzookie says it will pay your mortgage if you let it turn your house into a giant billboard. Take it away, Chris Hedges.

Posted on Apr 7, 2011 READ MORE


Govt’s Loan Mod Program Crippled by Lax Oversight and Deference to Banks

With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation—rather than enforcement—with the nation’s biggest banks.

Posted on Jan 27, 2011 READ MORE



Live Chat Podcast: Robert Scheer on Obama’s Call for Less Regulation

In this live video Q & A session, Robert Scheer discussed with readers his latest column, “Obama Pulls a Clinton” .

Posted on Jan 21, 2011 READ MORE



White House / Pete Souza

Obama’s Two-Year Economic Report Card

There are two potential ways to measure the economic performance of a political leader. One is by the profitability, stock prices and executive bonuses of a nation’s corporations. The other is by the financial condition of the majority of its population.

Posted on Dec 31, 2010 READ MORE


Holiday Foreclosures

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Posted on Dec 23, 2010 READ MORE



Flickr / Håkan Dahlström (CC-BY)

Half of Californians Can’t Afford Their Homes

More than half of the state's homeowners with a mortgage—51.4 percent—spend more than 30 percent of their monthly income on housing costs, according to 2005-2009 estimates from the U.S. Census Bureau's American Community Survey. ... (more)

Posted on Dec 16, 2010 READ MORE



Flickr / Casey Serin (CC-BY)

Home Sales Bump Up in September

At long last, a little good news from the real estate market: The National Association of Realtors reported a 10 percent rise in existing home sales in September, but buyers are still skittish about foreclosures and the country’s job problems figure into the long-term prognosis as well.

Posted on Oct 25, 2010 READ MORE


Bad Guys of the Foreclosure Crisis

The crisis over faulty or fraudulent paperwork in mortgage foreclosures—which is either a big deal or a humongous deal, depending on which experts you believe—is the fault of arrogant, greedy lenders who played fast and loose with the basic property rights of homeowners.

Posted on Oct 22, 2010 READ MORE


When Banks Are the Robbers

The big banks that caused the collapse of the global finance market, and received tens of billions of dollars in taxpayer-funded bailouts, have likely been engaging in wholesale fraud against homeowners and the courts.

Posted on Oct 19, 2010 READ MORE



Flickr / Michael Gray (CC-BY-SA)

Bank of America Ends Foreclosure Ban

Bank of America said Monday it will resume foreclosures in 23 states. The country’s largest bank stopped processing foreclosures nationwide while it investigated a mess of paperwork that cast doubt on the validity of home seizures. A self-imposed ban remains in 27 states.

Posted on Oct 18, 2010 READ MORE



Flickr / Torley(CC-BY-SA)

Attorneys General Join Forces in Robo-Signing Probe

In a welcome and much-needed turn of events for struggling American homeowners, all 50 state attorneys general are banding together to crack down on such sketchy foreclosure practices as “robo-signing,” as Forbes reported Wednesday.

Posted on Oct 13, 2010 READ MORE



AP / Paul Sakuma

Invasion of the Robot Home Snatchers

How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?

Posted on Oct 12, 2010 READ MORE


Foreclosure
Flickr / respres

No Moratorium on Foreclosures

The Obama administration isn’t ready to help homeowners stay in their homes by imposing a moratorium on repossessions, even though some banks are stopping foreclosures and resales of foreclosed homes and concerns about mortgage fraud are growing. 

Posted on Oct 12, 2010 READ MORE


Good Witch O’Donnell

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Posted on Oct 11, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Mortgage Moratoriums and Midterm Madness

Truthdig’s own Robert Scheer schools listeners about the mortgage mess and the need for a moratorium on foreclosures in the opening minutes of this week’s “Left, Right & Center.” Tony Blankley joins him for a discussion of this and other topics.

Posted on Oct 8, 2010 READ MORE


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