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Tag: Property


zampano!!! (CC BY-NC-ND 2.0)

California City Votes to Seize Underwater Mortgages

Richmond plans to use eminent domain powers to seize bad mortgages and resell them at property value to new mortgage holders, helping its residents get out from under massive debt. Whether it will work is a big question mark.

Posted on Sep 12, 2013 READ MORE



Flickr / Philippe Put (CC-BY-ND)

Banks Can’t Be Bothered With Foreclosure Paperwork

You know how financial institutions have a way of wielding fine print like a weapon? Well it turns out that when it comes to foreclosures, many of the nation’s lenders are either willfully ignoring procedure or are woefully incompetent at paperwork. Take your pick.

Posted on Sep 28, 2010 READ MORE


Madoff estate
gawker.com

Mrs. Madoff Heading to Palm Beach

While her husband is entering a decidedly less lavish living arrangement, it appears that Ruth Madoff is getting ready to live the Palm Beach life in her $9.4 million spread in Florida—a state known for property laws that protect owners from losing their homes even when other assets are seized.

Posted on Mar 17, 2009 READ MORE


Smash-Me Bernie
minimemodelworks.com

Madoff’s Businesses Worth $10M, Tops

Although $10 million is a lot of money, it’s not much compared with $50 billion in lost investments. The $10 million figure represents the upper limit of the current value of Bernard Madoff’s businesses, which Madoff had valued at $826 million before his proverbial fall. It doesn’t look good for his defrauded investors’ chances of reclaiming much of their missing funds.

Posted on Mar 16, 2009 READ MORE


Foreclosure
Flickr/respres

Nationwide Foreclosure Rate Shoots Up 81% in 2008

We knew this news was bound to be bad, but we didn’t think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.

Posted on Jan 15, 2009 READ MORE


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