Fresno, CA (KFSN) — Hundreds of Valley families are paying their rent on time, and still getting evicted. It’s all due to a foreclosure crisis they say they did nothing to create.
Wells Fargo is now suing itself in order to foreclose on a property in Tampa, FL. They do this so they can push the homes through the Foreclosure process faster so they can sell it and make more money!
Foreclosure Trackers is a data aggregator and educational company.
Robert Lee, CEO of Foreclosure Trackers. “The launch of our Real Estate Agent Network provides real estate professionals with fundamental tools necessary to succeed in this shifting market. We are equally excited to announce the appointment of Sean Stanfield, a well-respected leader who will be instrumental in identifying practical solutions that Foreclosure Trackers can offer to professionals throughout the state and potentially the nation.”
What is SB 1137? It’s a California law that requires lenders to make a series of attempts to contact borrows before the foreclosure process can start. Once completed, banks still have to wait another 30 days before they can start the foreclosure process. So what has this done to the California housing market? It has dropped the number of foreclosure from August to September by 68%.
However, this law does nothing to stop foreclosures; it just delays the process and delays the much needed housing recover in Bubble Land (California.)
Click here to read more about SB 1137 and other Foreclosure news.
As reported in the Consumerist.com.
A Chicago Sheriff stops evictions of Renters caught up in the Foreclosure process (at least for the time being.)
The banks are not happy with Sheriff Tom Dart’s decision.
Read the full story as reported by Reuters.
This is getting out of hand. A 90 year old woman in Ohio is given a 30 year mortgage on her home in 2007. Yes, you heard me right and it gets even stranger. She bought the home in 1970!!! What company would think this is a good loan? Country Wide, of course!
After missing several payments Fannie Mae assumed the mortgage and started the foreclosure process. Sheriffs attempted to evict her 30 times with no luck. In the latest attempt the women shot herself twice in the upper torso. She survived.
The after math. Fannie Mae decided to cancel the foreclosure, forgive her loan and let her keep the house.
This whole thing is a national shame.
Read the full story here: CNN
PBS has a very well done video piece on the Mortgage Crisis. You can check out the video here.
This week, NOW travels to North Minneapolis to investigate the mortgage meltdown that has left the city scarred with boarded-up and abandoned houses. What’s happened in communities like this one has investors everywhere shaken. Wall Street firms are stumbling and markets around the globe are nervous. Economists worry the mortgage bust may lead to a recession.
NOW connects the dots to see the extent to which recklessness, corruption and greed created this subprime mess that now threatens to undermine our entire economy. David Brancaccio talks to Rep. Keith Ellison, who grew up in North Minneapolis and who has pushed legislation to address the crisis. He also talks to Ameriquest whistleblower Mark Bomchill, who explains the competitive “boiler room” culture that encouraged brokers to aggressively push mortgage products they knew clients would be unable to repay.
The [tag]foreclosure market[/tag] is at an all time high. This is bad for [tag]homeowners [/tag]facing foreclosure, its good for people in the foreclosure sales business, but itâ€™s really bad for the whole economy. With the recent wave of foreclosures around [tag]sub-prime loans[/tag] many in the industry are working to stop the [tag]financial[/tag] nightmare ahead.
â€œThis rescue effort isn’t expected to save every at-risk homeowner. But it promises to reduce monthly payments for many who have fallen behind on mortgages. In the process, it could help to stabilize a struggling real estate market.â€
- Yahoo! News
This is the [tag]worst housing market[/tag] since 1990, but maybe with these [tag]lender bailouts,[/tag] stricter lending rules around credit in the future may help to reduce the pain of current situation.