foreclosures

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Obama Uses 'Pocket Veto' on Foreclosure Bill

Critics say measure would give banks too much leeway

(Newser) - President Obama is refusing to sign a bill that critics say would make it easier for banks to rush foreclosures on homeowners, the Wall Street Journal reports. The bill zipped through both the House and Senate when it was deemed an uncontroversial measure on interstate commerce—it centers on out-of-state...

Bank of America: We Messed Up Foreclosures, Too

Nation's largest bank puts them on hold in 23 states

(Newser) - The chaos over foreclosures widens: Bank of America is putting them on hold in 23 states as it examines whether it rushed the process for thousands of homeowners without reading the documents. The move adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents...

Foreclosure System in Chaos—Which Might Be Good

It could eventually help housing prices stabilize

(Newser) - The nation's foreclosure system is coming to a virtual standstill in the wake of news that two big home lenders may have done shoddy work processing them. The New York Times weighs in on the mess and finds a silver lining: This could actually help the housing market in the...

Lender Admits Blindly Approving Foreclosures

Evictions suspended over huge 'robosigning' scandal

(Newser) - Foreclosure eviction proceedings around the country have ground to a halt after a mortgage company employee admitted to signing off on foreclosures without looking at them. The head of foreclosure document processing at Ally Financial, the nation's fourth-largest home lender, was required to verify information and sign documents in the...

Home Repos Hit Recession High

US on track for 1M foreclosures this year

(Newser) - Lenders took back more homes in August than any month since the start of the US mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, RealtyTrac said today. In all, banks repossessed 95,...

Dear US, You're Making the Mortgage Mess Worse
Dear US, You're Making the Mortgage Mess Worse
joseph stiglitz
Sep 9, 2010 2:07 PM CDT

Dear US, You're Making the Mortgage Mess Worse

Stop meddling and the let the private sector take over

(Newser) - Joseph Stiglitz lends his Nobel clout to the notion that the government is doing more harm than good by over-managing the housing crisis. "Government policies to support the housing market not only have failed to fix the problem, but are prolonging the deleveraging process and creating the conditions for...

Sign of the Times: Foreclosures-Only Courts

Florida streamlines legal process to cut backlog

(Newser) - Pretty much all you need to know about how bad Florida's housing mess is: The state has set up a system of foreclosures-only courts to deal with its backlog of cases. Otherwise, they'd clog up the normal court system. The goal is to cut the backlog by 62% in a...

Superman Saves Family From Foreclosure

Bank backs off after homeowners find $250K comic

(Newser) - The Man of Steel has come to the rescue of some folks about to be booted from their home. As they packed up to move out of a house that had been in the family since the '50s, they discovered a copy of Action Comics #1 in their basement. The...

Bankrupt Housewife's Junk Up for Auction

Oh my gawd

(Newser) - Fuhgeddaboutit, spitfire Teresa Giudice might say now about her foreclosed home. But it's gotta hurt when the Jersey mom of four watches her over-the-top glitzy Italian palazzo furniture auctioned off next month to pay off her family's creditors. A trustee in their bankruptcy case last month charged that the Real ...

Woman, 83, Son Die in Fortified Foreclosed Home

Pair made last stand on eviction day

(Newser) - A mother and son chose to destroy themselves and their foreclosed home rather than surrender to deputies trying to evict them, police in Nevada say. Deputies and a locksmith arriving to evict Therese Christensen, 83, and her 46-year-old son, Gary, from the Reno home they had lived in for decades...

US Could See Record 1M Foreclosures in 2010

Numbers 'unprecedented'

(Newser) - More than 1 million American households are likely to lose the roof over their heads to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. Nearly 528,000 homes were repossessed by lenders in the first six months...

Fannie Mae Won't Lend to Deadbeat Homeowners

'Strategic defaulters' won't be eligible for 7 years

(Newser) - Fannie Mae has decided to deny homeowners who intentionally default on their mortgages any new loans for seven years, the company announced yesterday. About 12% of foreclosures are the result of people who could pay their mortgages choosing not to and walking away, generally because their home is now worth...

Troubled Homeowners Try New Policy: Just Don't Pay

With 438 days before the average eviction, why bother?

(Newser) - Some homeowners in foreclosure are done with trying to wrangle loan modification from the banks. They've adopted a different policy: evict me if you dare. With more than 1.7 million households in foreclosure, it can take a long time for the courts to actually eject homeowners. Last year, the...

How You Can Lose Your Paid-Off Home
How You Can Lose Your Paid-Off Home
May 19, 2010 1:44 PM CDT

How You Can Lose Your Paid-Off Home

Localities sell your unpaid bills to investors who foreclose

(Newser) - Vicki Valentine's father paid off the mortgage on their home a quarter-century ago, but she's been foreclosed on and evicted anyway, thanks to a $362 unpaid water bill. Valentine's one of a growing number falling prey to “tax sales,” the Huffington Post reports. Basically, the city sold Valentine's...

Why the World Should Worry About California

It faces the same troubles that shook Greece

(Newser) - Greece's financial trouble may have seemed far off before it helped send the stock market into a tizzy. Business Insider says the same kind of mess could easily hit even closer to home, in California. A sampling of its 16 reasons:
  • Even after last year's huge cuts, the state still
...

Foreclosures Hit New High as Banks Clean House

One in every 138 homes taken

(Newser) - A record number of US homes were lost to foreclosure in the first three months of this year, a sign that banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report. RealtyTrac said today that the number of homes...

Screech About to Lose Home
 Screech About to Lose Home 
celeb foreclosures
Apr 8, 2010 11:34 AM CDT

Screech About to Lose Home

Dustin Diamond more than $290K behind

(Newser) - Poor Dustin Diamond must not have made a lot of money off his Saved by the Bell tell-all , because he’s about to lose his house. Wells Fargo wants to foreclose on his Wisconsin property because he’s more than $290,000 behind on his mortgage, TMZ reports. The last...

No Takers at Nic Cage Foreclosure Auction

 No Takers 
 at Nic Cage 
 Foreclosure 
 Auction 
mansion is 'frat house bordello'
Apr 8, 2010 8:15 AM CDT

No Takers at Nic Cage Foreclosure Auction

Even at a mere $10.4M, no one bit on 'bizarre' Bel-Air mansion

(Newser) - Nicolas Cage’s foreclosed Bel-Air mansion went up for auction yesterday, but apparently no one wanted a 6-bedroom, 9-bath compound with comic books covering the walls and a model train circling the ceilings. No one bid even the minimum $10.4 million, the Los Angeles Times reports, meaning that ownership...

Church Foreclosures Soar Heavenward

Houses of worship ensnared by same shifty credit as homeowners

(Newser) - Homeowners and banks aren’t the only ones laid low by the reckless mortgage market of years past, as churches across the nation teeter on the brink of foreclosure. Houses of worship ensnared by the promise of low rates and big loans set out on a spree of new construction,...

BofA Forgiving $3B in Mortgage Debt

45K 'underwater' borrowers to be offered reduction

(Newser) - Bank of America is offering to slash mortgage-loan balances by up to 30% for thousands of delinquent borrowers who owe more than their homes are worth. The plan—part of an agreement to settle a lending-abuse suit—is one of the most ambitious moves yet to ease the foreclosure crisis,...

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