What is Happening in the World of Real Estate (part 2)!
This is part 2 of our archived collection of articles from our old website. These articles keep you informed on what is going
on in the world of real estate today.
(Notice: all links below will take you off this site and to the article's owner site.
Summaries below are a combination of quotes from the article and/or my interpretations of the article.)
bank mistakenly starts foreclosure
Posted: 8:03 am EST March 7, 2008
[top]
A Kissimmee homeowner was in England when he learned a Florida bank had mistakenly started foreclosure proceedings on his house. As it turns
out, Denroy Bell didn't even have a mortgage with the bank, Citi-Residential . The bank admitted that it's dealing with so many foreclosures in
Central Florida that it made a mistake...
(more)
11.3 million homeowners
By Rex Nutting, MarketWatch February 23, 2010
[top]
More than 11.3 million homeowners -- nearly one-fourth of all Americans with a mortgage -- owe more on their loan
than their home is now worth, according to a report released Tuesday by FirstAmerican CoreLogic.
More than 10% of people with mortgages owe 25% more than their home is worth.
The number of underwater mortgages increased by about 620,000 from the third quarter, the firm said. Another 2.3 million
mortgages had less than 5% equity in their home, which could be wiped out if home prices fall further...
(more)
let the in-fighting begin
By Lane Houk on Feb 12, 2010
[top]
What is absolutely hilarious about this case is that the homeowners were NOT involved in the case. Rather, BAC Funding Consortium Inc.,
who was the 2nd mortgagee in the case, appealed the trial courts did not have standing to foreclose. Oh the irony… we knew this would
happen but it is certainly fun to watch it start to happen. Banks suing Lenders; Lenders suing Trustees; Investors suing Servicers.
Much more to come… that’s a promise...
(more)
bank of america forecloses
By Tony Marrero Friday, February 12, 2010
[top]
Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home
foreclosure.
Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before
agents for Bank of America seized the house, removed belongings and changed the locks on the doors, according to a lawsuit the couple
have filed in federal court...
(more)
our debt time bomb
By Paul B. Farrell February 02, 2010
[top]
Retire? You can fuggetaboutit if the new Global Debt Time Bomb is detonated by any one of 20 made-in-America trigger mechanisms.
Yes, 20. And yes, any one can destroy your retirement because all 20 are inexorably linked, a house-of-cards, a circular firing squad
destined to self-destruct, triggering the third great Wall Street meltdown of the 21st century, igniting the Great Depression II that
George W. Bush, Ben Bernanke, Henry Paulson and now President Obama have simply delayed with their endless knee-jerk, debt-laden wars,
stimulus bonanzas and bailouts.
Wow, what an epic Hollywood blockbuster this will make: You know the drama, can't miss the warnings. The financial press is flooding us
with plot lines ... a Forbes cover story focuses on a "Global Debt Bomb: How It Could Wreck Your Life" ... Leaders at the World
Economic Forum on Swiss Mt. Davos fear another global meltdown will trigger mass rebellions ... The Economist calls the plot a "Global
Asset Bubble," with cheap money fast driving up asset prices...
(more)
winning the trial
By Lane Houk on Feb 12, 2010
[top]
QUESTION: I have also made trial payments under the Making Home Affordable program. But my house truly was in foreclosure and I spoke with an
attorney. Your advice in your column is wrong. They can foreclose, they will foreclose, and they are foreclosing on thousands of people
who have made their trial payments every month! ...
(more)
ruling may help
John G. Edwards on Dec. 08, 2009
[top]
Homeowners struggling to avoid foreclosure got some good news today. U.S. District Judge Kent Dawson upheld a bankruptcy court ruling
that makes it harder for lenders to foreclose on home mortgages.
The case, heard by a panel of federal judges in November, concerned whether Mortgage Electronic Registration Systems Inc. could
foreclose on residences on behalf of lenders.
The electronic system records the ownership of residential mortgages for the mortgage banking industry.
Dawson said the company could not foreclose on a home, because it did not provide evidence that it held the note on the residence and
didn’t show that it was an agent of the lender...
(more)
anatomy of a
by Patrick Pulatie on December 1st, 2009
[top]
OneWest Bank was created on Mar 19, 2009 from the assets of Indymac Bank. It was created solely for the purpose of absorbing Indymac
Bank. The principle owners of OneWest Bank include Michael Dell and George Soros. (George was a major supporter of Barack Obama and is
also notorious for knocking the UK out of the Euro Exchange Rate Mechanism in 1992 by shorting the Pound).
When OneWest took over Indymac, the FDIC and OneWest executed a “Shared-Loss Agreement” covering the sale. This Agreement covered
the terms of what the FDIC would reimburse OneWest for any losses from foreclosure on a property. It is at this point that the details
get very confusing, so I shall try to simplify the terms. Some of the major details are:...
(more)
Man sues after bank
by Jarrid Deaton on November 1, 2009
[top]
A Wheelwright man has filed a lawsuit against Bank of America, alleging agents working for the bank repossessed his home by mistake
and refuse to pay for any damages other than the replacement of locks.
According to court documents, Christopher Hamby arrived home on Oct. 5 to find the locks on his doors changed and physical damage to his
property from winterization chemicals placed in the plumbing and various lines cut at the residence...
(more)
Why the federal reserve
by John Bechtel on October 1, 2009
[top]
Here we go with the vocabulary thing again. I promise to make this easier than your last root canal. The Federal Reserve Bank is a
central bank. Central banks are created to control and manipulate the money supply. The money supply is the aggregate total of all the
money in circulation in an economy. It is often referred to in the media and the industry as M. Controlling the money supply frees
governments from the responsibility of living within their means. It makes it possible for them to counterfeit money. All governments
have laws making counterfeiting their currency illegal. That is because all governments have a monopoly on counterfeiting and do not
tolerate competition in the business.
Governments counterfeit money in the exact same way all counterfeiters do; they print it, and slip it into circulation into
the economy. They spend it. They spend more money than the economy produces because they do not want to live within their means. They
do not want to live within their means because they use money to buy votes. They give out goodies in return for favors; favors in the
form of legislation that promotes the welfare of one group over another group; favors that line their individual pockets, reward
their friends, punish their enemies, and above all, favors that get them re-elected...
(more)
landmark decision promises
by Ellen Brown on September 19th, 2009
[top]
A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to
avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company
called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration
Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is
that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of
American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS
and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which
other courts take note; and the reasoning behind the decision is sound...
(more)
why wont lenders
By Terry Smiljanich on August 4, 2009
[top]
Remember the Obama Administration’s “Making Home Affordable Plan”? The one that promised to help millions of financially strapped
Americans who faced foreclosure on their homes by giving incentives to lenders to renegotiate their loans? And remember all the bailout
money that the banks got in return for promises that they would do their part in getting everybody back on track? Well, guess what’s
not working? And guess why it’s not working?...
(more)
why wont my mortgage
By Angie Moreschi on April 2, 2009
[top]
With President Obama’s recently released Housing Rescue Plan, the pressure is on to stop the foreclosure crisis, but making that
happen will require the cooperation of lenders, and Consumer Warning Network has learned that’s easier said than done. We followed a
Florida family trying to save their home, and it left us asking — "If they can’t get a loan modification, who can?"...
(more)
foreclosure work out
By Angie Moreschi on March 31, 2008
[top]
The foreclosure work-out myth is being promoted by mortgage lenders right now, with catchy names like Countrywide’s "HOPE" program and
the EMC "Mod Squad," but it’s time to expose the hoax. Lenders are falling over themselves to make federal lawmakers believe they’re
working with borrowers to avoid default. They cry, "We lose money, too, when we foreclose on a home!" It’s all about chilling the call
for tougher regulations. "We’ll do the right thing, promise."
Unfortunately, it’s smoke and mirrors all over again, just like the predatory loans that got us into this problem in the first place...
(more)
the history of the money
By Andrew Hitchcock on 26 Feb 2006
[top]
Economists continually try and sell the public the idea that recessions or depressions are a natural part of what they call the
"business cycle"
This timeline below will prove that is simply not the case. Recessions and depressions only occur because the Central Bankers
manipulate the money supply, to ensure more and more is in their hands and less and less is in the hands of the people.
Central Bankers developed out of money changers and it is with these people we pick the story up in 48 B.C. below...
(more)
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