Tag Archives: mortgage settlement

Vacancy Solution: Tear it Down?

photo credit: Fought70

Remember the recent multi-billion dollar bank settlement?  Payments are about to be made, and states are figuring out what to do with the money.  In Ohio, about $75 million will be targeted at abandoned homes; specifically, tearing them down.

This might sound shocking, but it’s not unusual.   Continue reading

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San Francisco uncovers a “Crisis of Compliance”

Copyright © 2004 Mai-Linh Doan

San Francisco City and County recently reviewed 382 residential mortgage loans on the books between 2009 and 2011.  Their goal was to check these mortgages for irregularities and ensure compliance with local laws.  Their findings: a 99% irregularity rate and a 84% violation rate (for applicable laws). Continue reading

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How HEMAP helped PA homeowners

HEMAP – the Homeowners Emergency Mortgage Assistance Program – started nearly thirty years ago by the state of Pennsylvania to assist homeowners facing foreclosure.  Or, at least it did until last summer when the state rolled back the program’s funding.  Over the program’s operation, nearly 50,000 families have been able to avoid foreclosure in PA. Continue reading

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Reasons the mortgage deal “stinks”

https://i1.wp.com/www.rewealthcoach.com/wp-content/uploads/2011/10/robo-signing-foreclosure-mill.jpgLast week, Yves Smith wrote a piece that outlines key shortcomings of the controversial mortgage settlement.  I posted about the initial deal awhile back, and then again expressing my general disappointment.  If you’re wondering why people are complaining about this major settlement with the banks (the biggest since the tobacco settlement), Smith’s article does a good job highlighting reasons it “stinks.”

To give you a glimpse, here’s reason number one, according to Smith, which gets at the drop-in-the-bucket nature of the settlement for defrauded homeowners:

“We’ve now set a price for forgeries and fabricating documents. It’s $2000 per loan. This is a rounding error compared to the chain of title problem these systematic practices were designed to circumvent. Continue reading

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