April 2, 2012 |
State and federal officials who recently completed a $25 billion settlement with five of the nation's largest banks over shoddy foreclosure practices have begun discussing how to apply some of the terms of that deal to a wider array of financial firms. The landmark agreement finalized in February in part forces the five major banks to overhaul flawed and fraudulent foreclosure practices that had become common in recent years. Those changes include forbidding "robo-signing" of documents and providing a single point of contact to homeowners,...
October 14, 2011
The Oct. 8 photograph of the two young children lying on the floor , staring at the ceiling in an empty room, with the heading of "Young lives touched by foreclosure" put a new meaning to that word. The picture moved me to sadness and anger. With all the talk about taxing the wealthy and extending tax breaks to large corporations, it seems that the real needy are falling through the cracks. Perhaps this photo, shot by John Moore, should be sent to every member of Congress, the president and those who aspire to be president as a...
February 9, 2012 |
The government's $25 billion settlement Thursday with banks over fraudulent foreclosure practices begins a long-promised reckoning with the financial industry over its role in the worst economic crisis since the Great Depression, officials said. The deal represents the largest industry settlement since an agreement with tobacco companies in 1998 and will force five of the nation's largest banks to overhaul their mortgage-servicing practices and reduce loan balances for many borrowers who owe more than their houses are worth.
January 17, 2009 |
Before Robin Bohnen and her husband, Shane, bought a $1.16 million Mediterranean-style house in an upscale Southern California suburb two years ago, they were not cash-strapped, debt-ridden or credit-impaired. Now they are all of the above. Soon they also may qualify for one more distressing category: home lost to foreclosure. "Wake me up, can this really be happening?" the 42-year-old Bohnen says. As she tries to describe how it feels to have the nation's financial crisis land in her living room, the phone...
March 5, 2009
Robert J. Samuelson was wrong in his March 2 op-ed column, " Wrong Turn on Housing . " As a licensed Realtor, I applaud the Obama administration's thoughtful new direction on the housing markets. Minimizing foreclosures is the most important first step to getting America out of its housing crisis. Tax credits and lower interest rates won't do anything to help spur home buying until we have a floor under home values. Home buyers won't care whether they're getting an $8,000 or $15,000 tax credit, or whether...
March 11, 2011 |
I was going into foreclosure, but the bank gave me a loan modification. I agreed to the modification at the beginning, but now I see it was a mistake and think foreclosure would be better. What do I have to do — just stop paying? A quick answer to your question is yes. If you stop making your payments, the lender will certainly reinstitute the foreclosure proceedings to sell the home and satisfy all or part of the debt you owe. The whole loan modification process has been a nightmare — not so much for the big-box lenders but for...