WASHINGTON (Reuters) – Housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, pointing to a weak economic recovery.
Also tagged a-much-weaker, a-weak-economic, domesticnews, for-future, home-construction, lowest, much-weaker, starts-rose, their-lowest, weak-economic, while-permitsA Chicago, Illinois, couple, their real estate agent and a real estate broker face charges of violating the federal Fair Housing Act for refusing to sell a $1.79 million home to black radio personality and comedian George Willborn, the U.S. Department of Housing and Urban Development said. Excerpt from: Feds: Couple …
Also tagged 1-79-million, and-comedian, black-radio, estate-agent, federal, for-refusing, george, george-willborn, real, their-real, violating-the-federalWASHINGTON (Reuters) – U.S. authorities have charged 1,215 people in hundreds of mortgage fraud cases that resulted in estimated losses of $2.3 billion, top Obama administration officials said on Thursday, unveiling a crackdown after the housing market collapse.
Also tagged 2-3-billion, 215-people, domesticnews, estimated-losses, have-charged, market-collapse-, mortgage-fraud, obama, said-on-thursday, thursdayLast April, the United States Senate voted against legislation that would let bankruptcy court judges modify home mortgages in bankruptcy. The failure of this legislation is a significant loss to home-owners, neighbors of homes on the verge of foreclosure, and ironically, to lenders. First and foremost, home owners facing foreclosure bear the immediate brunt of the economic crisis. In the first instance, they have seen cash reserves plummet as payments readjust, or as interest only “step up” loans cause higher monthly payments. Once savings are exhausted, the homeowners face the possibility of foreclosure and losing their home. This is a bad result for many reasons, including the personal loss to the buyer, the possibility of increased need to turn to social services, or a greater burden on friends or family. Baxter & Baxter, LLP Bankruptcy Attorney In addition to the injury to the home owner, the foreclosure is bad for everyone in the neighborhood. Homes in financial distress are less likely to be maintained, deferred maintenance goes undone, and damage unrepaired. This lowers home values for the entire neighborhood. Once a home goes into foreclosure, it lowers the overall intrinsic value of surrounding properties. It also acts as unfair competition against other homes being sold in the same market, and ultimately reduces sale prices further as a comparable or “comp” in the appraisal process. Even the banks may be damaged by a foreclosure. In addition to losing the monthly payment, they incur the cost of repossessing, foreclosing, and reselling. There may be expenses in making the house sellable, including repairing damage, paying back taxes, and complying with code issues. Having additional foreclosures on the books can cause further damage to a lender’s overall financial picture by adding to liabilities and throwing off the assets and liabilities. Many of the homes purchased during the housing boom of the mid-2000s were made with zero-down mortgages. Consequently, where borrowers paid less than 20% down, lenders required the borrowers to obtain Private Mortgage Insurance (PMI). If a borrower defaults on a mortgage covered by PMI, the lender can recoup its loss from the insurance company. In some loans, the mortgage can be further insured by the government, such as Federal Housing Administration (FHA) or Veterans Administration (VA) insured loans. This short sighted decision by lenders to hedge their bets based upon PMI may prove ultimately detrimental to both borrowers and lenders. Just as we witnessed dramatic financial upheaval as a result of the failure of AIG and its leveraged backing of derivatives, asset backed securities, credit default swaps, and other complex financial instruments, the failure of major PMI insurers may be see lenders again thrown into turmoil. In the long run, the continued travails of the housing sector can result in weak consumer confidence and reduced purchases in an already troubled market.
Also tagged a-bad-result, a-home-goes, home, house, img-alt, legislation, neighborhoodOregon Bankruptcy Washington Bankruptcy Search by Author, Title or content * Home * Submit Articles * Author Guidelines * Publisher Guidelines * Content Feeds * RSS Feeds * Web Gadgets * FAQ * Advertise * Contact Us Justin Baxter Justin Baxter Website: http://www.baxterlaw.com Consumer protection lawyer with the Portland, Oregon law firm of Baxter & Baxter, LLP. Specializing in false credit reporting and unlawful debt collection practices cases. Subscribe to this author RSS feed for these results Results: 1 – 10 1 vote voted Supreme Court Case doesn’t Open the Floodgates to Discharging Student Loans in B… Submitted by Justin Baxter on 2010-04-19 (4 views) Report article spam Report article spam Supreme Court Case doesn’t Open the Floodgates to Discharging Student Loans in Bankruptcy. The United States Supreme Court affirmed a lower court ruling that discharged Francisco J. Espinosa’s student loans in bankruptcy. The ruling was initially haled as a victory for borrowers and debtors. However, a closer look at the … Read more (466 words) 1 vote voted How will Filing for Bankruptcy Affect my Credit? Submitted by Justin Baxter on 2010-04-15 (7 views) Report article spam Report article spam How will Filing for Bankruptcy Affect my Credit? Bankruptcy is a life changing event in any person’s life, with long lasting consequence. For example, a record of the bankruptcy will appear in the Public Records section of your consumer credit report for the next ten years. Having said that, however, … Read more (542 words) 1 vote voted Debunking Myths about why People File for Bankruptcy Submitted by Justin Baxter on 2010-04-15 (8 views) Report article spam Report article spam Debunking Myths about why People File for Bankruptcy A common misperception about bankruptcy is that people who file for bankruptcy were irresponsible with their finances, or recklessly incurred debt they could not repay. While these circumstances certainly are a factor in some bankruptcies, recent studies and analysis demonstrate that the … Read more (519 words) 1 vote voted Remedies for Attempt to Collect Debts Included in Bankruptcy Submitted by Justin Baxter on 2010-04-15 (11 views) Report article spam Report article spam Remedies for Attempt to Collect Debts Included in Bankruptcy One of the most important benefits of filing for bankruptcy is that it will stop collection calls, letters, and other activities by debt collectors. This includes garnishments, lawsuits, and repossessions. When creditors or collectors do not cease collection efforts, consumers may … Read more (552 words) 1 vote voted Significant Changes to the Bankruptcy Code under the Bankruptcy Abuse Prevention… Submitted by Justin Baxter on 2010-04-15 (8 views) Report article spam Report article spam Significant Changes to the Bankruptcy Code under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA): The Presumption of Abuse and Qualification for Chapter 7 Discharge The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) represented the most sweeping change to the Bankruptcy Code since the … Read more (471 words) 1 vote voted Basic Information about Bankruptcy Submitted by Justin Baxter on 2010-04-15 (12 views) Report article spam Report article spam Basic Information about Bankruptcy Deciding whether to file bankruptcy is a very serious decision. The majority of bankruptcies are precipitated by circumstances outside a person’s control — loss of a job, divorce, or significant illness. A recent study published in the American Journal of Medicine concluded that 62.1 percent of … Read more (633 words) 1 vote voted What can Credit Card Companies do if I’m Late on my Payment? Submitted by Justin Baxter on 2010-04-15 (7 views) Report article spam Report article spam What can Credit Card Companies do if I’m Late on my Payment? Falling behind on credit card payments, or “defaulting” has risen to record levels as a result of the economic downturn, job loss, rising cost of health care, and the tanking housing market. This article discusses options for consumers … Read more (525 words) 1 vote voted The Effect of Filing for Bankruptcy on a Home Foreclosure Submitted by Justin Baxter on 2010-04-15 (11 views) Report article spam Report article spam The Effect of Filing for Bankruptcy on a Home Foreclosure In the years leading up the recent financial crisis, the housing bubble spurred a dramatic rise in new home ownership. At the same time, many of the nonconventional mortgage schemes (also known as “subprime” loans) precipitated many of the financial … Read more (671 words) 1 vote voted The Process of Filing for Bankruptcy Submitted by Justin Baxter on 2010-04-15 (11 views) Report article spam Report article spam The Process of Filing for Bankruptcy The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure and local rules of each bankruptcy court. The Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and local rules set forth the formal legal procedures for proceeding through a … Read more (566 words) 1 vote voted Why the Failure of the “Cram Down” Legislation Hurts Everyone Submitted by Justin Baxter on 2010-04-15 (10 views) Report article spam Report article spam Why the Failure of the “Cram Down” Legislation Hurts Everyone Last April, the United States Senate voted against legislation that would let bankruptcy court judges modify home mortgages in bankruptcy. The failure of this legislation is a significant loss to home-owners, neighbors of homes on the verge of foreclosure, and … Read more (479 words) More Results: 1 2 Next SEO Consult AdvertisingAboutFAQContact UsAdvanced SearchPrivacy StatementDisclaimer ExactSeekSiteProNewsBlog-SearchUmbrellaNewsDropJackSEO-NewsMetaWebSearchFreeWebSubmission Jayde Online, Inc. © 2010, All Rights Reserved.
Also tagged article, financial, payment, portland, publisher, search, UncategorizedThe downtown Portland building, which houses federal workers, is one of 14 affected by the filing of its corporate parent.
Also tagged best of business, breaking news, business, downtown, federal workers, finance, its-corporate, portland, real-estate, the-filingSTOCKTON, Calif. – (AP) Stockton hardly looks like the most miserable city in the country. But the statistics and stories over the last two years make a case that it is: Since the housing crisis began, this inland port city 80 miles east of San Francisco has had one of …
Also tagged and-stories, country, crisis-began, francisco, hardly-looks, over-the-last, statistics, stockton, the-housingWASHINGTON – (AP) Some Federal Reserve policymakers last month were conflicted over whether to expand or cut back a program intended to drive down mortgage rates and bolster the housing market, according to a document released Wednesday. Minutes of the Fed’s closed-door meeting on D Read the original here: Some Fed …
Also tagged a-document-released, a-program-intended, and-bolster, bolster-the-housing, document-released, expand-or-cut, federal, last-month, mortgage-rates, original, the-housing, the-original, wednesday, were-conflictedUmpqua Bank knew as early as March 2007 that the owners of Bend-based Summit Accommodators were diverting millions of dollars from their clients’ accounts to fund their own real estate projects, according to a newly issued report by the court-appointed bankruptcy trustee.
Also tagged a-newly-issued, court, finance, fund-their, march, randall dunn, real-estate, summit-accommodators, the-owners, their-clients, u.s. bankruptcy court, umpqua-bankA heretofore little-used bankruptcy provision offers a way out of second mortgages
Also tagged breaking news, heretofore-little-used, homeownership, mortgage, second-mortgages, way-out