Top Fed Official On Government's Foreclosure Prevention Efforts: 'Three Years Of Failed Policies'

rick@nfg.org (Rick Leon) — Tue, 26 Oct 2010 18:55:48 CDT

One of the Federal Reserve's top economists denounced the Obama administration's approach to stemming the growing foreclosure crisis, saying it's part of "three years of failed policies" intended to help homeowners avoid losing their homes.

"We can't prevent millions of foreclosures using the tools people are currently using," Paul S. Willen, a senior economist and policy adviser in the research department of the Federal Reserve Bank of Boston, said Monday during...

Foreclosures Hit Record In September, More Than 100K Homes Seized

rick@nfg.org (Rick Leon) — Tue, 26 Oct 2010 18:51:22 CDT

LOS ANGELES (AP, Alex Veiga) -- Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.

A total of 288,345 properties were lost to foreclosure in the July-September quarter, according to data released Thursday by RealtyTrac Inc., a foreclosure listing...

Gov't launches plan to help "underwater" borrowers

rick@nfg.org (Rick Leon) — Sun, 12 Sep 2010 20:09:49 CDT

The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth.

Starting Tuesday, the Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to forgive at least 10 percent of the original...

Labor Day: Immigrants Build the U.S. Economy

rick@nfg.org (Rick Leon) — Thu, 09 Sep 2010 18:37:37 CDT

Mark Engler - September 3, 2010 12:00 pm

Undocumented immigrants streaming into this country from south of the border drive down wages and steal jobs that could otherwise go to out-of-work Americans. Right?

Wrong. As it turns out, immigrant workers play an important role in building our economy and bolstering institutions such as social...

Home Prices Fell from May to June

rick@nfg.org (Rick Leon) — Wed, 04 Aug 2010 16:59:54 CDT

A study by research firm Campbell Surveys shows a decrease in home prices from May to June 2010 in three out of four property categories: move-in ready foreclosed properties, short sale and non-distressed properties. The prices for damaged foreclosed properties rose by 5.9 percent in June. Campbell Surveys research director Thomas Popik believes the "price declines are related to decreased homebuyer demand surrounding the end of the tax credit." This is demonstrated by the...

Immigration Reform with Secretary Solis and AFL-CIO President Richard Trumka

rick@nfg.org (Rick Leon) — Fri, 23 Jul 2010 17:53:16 CDT

July 19, 2010 - Immigration Reform with Secretary Solis and AFL-CIO President Richard Trumka

View the Immigration Reform with Secretary Solis and AFL-CIO President Richard Trumka Video here

The Hidden Struggles of Migrant Worker Women In The Maryland Crab Industry

rick@nfg.org (Rick Leon) — Thu, 22 Jul 2010 17:24:10 CDT

Dear Colleagues:

Centro de los Derechos del Migrante, a really smart organization fighting for migrant workers, has just released with AU's law school an important report documenting the devastating conditions faced by women guest workers picking crabs in Maryland's Eastern Shore.

The report is available

Foreclosure Hitting Minorities Hardest

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:46:02 CDT

The Center for Responsible Lending, a nonprofit research group, is reporting that black and Latino borrowers are disproportionately affected by the foreclosure crisis. The study includes an analysis of government and industry data on loans made between 2005 and 2008 and although whites make up most of the foreclosures, the rate of foreclosure is worse for minority communities. For example, the percentage of white borrowers who lost their homes to foreclosure was 4.5...

FBI Releases 2009 Mortgage Fraud Report

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:42:23 CDT

The FBI has released the 2009 Mortgage Fraud Report which provides insight into last year's cases of mortgage fraud and includes current projections, issues and mortgage fraud "hot spots." The report notes that pending investigations related to mortgage fraud increased by 71 percent from one year ago and involved over $1 million in dollars lost. States with the highest rates of mortgage fraud were California, Florida, Illinois, Michigan, Arizona, Georgia, New York, Ohio,...

Homeowners Dropping Out of Federal Assistance Program

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:40:16 CDT

The Treasury Department reported on Monday that about one-third of the borrowers in the Obama administration's foreclosure assistance program have dropped out as of one month ago. The total number of dropouts is 436,000, which includes 155,000 borrowers that left the program last month alone. Approximately 340,000 borrowers have obtained permanent modifications and are up-to-date on their payments. The administration says that those who drop out will likely get help from...

Foreclosure Rate Hit Record Numbers in May

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:19:30 CDT

Home foreclosure rates in the U.S. reached a record high in May with increases in every state. The increase in lender property seizures resulted in a 44 percent increase in the number of bank repossessed properties from one year ago. RealtyTrac's senior vice president for marketing, Rick Sharga, expects numbers in June to be even higher as lenders continue repossessing properties. May 2010 was the first time that every state in the country saw an increase in repossessions...

Foreclosure Filings Down 3 Percent in May

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:14:46 CDT

RealtyTrac's U.S. Foreclosure Market Report showed that foreclosure filings in May 2010 were down 3 percent from one month before (foreclosure filings include default notices, scheduled auctions and bank repossessions). This is an increase of less than 1 percent from one year ago. Chief executive officer at RealtyTrac, James J. Saccacio, believes this confirms a leveling off of trends seen in April. Still, lenders are working through the backlog that has gathered over the...

S&P Report Blames Shadow Inventory for Price Decreases

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:03:50 CDT

Standard & Poor's Ratings Services has released a report that points to shadow inventories as cause for declining home prices. The number of properties backlogged will vary from place to place and is likely to determine how quickly home prices will stabilize. Shadow inventory pertains to properties over 90 days late, in foreclosure or REO but are not yet on the market. This inventory swelled over the past two years as homeowners...

Foreclosures Expected to Increase

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 22:00:53 CDT

According to RealtyTrac senior vice president, Rick Sharga, a second wave of toxic loans is poised to flood the market causing the foreclosure issue to worsen this year. These loans will be made up primarily of resetting option-ARM mortgages as well as alternate-A and subprime loans, and most of the defaults will be driven by the unemployment issue. The surge is...

VA Sets New Guidelines for Loan Modifications

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 21:58:05 CDT

In an effort to keep veterans in their homes, the VA has set new loan modification guidelines for VA-guaranteed home loans which allow servicers to restructure loans using HAMP. Before homeowners can be eligible for HAMP, they must try all other traditional loss mitigation options. If no affordable payment can be found through these options, the servicer must consider a...

Government Sponsored Enterprises (GSEs) to Accept HAFA Short Sales

rick@nfg.org (Rick Leon) — Sun, 27 Jun 2010 21:55:46 CDT

Homeowners with GSE loans who are unable to get a modification through the government foreclosure prevention program can soon opt for a short sale or deed-in-lieu of foreclosure through Freddie Mac or Fannie Mae. Servicers have been given new guidelines that allow borrowers to utilize these options. When the Home Affordable Foreclosure Alternatives (HAFA) program began in April, GSEs...

Homeowners Making 'Strategic Defaults'

rick@nfg.org (Rick Leon) — Tue, 27 Apr 2010 18:54:41 CDT

This article highlights how current homeowners who are struggling financially are changing their tack as they see financial institutions turn profits but still refuse to adjust mortgage amounts. In the past, these homeowners would do anything to hang onto their homes but now, many are choosing to walk away.

The government and lender responses to the national housing crisis have created an interesting twist for borrowers: their negotiation powers increase after foreclosure proceedings start. A Boston collaborative - consisting of Boston Community Capital (a nonprofit community development financial institution), City Life/Vida Urbana and students and professors from Harvard Law School - is helping borrowers tap into this opportunity.

Neighborhood Funders Group : Blogger