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Florida foreclosure case could slam banks

Submitted by ckeaton3313 on Thu, 05/10/2012 - 11:17

 

By Michelle Conlin

NEW YORK | Wed May 9, 2012 9:01pm EDT

(Reuters) - The Florida Supreme Court is set to hear oral arguments Thursday in a lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial liabilities in the state where they face the bulk of their foreclosure-fraud litigation.

The court is deciding whether banks who used fraudulent documents to file foreclosure lawsuits can dismiss the cases and refile them later with different paperwork.

The decision, which may take up to eight months to render, could affect hundreds of thousands of homeowners in Florida, and could also influence...

A Family's Struggle to Keep, Then Sell, Its Home

Submitted by ckeaton3313 on Tue, 05/08/2012 - 12:50

 

 

By Karen Weise on May 07, 2012

 

One day, more than three years ago, Suzanna Wertheim lost her job as a hospice nurse and learned she had terminal cancer. To cover chemotherapy and other health costs, she dug into her savings and unemployment benefits and quickly fell behind on paying the mortgage for her three-bedroom home in Oakland, Calif.

I first wrote about Wertheim for the investigative reporting newsroom ProPublica in August 2010, when she was on the brink of foreclosure. She described the year and a half she had spent trying to get Wells Fargo & Co. (WFC) to modify...

Fed Report: Mortgage Mess NOT an Inside Job

Submitted by ckeaton3313 on Mon, 05/07/2012 - 10:54

 

BY JANN SWANSON [Mortgage news daily]

May 3 2012, 4:44PM

A paper just published by The Federal Reserve Bank of Boston is bound to generate a lot of comment both inside and outside of the mortgage industry.  Titled Why Did so Many People Make so Many Ex Post Bad Decisions?  The Causes of the Foreclosure Crisis, the paper presents 12 facts about the mortgage market which the authors say refute the conventional wisdom that the housing crisis resulted from financial industry insiders deceiving uninformed borrowers and investors.

The authors, Christopher L. Foote and Paul S. Willen, senior economists at the Boston Fed and Kristopher S. Gerardi , a...

The First Time Mortgage-Backed Securities Failed

Submitted by ckeaton3313 on Tue, 05/01/2012 - 12:34

Prospectus for mortgage-backed securities issued by Fannie Mae and Ginnie Mae, 1970. Source: Author's photo

By Louis Hyman Apr 26, 2012 3:02 PM ET

During World War I, as cities pulled every young man who wasn't a doughboy into their factories, the U.S. became an urban nation.

After the war, there was a sharp and short depression in 1920 from which the cities quickly recovered, but rural America did not. That year, the census recordeed more people living in cities than in the country. Returning soldiers looked for work in the cities rather than return home. And all those people needed somewhere to live.

 
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