Clipmarks | Foreclosure Clips

Subprime and Alt-A: The End of One Crisis and the Beginning of Another

Mon, 18 Aug 2008 16:08:53 GMT

clipped by: Forbes Markets
clipper's remarks: The beat just goes on....

Clip Source: calculatedrisk.blogspot.com

we may have now seen the beginning of the end of the subprime meltdown, but we are only at the end of the beginning of the Alt-A wave that is following it.

According to Clayton, subprime delinquencies appear to have peaked in December of 2007, and subprime foreclosure starts may have peaked in January of 2008. The volume of foreclosures in process will remain elevated for a long time as these things work their way through lengthy foreclosure timelines, but the peak in FC starts is good news.

Unfortunately, Alt-A seems nowhere near its peak yet. Clayton's report, based on May data, indicates that both new delinquencies and foreclosure starts in Alt-A pools are still rising. Fannie Mae's recent conference call suggesting that Alt-A deteriorated even more sharply in July is yet more evidence that the Alt-A mess is still ramping up.

Tags: credit crisis, subprime mortgages, alt-a loans

some one wins in fighting foreclosures

Sun, 17 Aug 2008 03:43:41 GMT

clipped by: markatent
clipper's remarks: good for them!

Clip Source: www.consumeraffairs.com

Fighting Foreclosure: One Family's Story

How fighting back enabled a family to keep its home

Although Smith and her husband were "viable citizens with good credit," they were quickly steered into an expensive subprime loan with ballooning payments and hidden fees that they couldn't keep up with. Their home's builder was indicted and the mortgage broker was quickly revealed to be collaborating with the builder to, as Smith put it, "unload crappy homes for pretty quick money."

The bundling and reselling of mortgage loans as securitized investments on Wall Street was one of the principal factors in the housing crisis, which bled over into a full-scale economic meltdown.

Tags: stop foreclosure, fighting foreclosure

Trump Bails Out Ed McMahon

Fri, 15 Aug 2008 15:33:23 GMT

clipped by: Andrew Farrell
clipper's remarks: The billionaire is rescuing the "Tonight" show sidekick from home foreclosure.

Clip Source: ap.google.com

Trump to buy McMahon's home, let him live there

BEVERLY HILLS, Calif. (AP) — Donald Trump will soon be Ed McMahon's landlord.

Trump announced Thursday he would save the television personality's Beverly Hills mansion from foreclosure by buying it for an undisclosed amount and leasing it to McMahon.

The developer told the Los Angeles Times he doesn't know McMahon personally, but acted out of compassion because helping out "would be an honor."

McMahon, 85, who was Johnny Carson's sidekick on the "Tonight" show for three decades, has not worked for about 18 months because of a neck injury. He defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp.

McMahon's spokesman, Howard Bragman, told The Associated Press that paperwork on the sale had not been completed but that McMahon was "very optimistic" the deal would go through.

Fannie Mae opens Ft.L office

Fri, 15 Aug 2008 08:40:30 GMT

clipped by: Mustikka

Clip Source: www.bradenton.com

Business

Thursday, Aug. 14, 2008

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Fannie Mae to open Fort Lauderdale office

Mortgage giant Fannie Mae (FNM) will open a field office in Fort Lauderdale next week to help the sell-off of Florida homes reclaimed through foreclosure and support other loss-mitigation efforts, the company said Wednesday.

Fannie Mae, a government-sponsored mortgage investor, said the new office would place the company closer to the community and the foreclosures it owns, as well as the real estate professionals it will hire to oversee the inventory.

Foreclosures.Cities.Highest rate Ft.L

Fri, 15 Aug 2008 08:38:25 GMT

clipped by: Mustikka

Clip Source: www.marketwatch.com

Fort Lauderdale, Fla., documented the ninth highest metro foreclosure rate, and the foreclosure rate in Phoenix took the No. 10 spot.

The Cape Coral-Fort Myers, Fla., metro area registered the highest foreclosure rate among the 230 metro areas tracked in the July report. One in every 64 households in the metro area received a foreclosure filing during the month -- more than seven times the national average.

Another Voice

Wed, 13 Aug 2008 21:21:24 GMT

clipped by: nchnted

Clip Source: bulletin.aarp.org

THE DIE HARD RIGHT WING REPUBLICANS WILL TRY TO COME UP WITH ANY EXCUSE INCLUDING LIES TO TRY AND BLAME THE DEMOCRATIC PARTY [THEY ALWAYS DO], BUT THE FACTS ARE DURING BUSH?S TWO TERMS:

1) 1% of American homes are in foreclosure.

2) Americans have seen their home equity drop by 12 Trillion dollars and prices still dropping;

3) Our Government went from being in the black to being Trillions in the red

4) Consumer confidence has plummeted

5) Gasoline went from $2.19 a gallon to over $4 a gallon & climbing! (Should it go down they will take credit. Should it go up they will blame the Democrats.

6) Unemployment is up to 5% (a 10% increase);

7) We have gone to war on lies (weapons of m****destruction). Over four thousand of our soldiers have died, along with countless of thousands of wounded that will have to live the rest of their lives with various handicaps.

No parties for Fannie and Freddie

Wed, 13 Aug 2008 16:30:11 GMT

clipped by: Joshua Zumbrun
clipper's remarks: Ironically, now is the time they really need to bring out the lobbying big guns to save their dying firms.

Clip Source: www.twincities.com

Mortgage giants back out of convention

By Jason Hoppin

With the Twin Cities and the nation in the grip of a home foreclosure crisis, two of the main characters in the still-unfolding drama are skipping the Republican National Convention.

Fannie Mae and Freddie Mac, the government-sponsored mortgage underwriters who recently received a massive federal bailout, have decided they probably shouldn't be buying drinks and hobnobbing when the convention rolls into town.

The pair were slated to co-sponsor a Sept. 2 event at the swanky Graves 601 Hotel in Minneapolis. Already under intense pressure about lobbying activity by U.S. Senate critics and others, Fannie Mae and Freddie Mac have had their names removed from party invitations.

Tags: fannie, freddie, lobbying

Fannie and Freddie Limit Lobbying at Party Confabs

Wed, 13 Aug 2008 03:50:43 GMT

clipped by: Brian Wingfield
clipper's remarks: Probably a smart move, given the outcry among some members of Congress who want the mortgage buyers to stop lobbying altogether.

Clip Source: www.twincities.com

With the Twin Cities and the nation in the grip of a home foreclosure crisis, two of the main characters in the still-unfolding drama are skipping the Republican National Convention.

"We will no longer be participating in the Democratic or the Republican convention, including the housing industry events," Fannie Mae spokeswoman Amy Bonitatibus said.

Asked why, Bonitatibus said, "I'm not going to comment on that."

Tags: fannie mae, freddie mac, lobbying, political conventions

Help With Foreclosure

Tue, 12 Aug 2008 07:42:23 GMT

clipped by: nishat0518
clipper's remarks: Looking for stop foreclosure help? We help our clients to stop house foreclosure. Know about stopping foreclosure process or how to stop foreclosure to avoid home foreclosure. We have helped hundreds of homeowners to stop home foreclosure to save home.

Clip Source: www.helpiminforeclosure.com

Online Debt Relief

Get your free analysis cut your payments by up to 57%

We help homeowners all across America facing foreclosure. We do not sell homes, we do not sell mortgage loans, we do not provide loss mitigation or debt consolidation services. We are an organization whose sole purpose is to provide homeowners facing foreclosure with all the facts about the foreclosure process.

Tags: stopping foreclosure process, stop foreclosure help, home foreclosure help, help stop foreclosure

Help Stop Foreclosure

Tue, 12 Aug 2008 07:41:21 GMT

clipped by: nishat0518
clipper's remarks: Looking for Stop foreclosure help? Our foreclosure experts help our clients to stop home foreclosure. Know about stopping foreclosure process or how to stop foreclosure. We are here to help stop foreclosure on your home. We have helped hundreds of homeowners to save their home from foreclosure. If you are in fear of losing your house due to foreclosure we are here to help stop house foreclosure or to avoid home foreclosure.

Clip Source: www.helpiminforeclosure.com

In Trouble? We can help! Need access to hundreds of lenders, realtors, attorneys and professional consultants? Looking for help to stop foreclosure? Get help to stop home foreclosure. Learn about stopping the foreclosure process. We will aid you to stop foreclosure and help you save your home. Contact us now to avoid home foreclosure. We can help you reach experienced professionals who specialize in helping you keep your home. Call us now so that we can put you in contact with your local foreclosure expert!

Tags: stop house foreclosure, stop home foreclosure, how to stop foreclosure, avoid home foreclosure

foreclosures summer 08

Sun, 10 Aug 2008 12:27:44 GMT

clipped by: reaves52

Clip Source: www.reuters.com

RealtyTrac, based in Irvine, California, said the national foreclosure rate in the second quarter was one foreclosure filing for every 171 U.S. households.

The surge in foreclosures indicates an increasing number of homeowners are struggling to make mortgage payments amid the worst U.S. housing market downturn since the Great Depression.

The Banks don't want your home

Wed, 06 Aug 2008 16:10:46 GMT

clipped by: markatent
clipper's remarks: This was in Dec 2005 and no the banks are melting down from their loan practices.

Clip Source: www.slate.com

All of which means the housing boom is being fueled by the willingness of lenders to let borrowers get behind—and stay behind—on their payments. Homeowners go deeper and deeper in debt and become less and less home "owners," but they get to keep the roof over their heads. It used to be that only gigantic banks and corporations like Citigroup and Chrysler were regarded as too big to fail. Today, the humble homeowner enjoys that status as well.

Didn't Pay Your Mortgage? Don't Worry.Why banks are so afraid to foreclose on you.

Tags: foreclosure, foreclosures, fighting foreclosure

Milwaukee Mayor Pledges Help In Foreclosure Case

Wed, 06 Aug 2008 03:45:58 GMT

clipped by: BartendingBear
clipper's remarks: The case isn't shut, but things really need to go right for the right outcome.

Clip Source: www.jsonline.com

Mayor Tom Barrett promised Monday to try to help a disabled man after the city foreclosed on his house to collect fines that resulted from a $50 parking citation, but the mayor stopped short of saying the city would drop its pursuit of the $245,000 house.

Barrett said he plans to contact leaders in the mental health community to see if they could help.

"Part of what has made this case more difficult is he wants to fight this, but the difficulty is he's never gotten in the ring," Barrett said of the homeowner.

Milwaukee County Circuit Judge Richard Sankovitz technically stayed the judgment to give Tubic one last chance to explain why he hasn't paid the fine or even responded to the city. Tubic has until Aug. 14 to file paperwork with the court.

A court hearing is scheduled for Sept. 11. If the city retains ownership of the house

Tubic can file a petition with the city to collect whatever money remains from the sale of the house after the city takes its cut.

Milwaukee Man May Lose Home Over Parking Ticket

Wed, 06 Aug 2008 01:08:46 GMT

clipped by: BartendingBear
clipper's remarks: From the local reporting of The Milwaukee Journal Sentinel. Much more at linked source.

Clip Source: www.jsonline.com

Peter Tubic ignored a $50 parking fine in 2004, and on Monday, it cost him his $245,000 house.

the city foreclosed on Tubic's house on W. Verona Court after repeated attempts to collect the fine - which over the years had escalated to $2,600 - had failed.

Clip Source: www.jsonline.com

Milwaukee County Circuit Judge Richard Sankovitz technically stayed the judgment to give Tubic one last chance to explain why he hasn't paid or even responded, but Sankovitz ruled in favor of the city's foreclosure.

Tubic takes the blame for disregarding the 15 or more notices he received seeking payment and warning of the pending foreclosure on the house, which was fully paid off, but says he had good reason.

According to the Social Security Administration, Tubic, 62, has been disabled since 2001. He has been diagnosed with psychological disorders that limit his "ability to understand, remember and carry out detailed instructions," according to documents from the administration.

Judge Sankovitz called the case a shame

Home Forclosed Due to Unpaid Parking Tickets

Tue, 05 Aug 2008 21:27:46 GMT

clipped by: cheapogroovo

Clip Source: newyorkrenovator.com

In what city officials believe is the first case of its kind, the city foreclosed on Tubic’s house on W. Verona Court after repeated attempts to collect the fine - which over the years had escalated to $2,600 - had failed.

“Our goal isn’t to acquire parcels,” said Jim Klajbor, special deputy city treasurer. “Our goal is to just collect taxes. . . . It is only as a last resort that we would pursue . . . foreclosure.”

Tags: home, foreclosure, parking tickets, fascism, government