Category Archives: Foreclosures

Delinquent homeowners get holiday moratorium

Posted on December 24, 2010 by grim

From the Philly Inquirer: Phila. homeowners facing foreclosure get holiday reprieve Homeowners facing foreclosure got a holiday reprieve Thursday as Philadelphia’s top judge ordered a 30-day moratorium on sheriff’s sales while waiting for a federal relief program to arrive in … Continue reading →

Posted in Foreclosures, National Real Estate | 73 Comments

Burglary or Good Business?

Posted on December 22, 2010 by grim

From the NY Times: In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks When Mimi Ash arrived at her mountain chalet here for a weekend ski trip, she discovered that someone had broken into the home and changed … Continue reading →

Posted in Foreclosures, National Real Estate | 84 Comments

Just when you thought it was over…

Posted on December 21, 2010 by grim

From the Star Ledger: N.J. Supreme Court intervenes in mortgage foreclosures by six lenders New Jersey’s highest court has stepped in to monitor the filing of real estate foreclosures in the state. Supreme Court Chief Justice Stuart Rabner today announced … Continue reading →

Posted in Foreclosures, Housing Bubble, Mortgages, National Real Estate | 129 Comments

HAMP FAIL

Posted on December 14, 2010 by grim

From Bloomberg: U.S. Foreclosure Prevention Program to Fall Short, Watchdog Panel Finds A U.S. Treasury program aimed at preventing 3 million foreclosures is likely to fulfill less than a third of its goal, a congressional watchdog reported. The Treasury’s homeowner … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate, Risky Lending | 142 Comments

In foreclosure? No worries, you’ve got time.

Posted on December 13, 2010 by grim

From the Wall Street Journal: Banks Struggle To Seize Homes It takes longer to foreclose on homes in New York than any other state—and it’s getting longer every month. Two years ago, the state began requiring that banks and borrowers … Continue reading →

Posted in Foreclosures, Housing Bubble | 150 Comments

A shadow looms over New Jersey

Posted on December 11, 2010 by grim

From the New York Times: A ‘Shadow Inventory’ Dampens Winter Market NEW statistics provide a glum holiday-time snapshot of the real estate market: shrunken sales pace, bloated inventory and a “shadow inventory” of foreclosed homes looming menacingly in the background. … Continue reading →

Posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate | 199 Comments

A “significant and growing shadow inventory that is likely to persist for some time”

Posted on November 22, 2010 by grim

From Inman: Report: 8 months of ‘shadow inventory’ The “shadow inventory” of homes likely to be repossessed by lenders or already in their real estate owned (REO) inventory but not yet on the market reached 2.1 million units in August, … Continue reading →

Posted in Economics, Foreclosures, National Real Estate, Risky Lending | 145 Comments

“We still have a long way to go”

Posted on November 18, 2010 by grim

From the Record: Third quarter saw record foreclosures in N.J. A record number of New Jersey mortgage holders were either in foreclosure or late on their monthly payments during the third quarter, the Mortgage Bankers Association said Thursday. About 15.5 … Continue reading →

Posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate | 208 Comments

“Because in America, it’s far more shameful to owe money than it is to steal it.”

Posted on November 11, 2010 by grim

From the Rolling Stone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate | 180 Comments

“The length and depth of the current housing recession is rivaling the Great Depression”

Posted on November 10, 2010 by grim

From Portfolio: Housing: Bleaker, not Better Talk about bad news for the thousands of small businesses and entrepreneurs dependent on housing and the millions of others indirectly affected by the housing market. In Zillow.com’s latest survey on the state of … Continue reading →

Posted in Economics, Foreclosures, Housing Bubble | 167 Comments

Again regulators drop the ball

Posted on November 8, 2010 by grim

From the Washington Post: Regulators lagged in foreclosure oversight As foreclosures began to mount across the country three years ago, a group of state bank regulators suspected that some borrowers might be losing their homes unnecessarily. So the state officials … Continue reading →

Posted in Foreclosures, National Real Estate | 150 Comments

Restarting the machine

Posted on November 5, 2010 by grim

From the NY Observer: JPMorgan to Get Back in the Foreclosure Business “We’re not evicting people who deserve to stay in their house,” JPMorgan Chase CEO Jamie Dimon said in mid-October on his company’s third-quarter earnings conference call. Now it … Continue reading →

Posted in Foreclosures, National Real Estate | 203 Comments

533 Days…

Posted on November 2, 2010 by grim

From Lender Processing Service: LPS Mortgage Monitor – October 2010 Mortgage Performance Observations

Posted in Foreclosures, New Jersey Real Estate, Risky Lending | 166 Comments

The rising foreclosure resistance movement

Posted on October 29, 2010 by grim

From CNBC: U.S. lawyer forms foreclosure resistance movement In a stately 19th century mansion in the middle of this former textile mill town, a local political scion has formed a mortgage foreclosure resistance movement. O. Max Gardner III, 65, pioneered … Continue reading →

Posted in Foreclosures, National Real Estate | 188 Comments

With a 50% redefault rate, does HAMP even make sense?

Posted on October 28, 2010 by grim

From HousingWire: COP: Half of HAMP permanent mortgage mods will redefault Half of the so far nearly 500,000 permanent modifications completed by servicers participating in the Home Affordable Modification Program will redefault, Sen. Ted Kaufman (D-Del.), chairman of the Congressional … Continue reading →

Posted in Foreclosures, National Real Estate, Risky Lending | 160 Comments