World's Worst Dad Candidate Thought It Was A Good Idea To Leave Son Behind In Foreclosed House - The Consumerist
Parenting doesn't get any worse than this. Leave the 11 year old son a Playstation and a note that says "You know your dad loves you more than anything." Right. And then the cops spend five weeks looking for him. Thanks to Mystery Reader for this depressing saga.
Friday, January 27, 2012
BBC News - Unwanted homes in Irish Republic could be demolished
BBC News - Unwanted homes in Irish Republic could be demolished
They have been called the 'ghost estates' of the Irish Republic - about 300,000 homes built in the frenzy of the property boom that no-one wants to live in now.
Soon, many brand new houses could be demolished.
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Watch this video and see how the Irish were fleeced by developers and realtors.
Thursday, January 26, 2012
Woman claims condo energy efficient windows are melting her car
http://losangeles.cbslocal.com/2012/01/25/woman-claims-neighbors-energy-efficient-windows-are-melting-her-toyota-prius/
STUDIO CITY (CBS) — A SoCal woman says the energy efficient window installed in a neighbor’s condominium is melting the plastic components on cars parked in her carport.
Heather Patron of Studio City was dealing with a mystery regarding her Toyota Prius.
“The side view mirrors were melting,” says Patron. “Anything that was plastic on the car was melting.”
STUDIO CITY (CBS) — A SoCal woman says the energy efficient window installed in a neighbor’s condominium is melting the plastic components on cars parked in her carport.
Heather Patron of Studio City was dealing with a mystery regarding her Toyota Prius.
“The side view mirrors were melting,” says Patron. “Anything that was plastic on the car was melting.”
Legislation would let insured pet owners keep dogs off leash
Legislation crafted by Sen. Lori Klein, R-Anthem, would say that county ordinances which now require dogs in public parks and on public lands to be on a leash do not apply if the owner has at least $50,000 worth of liability coverage. Klein said there is no reason that owners of responsible, well-behaved dogs should not be allowed to let them run free.
But Klein is specifically annoyed by leash law rules of homeowner associations. And she said her legislation, SB 1065, would preclude HOAs from citing homeowners under rules that forbid a dog from sitting, unleashed, in an unfenced front yard.
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Alternative headline: State legislation would preempt Privatopian pooch on porch prohibition.
Monday, January 23, 2012
Government Prevents 101-Year-Old Evictee From Moving Back Home - The Consumerist
Government Prevents 101-Year-Old Evictee From Moving Back Home - The Consumerist
Four months ago, a 101-year-old Detroit woman was evicted from her home because her son could no longer afford payments. The U.S. Department of Housing and Urban Development stepped in and said she go back home, but has now reversed course, deeming the residence unfit to live in.
She tells The Detroit News "Here I am, 100 years old (rounding her age), and don't have a home. Oh Lord, help me."
Now that the HUD controls the property, officials say the house is beyond repair and the department won't pay the cost to get it up to code. The department is looking for alternatives, but for now the woman has no permanent home as she crashes with a friend.
She lived in the house for nearly 60 years, but lost control when she entered into a reverse mortgage. Her sad plight serves as a warning sign for retirees who think a reverse mortgage may be an easy fix to their financial problems.
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Here's the original article from the Detroit News.
Four months ago, a 101-year-old Detroit woman was evicted from her home because her son could no longer afford payments. The U.S. Department of Housing and Urban Development stepped in and said she go back home, but has now reversed course, deeming the residence unfit to live in.
She tells The Detroit News "Here I am, 100 years old (rounding her age), and don't have a home. Oh Lord, help me."
Now that the HUD controls the property, officials say the house is beyond repair and the department won't pay the cost to get it up to code. The department is looking for alternatives, but for now the woman has no permanent home as she crashes with a friend.
She lived in the house for nearly 60 years, but lost control when she entered into a reverse mortgage. Her sad plight serves as a warning sign for retirees who think a reverse mortgage may be an easy fix to their financial problems.
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Here's the original article from the Detroit News.
Mortgage Principal Cuts Don’t Help Homeowners - Bloomberg
Mortgage Principal Cuts Don’t Help Homeowners - Bloomberg
Reducing mortgage balances is a risky idea that hasn’t been shown to keep borrowers who owe more than their property’s worth in their homes, according to Credit Suisse Group AG. (CSGN)
Of the 11 million of “underwater” homeowners, about 6.5 million have never missed a payment and 2 million more are making on-time payments after a delinquency, said Dale Westhoff, the bank’s global head of structured products research. Widespread principal reductions may drive defaults “much, much higher” as borrowers seek the aid, he said.
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And of course the banking industry would have a totally objective view of this idea...
Reducing mortgage balances is a risky idea that hasn’t been shown to keep borrowers who owe more than their property’s worth in their homes, according to Credit Suisse Group AG. (CSGN)
Of the 11 million of “underwater” homeowners, about 6.5 million have never missed a payment and 2 million more are making on-time payments after a delinquency, said Dale Westhoff, the bank’s global head of structured products research. Widespread principal reductions may drive defaults “much, much higher” as borrowers seek the aid, he said.
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And of course the banking industry would have a totally objective view of this idea...
Sunday, January 22, 2012
FHA lending rules: Condo buildings - chicagotribune.com
FHA lending rules: Condo buildings - chicagotribune.com
Since Feb. 1, 2010, condo buyers haven't been able to secure unit-by-unit "spot" approval for FHA-backed mortgages if an entire building was not certified. Instead, the federal government set criteria to determine the financial viability of an entire building before deeming the project as FHA-approved, even if it had previously been certified. An approval lasts two years.
The number of rejected buildings is adding up, due to bad paperwork and bad balance sheets as an increasing number of condo associations struggle with rentals, short sales and foreclosures. It is jeopardizing the plans of condo sellers who rely on the FHA's stamp of approval as a marketing tool and condo buyers who either want or need an FHA-approved building.
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This is a huge problem not just with FHA loans but with Fannie Mae certification, which is also building by building.
Since Feb. 1, 2010, condo buyers haven't been able to secure unit-by-unit "spot" approval for FHA-backed mortgages if an entire building was not certified. Instead, the federal government set criteria to determine the financial viability of an entire building before deeming the project as FHA-approved, even if it had previously been certified. An approval lasts two years.
The number of rejected buildings is adding up, due to bad paperwork and bad balance sheets as an increasing number of condo associations struggle with rentals, short sales and foreclosures. It is jeopardizing the plans of condo sellers who rely on the FHA's stamp of approval as a marketing tool and condo buyers who either want or need an FHA-approved building.
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This is a huge problem not just with FHA loans but with Fannie Mae certification, which is also building by building.
Van Jones: Obama Must Choose on Housing: A Sweetheart Deal for the 1% or a Fair Deal for the 99%
Van Jones: Obama Must Choose on Housing: A Sweetheart Deal for the 1% or a Fair Deal for the 99%
Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis -- paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits.
We hope these rumors are untrue.
President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the president should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country.
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From Van Jones, who was Obama's Green Jobs Czar until the right wingers went after him on AM radio and Fox News.
Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis -- paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits.
We hope these rumors are untrue.
President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the president should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country.
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From Van Jones, who was Obama's Green Jobs Czar until the right wingers went after him on AM radio and Fox News.
Florida governor turns his attention to special taxing districts
It's difficult to tell what kind of impact, if any, the review and staff's recommendations will have on community development districts. However, Scott likely won't dismantle the districts, which by state law are designed to help developers defray the cost of infrastructure and other services. These agencies can issue bonds, dividing the cost among property owners. In other words, they're contracts between the developers and property owners.
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Here we go again with local government being incorrectly equated with a contractual arrangement. It is not and moreover lacks the necessary elements of a legal contract regardless of whether the framework is a private nonprofit corporation as is the case with mandatory membership homeowner associations or a public entity such as a special district.
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Here we go again with local government being incorrectly equated with a contractual arrangement. It is not and moreover lacks the necessary elements of a legal contract regardless of whether the framework is a private nonprofit corporation as is the case with mandatory membership homeowner associations or a public entity such as a special district.
Homeowners association pursues extreme option — foreclosure — against Korean War veteran
A measly $338.91.
That's how much Sherman McCray owed his homeowner association when the board of directors foreclosed on his Clermont house.
Of course, the debt wasn't just $338.91 by the time a Lake County judge on Jan. 3 ordered the 81-year-old Korean War veteran's home sold.
Oh, no. Between 2010 when McCray failed to pay a homeowners assessment and that final hearing, the all-powerful homeowner association in the Vistas subdivision had levied late fees, costs and interest, and it had busied itself running up absurd lawyer bills by sending threatening letters at every turn.
Total cost now: $4,272.24.
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The commentary describes this as yet another sickening tale of diabolical, petty homeowner associations in South Florida and asks why the HOA would exercise a punitive option against an elderly disabled veteran obviously overwhelmed by health troubles and without a thorough understanding of the rules. McCray clearly needs an advocate to help him navigate the dangerous legal minefield that's Privatopia.
Friday, January 20, 2012
U.S. AG Eric Holder, DoJ Head Lanny Breuer Linked To Banks Accused Of Foreclosure Fraud
U.S. AG Eric Holder, DoJ Head Lanny Breuer Linked To Banks Accused Of Foreclosure Fraud
In recent weeks the Justice Department has come under renewed pressure from members of Congress, state and local officials and homeowners' lawyers to open a wide-ranging criminal investigation of mortgage servicers, the biggest of which have been Covington clients. So far Justice officials haven't responded publicly to any of the requests.
While Holder and Breuer were partners at Covington, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co - as well as at least one other bank that is among the 10 largest mortgage servicers.
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Why won't the DOJ prosecute the big banks for their blatant mortgage fraud? This might explain it. But at the very least they should recuse themselves and appoint a special prosecutor to handle the investigation.
In recent weeks the Justice Department has come under renewed pressure from members of Congress, state and local officials and homeowners' lawyers to open a wide-ranging criminal investigation of mortgage servicers, the biggest of which have been Covington clients. So far Justice officials haven't responded publicly to any of the requests.
While Holder and Breuer were partners at Covington, the firm's clients included the four largest U.S. banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co - as well as at least one other bank that is among the 10 largest mortgage servicers.
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Why won't the DOJ prosecute the big banks for their blatant mortgage fraud? This might explain it. But at the very least they should recuse themselves and appoint a special prosecutor to handle the investigation.
Credit Card Arbitration Trumps Lawsuits, Court Says : NPR
Credit Card Arbitration Trumps Lawsuits, Court Says : NPR
Consumers who sign credit card agreements that feature an arbitration clause cannot dispute fees or charges in court, the Supreme Court ruled Tuesday. The 8-to-1 decision drew immediate fire from consumer advocates.
To get a credit card, a consumer generally must sign a detailed agreement. In the fine print, almost always, is an arbitration clause that says that if consumers want to dispute fees, they must do so through arbitration, not in court.
A 1996 federal law allowed consumers to take their disputes to court. But in its ruling Tuesday, the Supreme Court said arbitration clauses in those agreements trump that law.
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Your Supreme Court at work protecting consumers the way the usually do. Which is, not. Thanks to Beanie Adolph for this link. The full opinion is here.
Consumers who sign credit card agreements that feature an arbitration clause cannot dispute fees or charges in court, the Supreme Court ruled Tuesday. The 8-to-1 decision drew immediate fire from consumer advocates.
To get a credit card, a consumer generally must sign a detailed agreement. In the fine print, almost always, is an arbitration clause that says that if consumers want to dispute fees, they must do so through arbitration, not in court.
A 1996 federal law allowed consumers to take their disputes to court. But in its ruling Tuesday, the Supreme Court said arbitration clauses in those agreements trump that law.
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Your Supreme Court at work protecting consumers the way the usually do. Which is, not. Thanks to Beanie Adolph for this link. The full opinion is here.
Residents Take On George Lucas Over Marin Construction Plans « CBS San Francisco
Residents Take On George Lucas Over Marin Construction Plans « CBS San Francisco
SAN RAFAEL (KCBS / CBS 5) – The long-delayed plans of filmmaker George Lucas to build a movie production studio on the old Grady Ranch has stirred opposition among residents of a quiet bedroom community in Marin County.
The state-of-the-art facility would bring an outdoor soundstage and underground parking for 250 cars to an area residents said is zoned for single-family and multi-family residences.
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The NIMBY Strikes Back!
SAN RAFAEL (KCBS / CBS 5) – The long-delayed plans of filmmaker George Lucas to build a movie production studio on the old Grady Ranch has stirred opposition among residents of a quiet bedroom community in Marin County.
The state-of-the-art facility would bring an outdoor soundstage and underground parking for 250 cars to an area residents said is zoned for single-family and multi-family residences.
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The NIMBY Strikes Back!
Thursday, January 19, 2012
Boy’s family wins suit to add awning
PITTSBURGH - The parents of a Pittsburgh boy who has health aversions to sunlight can add a retractable awning to the front of their home in settling a federal lawsuit against their neighborhood homeowner's association.
The association will also pay about $42,000 in legal costs and $10,000 in damages.
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What a great use of the courts. Not.
Wednesday, January 18, 2012
One million homeowners may get mortgage writedowns: U.S. - Yahoo! News
One million homeowners may get mortgage writedowns: U.S. - Yahoo! News
About one million American homeowners would get writedowns in the size of their mortgages under a proposed deal with banks over shady foreclosure practices, Housing and Urban Development Secretary Shaun Donovan said on Wednesday.
The deal, which could be struck within weeks, would mark the largest cut in the mortgage load since the start of the credit crisis in 2007 and could pressure the government-sponsored mortgage agencies to also reduce principal on underwater home loans.
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With the election closing in and with even the Fed saying that something has to be done for homeowners, the Obama Administration finally inches onto the thin ice of large-scale principal reduction. Now if we could just make some headway on turning underwater owners into renters we might have the start of a real housing policy.
About one million American homeowners would get writedowns in the size of their mortgages under a proposed deal with banks over shady foreclosure practices, Housing and Urban Development Secretary Shaun Donovan said on Wednesday.
The deal, which could be struck within weeks, would mark the largest cut in the mortgage load since the start of the credit crisis in 2007 and could pressure the government-sponsored mortgage agencies to also reduce principal on underwater home loans.
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With the election closing in and with even the Fed saying that something has to be done for homeowners, the Obama Administration finally inches onto the thin ice of large-scale principal reduction. Now if we could just make some headway on turning underwater owners into renters we might have the start of a real housing policy.
Home builder sentiment continues to slowly improve | The Big Picture
Home builder sentiment continues to slowly improve | The Big Picture
"Homebuilder sentiment continued to improve in Jan, rising to 25 from 21, above expectations of 22 and it’s the best since June ’07. Present conditions rose 3 pts to 25 and the Future outlook was up 3 pts to 29. Prospective Buyers Traffic also gained 3 pts to 21. The NAHB chief economist said “builders are seeing greater interest among potential buyers as employment and consumer confidence slowly improve in a growing number of markets, and this has helped to move the confidence gauge up from near historic lows…That said, caution remains the word of the day as many builders continue to voice concerns about potential clients being unable to qualify for an affordable mortgage, appraisals coming through below construction cost, and the continuing flow of foreclosed properties hitting the market.”
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From Barry Ritholtz' blog. We will see how this pans out in the year to come. With European sovereign debt/Euro issues, possible war with Iran, and a slowdown in China all looking like major question marks I would be reluctant to predict how the economy will fare this year. And there is the dead weight of negative home equity and foreclosures hanging over the housing market and the economy.
"Homebuilder sentiment continued to improve in Jan, rising to 25 from 21, above expectations of 22 and it’s the best since June ’07. Present conditions rose 3 pts to 25 and the Future outlook was up 3 pts to 29. Prospective Buyers Traffic also gained 3 pts to 21. The NAHB chief economist said “builders are seeing greater interest among potential buyers as employment and consumer confidence slowly improve in a growing number of markets, and this has helped to move the confidence gauge up from near historic lows…That said, caution remains the word of the day as many builders continue to voice concerns about potential clients being unable to qualify for an affordable mortgage, appraisals coming through below construction cost, and the continuing flow of foreclosed properties hitting the market.”
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From Barry Ritholtz' blog. We will see how this pans out in the year to come. With European sovereign debt/Euro issues, possible war with Iran, and a slowdown in China all looking like major question marks I would be reluctant to predict how the economy will fare this year. And there is the dead weight of negative home equity and foreclosures hanging over the housing market and the economy.
Vacant properties blog series will examine solutions to growing regional, national housing challenge
Vacant properties blog series will examine solutions to growing regional, national housing challenge
On Feb. 12, Cook County's vacant building ordinance takes effect, intended to help communities get a handle on both the sheer numbers and conditions of vacant properties in their borders. The ordinance requires owners of vacant properties to list a building as vacant on the county registry (if the community where the property is located is unincorporated) or on a municipal registry (if the municipality where the property is located chooses to partner with the county). The ordinance also requires all owners of vacant properties (whether the original mortgagees or new owners) to take responsibility for maintaining that property (mortgagees within 60 days of a mortgage default; new owners within 30 days of vacancy or after assuming ownership). Cook’s ordinance is very similar to an ordinance the Chicago City Council adopted in November 2011. That ordinance is now the target of a lawsuit, filed by the Federal Housing Finance Agency (FHFA), claiming Chicago’s rules encroach on FHFA’s role as the sole regulator and supervisor of Fannie Mae and Freddie Mac, which own about 258,000 mortgages within the city. FHFA is seeking an exemption for those mortgages; Chicago has vowed to take it to the courts.
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According to the Woodstock Institute, nearly one in ten residential buildings in Cook County is VACANT.
On Feb. 12, Cook County's vacant building ordinance takes effect, intended to help communities get a handle on both the sheer numbers and conditions of vacant properties in their borders. The ordinance requires owners of vacant properties to list a building as vacant on the county registry (if the community where the property is located is unincorporated) or on a municipal registry (if the municipality where the property is located chooses to partner with the county). The ordinance also requires all owners of vacant properties (whether the original mortgagees or new owners) to take responsibility for maintaining that property (mortgagees within 60 days of a mortgage default; new owners within 30 days of vacancy or after assuming ownership). Cook’s ordinance is very similar to an ordinance the Chicago City Council adopted in November 2011. That ordinance is now the target of a lawsuit, filed by the Federal Housing Finance Agency (FHFA), claiming Chicago’s rules encroach on FHFA’s role as the sole regulator and supervisor of Fannie Mae and Freddie Mac, which own about 258,000 mortgages within the city. FHFA is seeking an exemption for those mortgages; Chicago has vowed to take it to the courts.
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According to the Woodstock Institute, nearly one in ten residential buildings in Cook County is VACANT.
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