Foreclosure News 9/29 – 10/6

Occupy spirit flares with protests (SF Chronicle)

On Tuesday, a cluster of groups including the Alliance of Californians for Community Empowerment (ACCE) and Occupy Bernal demonstrated at several sites throughout the city including a Chase bank branch and a foreclosure auction at City Hall to protest evictions and foreclosures.

Their noisiest protests, which collectively involved dozens of people, were in defense of the San Francisco families of Larry Faulks and Ian Haddow, who face bank-driven eviction from their respective homes.

Fort Hernandez Raided By Police (Neon Tommy)

Fort Hernandez reported that they were visited at five a.m. by about 40 police officers, who removed the couches, fence and signs from the facade of their front yard.

Another home owner in Portland is saying no to foreclosure. Moving back into her house. (Twitter picture)

Also: Eminent Domain redux, JP Morgan sued, Big banks now bound by national settlement terms.

Eminent Domain As Underwater Mortgages Fix: Why Some Cities Are Considering Unorthodox Measure (Huffington Post)

This story, rather, is about why that debate is even taking place. What has happened to local economies from Northern California to South Florida to provoke desperate efforts to rescue underwater homeowners? Why are municipal officials — people accustomed to staffing libraries and adding speed bumps — now considering a tactic that would put them at odds with the titans of American finance?

JPMorgan Unit Is Sued Over Mortgage Securities Pools (New York Times)

The complaint contends that Bear Stearns and its lending unit, EMC Mortgage, defrauded investors who purchased mortgage securities packaged by the companies from 2005 through 2007. The firms made material misrepresentations about the quality of the loans in the securities, the lawsuit said, and ignored evidence of broad defects among the loans that they pooled and sold to investors.

Banks Must Now Abide By Mortgage Settlement (SF Chronicle)

“As of Tuesday, the nation’s five biggest mortgage servicers ((which includes BofA)) were requested to comply with all 304 rules agreed to under the national mortgage settlement. They include providing borrowers at risk of default with a single point of contact, keeping track of documents borrowers send in when the request a modification, not foreclosing on people while they are awaiting a decision on a modification and not advising people to stop paying their mortgage to qualify for foreclosure relief.”

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