Foreclosure News 10/7 – 10/13

Ulisses Hernandez of Ft. Hernandez snatched by LAPD.

Apparently on the pretext of having an outstanding Metro ticket, whatever that it exactly.

William Gagan ‏@WillyFoReal
Such bullshit. 4 undercover cops snatch him for a METRO Citation… Ulises Hernandez arrested for a Metro ticket. #FortHernandez

#OccupyLA @OccupyLA
Update: Ulises of @Fort_Hernandez is being bailed out right now, and will be out in a few hours. #OLA #Evictionwatch #Foreclosure

Oakland aims to prevent foreclosures (SF Chronicle)

The program, to take effect in November, will send community workers door to door during its first year to contact 3,500 Oakland residents who face foreclosure issues. Word will also be spread through churches and community groups.

Agencies that specialize in housing issues will then work with homeowners and tenants to help them identify solutions to stay in their homes. The city hopes to serve at least 1,288 households in this way.

It also includes a small pilot program to slash principal on about 20 to 25 homes.

On the flip: fewer foreclosures. Oregon program failing. Wells Fargo sued.

US foreclosure activity falls to 5-year low (Steamboat Today)

Nationally, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September’s total was the lowest since July 2007.

Lenders bypass foreclosure mediation law (Street Roots)

Keith Dubanevich, associate attorney general ((Oregon)), anticipated the new program would result in about a thousand modified mortgages a month. The number actually modified: zero… banks just don’t want to participate in the program and find it easier just to drag the process out rather than meet with distressed homeowners who want to cut a deal.

Wells Fargo Sued for Mortgage Fraud by Federal Government (Wallst.com)

The Manhattan U.S. Attorney’s office has filed a mortgage fraud lawsuit against Wells Fargo Bank seeking hundreds of millions of dollars worth of damages. This case is not over mortgage fraud itself but more specifically over fraudulently certifying loans covering more than ten years of misconduct.

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