Foreclosure Notes 5/29/13- 6/6/13

Anatomy of a Foreclosure (Pasadena Weekly)

…last week, around her tenth anniversary there and after several years of seeking loan modifications from Wells Fargo Home Mortgage – which absorbed World Savings’ assets when it acquired Wachovia Bank in 2008 – Rhue was kicked out of her home.

Shortly after 7 a.m. last Thursday, Rhue, who still suffers the effects of a brain injury incurred in a car accident in 1983, was awakened by loud knocking. Steadying herself on her cane, she was confronted at the front door by as many as six Los Angeles County sheriff’s deputies, who were there to effect an eviction ordered by the Orange County investors, operating under the name of Laurel Trust, to whom Wells Fargo had sold the property last August. “I never thought this could happen,” Rhue told the Pasadena Weekly later that day.

Atlanta family, battling foreclosure, evicted at gunpoint (People’s World)

A Georgia family of four generations was evicted at gunpoint by more than a dozen DeKalb County sheriff’s officers in the middle of the night on May 2.

Frazer and her lawyer had been fighting against foreclosure in federal court and working with the lenders. Members of Occupy Atlanta had come to her aid. Frazer said she did not expect the eviction because the case is pending in federal court “and also the opposing or foreclosing attorney was in a negotiation process with my attorney.”

Feds crack down on foreclosure auction scams (USA Today)

At the height of the financial crisis, bargain hunters would gather each week on county courthouse steps to bid on foreclosed properties throughout Northern and Central California. The inventory lists were long, especially in hard-hit areas such as Sacramento and Stockton. But the auctions were generally short affairs – often because real estate speculators were illegally fixing the bidding process.

Open Letter to Kamala Harris (Occupy Fights Foreclosures)

Dear Attorney General Kamala Harris,

Your state’s homeowners, who know first-hand the vast injustice of the mortgage / foreclosure crisis, are here today, the two-year anniversary of your Mortgage Fraud Strike Force, to demand that the Strike Force live up to its name and prosecute and bring to trial the big banks for their mortgage crimes.

Behind the Rise in House Prices, Wall Street Buyers (New York Times)

Large investment firms have spent billions of dollars over the last year buying homes in some of the nation’s most depressed markets. The influx has been so great, and the resulting price gains so big, that ordinary buyers are feeling squeezed out. Some are already wondering if prices will slump anew if the big money stops flowing…

Wall Street played a central role in the last housing boom by supplying easy – and, in retrospect, risky – mortgage financing. Now, investment companies like the Blackstone Group have swooped in, buying thousands of houses in the same areas where the financial crisis hit hardest…

Joe Cusumano, a real estate agent in Riverside County, Calif., said that in recent months 90 percent of his business had been for companies like Invitation Homes, a Blackstone subsidiary. Home values in Riverside County have risen by 15 percent in the last year, according to CoreLogic… big investors are using agents like Mr. Cusumano to stake a claim to entire neighborhoods.

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