Debtor’s jail making a comeback
Debtor’s prison’s are from the stories of Charles Dickens and old England and have been abolished in this County since 1830. Unfortunately, they are making a come back. Our national obsession with imprisoning people for relatively petty and non violent offenses amount to a modern-day form of debtor’s prison. Most arrests are for not appearing…
Read MoreHousing Hype: Recovery Turns to Relapse?
A slew of new housing data last week disappointed the analysts and the stock market, and all of a sudden you started to hear concern that maybe housing wasn’t exactly in a robust recovery. From home builder sentiment to housing starts, to home builder earnings right through to sales of newly built homes, there was…
Read MoreRepublican candidate Mitt Romeny says “accelerate foreclosures so investors can buy homes”
Republican candidate Mitt Romeny knows exactly what this country needs…Speeding up foreclosures vs slowing down or stopping foreclosures. His reasoning, so that investors can buy the properties. Everyone knows that multiple issues of fraud have been exposed to the point that Local, State and Federal authorities are suing many of those involved….including, and most importantly,…
Read MoreNYT editorial Consumer vs. The Banks
The NYT editorial questioned why Obama passed over Elizabeth Warren, the Harvard Law Professor and Consumer Advocate who set up the Consumer Financial Protection Bureau for Richard Cordray. As the Times suggest, I believe, passing over Ms. Warren for Mr. Cordray shows where Obama’s true loyalities may lie in regards to Consumers and the Banks. As…
Read MoreGoverment debt reduction vs Freedie Mac and Fannie Mae’s greed
In a recent article in The New York Times by Shalia Dewan, she discusses how Arizona has allowed for debt reduction but two of the largest players in this whole fiasco, Freddie Mac and Fannie Mae, will not participate. It boggles the mind that the Government has given Freddie Mac and Fannie Mae pseudo government…
Read MoreWhen do you know if you have a Predatory Mortgage
More often than not, when a conversation begins about the housing market and whom is to blame, many take issue with the homeowner. Politicians, talk radio and even neighbors who purchased their home with a conventional mortgage will say something like ” they (homeowner) bought a house that they couldn’t afford”. However, this logic completely ignores…
Read MoreNew York attorney’s general right to resist White House Mortgage Deal?
The New York Time’s OP-Ed piece seems to think that Eric Schneiderman, New York’s Attorney General is right to resist the White House’s Mortgage Deal. The Obama administration basically wants to work out a settlement with the large banks for their participation in their fradulent foreclosure practices which included robo-signers, questionable to fradulent supporting documents…
Read MoreAre the Feds helping Main Street over Wall Street?
In a recent article posted in the New York times, the Feds are struggling with how to explain to those on Main Street how helping Wall Street is in fact helping Main Street. The apparent circular argument is not lost on those who still can not find employment or get refinanced, although Wall street Banks…
Read MoreFannie Mae and change in regards to their servicers
One of many problems with MERS is that a lot of the mortgage holder’s notes are owned by Fannie MAE. Secondly, Fannie MAE publishes guidelines for the servicers who represent assigned mortgages from MERS to mortgage holders. The whole situation is horrendous and a nightmare for bankruptcy attorneys pursing mortgage claims to navigate However, according…
Read MoreBank Of America And Countrywide To Pay Up
Slowly but surely more banks will start settling and more courts will acknowledge the banking frauds perpetrated. The papers report today that Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.
Read MoreForeclosure Probe
New York Attorney General Eric Schneiderman expects to lead opposition to what he called a “quick, cheap settlement” of a 50-state investigation into foreclosure practices. Schneiderman put the monetary settlement being discussed with the largest U.S. mortgage servicers at $20 billion to $25 billion and said he will take “the hardest line” against it. The…
Read MoreBankruptcy Court – June Posting
In New Jersey Bankruptcy Court is a two way street for both the debtor and the creditor. Many times the debtor comes into bankruptcy court either riddled with guilt or overwhelmed by their financial situation that they ignore many rights that they have when they come into bankruptcy court. A creditor has responsibilities just as…
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