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Riverside County CA Supervisor Says: [Eminent Domain] Mortgage program out of Karl Marx playbook EDITOR'S NOTE: Supervisor Marion Ashley Please, before using words like "holders of existing loans" may we suggest that you familiarize yourself with the fatally flawed process of mortgage securitization. Locating the legally entitled "holders of existing loans" will not be possible and in most cases, the promissory note has been destroyed. Please understand that you are messing with the lives of struggling homeowners who are also, coincidentally, voters. ------------ The county could become entangled in lengthy and expensive litigation with the holders of existing loans It will hurt the entire Inland Empire economy and indirectly affect Riverside County. Then Ashley dropped the K-bomb. I think this is the wrong thing to do, he said. Its almost right out of the Karl Marx playbook.

Are US Home Equity Loans Another Ticking Time Bomb? The nascent U.S. housing recovery could be concealing another financial time bomb: home equity loans. Many Americans took out the loans, which are essentially second mortgages borrowed against property values, during the boom times of the United States housing bubble that peaked in 2006 and crashed a year later.

75% Principal Reduction Loan Modification By GMAC Mortgage Its not exactly an avalanche yet.but I am seeing a steady stream of modifications that include DRAMATIC principal reductions in mortgages. More and more the reductions were seeing are very meaningful, very, very meaningful indeed. TAKE A LOOK AT THE ONE FROM JUST TODAY.

'Shadow REO': As Many as 90% of Foreclosed Properties Held Off the Market, Estimates Suggest The bank-owned house (pictured above) has been vacant for 18 months, according to Faranda, a Realtor specializing in distressed properties. Just two notices taped to a window are the only indications that the home is unoccupied.

NV AG Masto has no regrets about robosigning law's effect on foreclosures, short sales "I hear that because of AB 284, banks can't foreclose. How is it that 284 is preventing a bank from foreclosing on someone not making their payment?" she asked the audience of about 300 real estate industry professionals. "There's a reason banks aren't foreclosing. I just haven't figured it out yet."

A Manayunk foreclosure by BofA shows mortgage program's flaws But Fiorilli, facing foreclosure after a two-year bureaucratic tangle with Bank of America over a mortgage modification, would rather stay and fight even if her home is now worth less, as she says bank officials have suggested, than what she owes on it.

Detroit Shrinks Itself, Historic Homes and All In leveling 1860 Balmoral Drive, the boyhood home of one-time presidential candidate and former Massachusetts Gov. Mitt Romney, Detroit is losing a small piece of its history. But the project is part of a demolition effort that is just now gaining momentum and could help define the city's future.

May Numbers Throw Cold Water on Hopes for Housing Recovery After a few months of more encouraging data earlier this year, a slew of less-than-stellar May numbers threw cold water on hopes that the housing market could be finally turning around.

Two-thirds of Americans wouldn't survive a financial emergency If the standard financial wisdom is true that surviving a financial catastrophe requires a 6month cache of emergency savings then twothirds of Americans may be in for a nasty surprise.

Are There Constitutional Limitations On Seizing Underwater Mortgages Via Eminent Domain? This Commentary discusses a proposal, referred to below as the property seizure program, whereby state and local governments would use their eminent domain power to condemn underwater mortgagesthat is, mortgages under which the outstanding amount of the debt exceeds the market value of the underlying real property. The property seizure program appears to have generated some momentum over the last few months, collecting the endorsement of both legal scholars and politicians.