THURSDAY, NOVEMBER 29, 2012

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HOMEOWNERS NEWS

ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

CFPB's Anti-Abuse Authority: A Promising Development in Substantive Consumer Protection The Consumer Financial Protection Bureau is doing something promising with its anti-abuse authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It is going after credit industry exploitation of consumers, particularly when business models involve using confusing terms that disclosure cannot adequately address. See my paper on this topic. So I was not surprised to see George Will attacking this development. We can't have smart, effective consumer protection, no matter how popular it might be.

Lack of Distressed Properties Locks Out First-Time Homebuyers The share of distressed properties is shrinking and home prices are rising, but first-time homebuyers arent benefiting from the improvements, according to findings from a survey. In the most recent Campbell/ Inside Mortgage Finance Housing Pulse Tracking survey, the first-time homebuyer share for home purchases was found to be 34.7 percent in October. The figure is a decrease from 37.1 percent in June and the lowest share in.

U.S. Mortgage-Backer Role Grows as Fiscal Talks Delay Fix The federal governments role as the backer of most U.S. home loans is becoming entrenched as fiscal issues distract Congress and the White House from a housing- finance overhaul that would shift more risk to private capital, according to lawmakers and analysts. At the core of such an overhaul is the future of Washingtonbased Fannie Mae and McLean, Virginiabased Freddie Mac, the so-called governmentsponsored enterprises.

Former DocX President Faces Sentence for Robo-Signing Charges

Prison

Colony Capital buys 970 foreclosed homes for $176 million The bulk foreclosure sale is a pilot program by the Federal Housing Finance Agency, which oversees Fannie and sister company Freddie Mac. The program is intended to help clear the large numbers of foreclosed homes on the books of the two mortgage giants without crashing the housing market's recovery. Investors who purchase the homes will rent the properties out. In a sign of how competitive the bidding for the foreclosed homes was, the firm paid 112% of the properties.

Former DocX president Lorraine Brown is looking at a two- to three-year stretch in prison after accepting a plea deal over robo-signing practices, according to announcement from Missouri attorney general Chris Koster. Under a plea agreement between herself and the state of Missouri, Brown will plead guilty to one felony count of forgery, one felony count of perjury, and one misdemeanor count of making a false declaration.

Las Vegas home consecutive month

sales

fall

for

fourth

How Home Prices Compare With Four Years Ago Theres little debate that the housing market was in bad shape four years agoprices, after all, had been falling for 2 years at a rate not seen since the Great Depression. But theres considerable disagreement about whether the market is better off today, a debate fueled by this years presidential race. One imperfect but popular gauge of the housing market, the S&P/CaseShiller index, shows how home prices in the 20 cities tracked by the index compare with their level of January 2009.

Home sales dropped in Las Vegas for the fourth month in a row while median sale prices saw an increase year-over-year. September sales were 13% below average of homes sold during all months of September since 1994, and were also the lowest for that month since September 2007 3,054 homes were sold, according to DataQuick. In September, 4,090 new and resale houses and condos closed escrow in Las Vegas. This is down 15% from August and down 12.8% from the year prior.

Things that Should be Added to Affidavits and Expert Opinion Letters, Reports, and Declarations The facts in this case strongly indicate that the wrong payee was named on the note, the wrong lender was named on the note and mortgage, and the terms of repayment on the note were incomplete in that they failed to refer to the Master Servicer, and the indenture to the mortgage bonds that were sold to raise the capital to fun mortgages and fees fees that were both disclosed and undisclosed. Undisclosed fees are required to be be credited or repaid to the borrower. Those fees include any sort of compensation to any party, disclosed or not, whose compensation or profit resulted from the apparent closing of the loan.