US Homeownership at 11 Year Low

US Homeownership at 11 Year Low
Is the ‘Amrican Dream’ Dying? Homeownership in the United States is at its lowest level since late 1999 and has decreased another 0.7% this past year. Is the ‘American Dream’ dying? Or, is it simply changing? According to Census Bureau data homeownership rates are highest in the Midwest and the South followed by the Northeast. Homeownership is lowest in the West. Homeownership rates could continue to fall as the number of foreclosure filings and delinquencies increase. Purchasing a home is getting harder as well! It was announced this week that Bank of America and Wells Fargo...
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HOA’s Taking a Hit!

HOA’s Taking a Hit!
Community Associations Deeply Affected by Economic, Housing Slump This week the Community Associations Institute (CAI) released the results of a national survey of community associations from around the country. The results of the survey indicate homeowner and condo associations are facing the same financial struggles as most americans. The HOA’s are being forced in some instances to make tough decisions. The survey revealed that 45% of the 310,000 of the associations in the US are grappling with financial issues as a result of the economic downturn and foreclosure crisis. According to the...
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Foreclosure Crisis Settlement Taking Shape

Foreclosure Crisis Settlement Taking Shape
Compensation Fund Being Considered as Part of Settlement A spokesman for Iowa Attoreny General Tom Miller, who is spearheading the 50 state investigation into mortgage lender foreclosure practices, indicated a general compensation fund will be considered as part of any possible settlement. Geoff Greenwood, Miller’s spokesman, made the following clear in an interview: “That [a settlement] is one of the many options being considered. There are no details that have been hashed out. Any characterization of it as a done deal is just inaccurate.” The fund would serve to compensate borrowers,...
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3 Big Banks Working on Settlement

3 Big Banks Working on Settlement
End of Dual Tracking Near? Fresh from the Senate Banking Committee’s hearings on the foreclosure crisis, Bank of America, JP Morgan Chase, and Wells Fargo appear to be closer to a settlement which would compensate borrowers whose homes were improperly foreclosed upon. The banks would also agree to end the process of dual tracking. Dual tracking is continuing the foreclosure process despite working with the borrower on a modification. Many borrowers have complained of being foreclosed on despite having a modification in place or currently working with their lender for a modification. If you are...
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Ally CEO- “We Screwed Up”

Ally CEO- “We Screwed Up”
Ally admits to problems in its foreclosure procedures Ally Financial’s GMAC Mortgage subsidiary was among the first mortgage servicers to acknowledge problems in its foreclosure process due to robo signing. Their findings led them to freeze foreclosures and REO sales in several states so they could review the integrity and accuracy of their process. Ally CEO Michael Carpenter recently addressed his company’s issues related to robo signing: “We had a robo-signer affidavit problem. No question about it. We’re embarrassed about it and we fixed it going forward. We’ll be the first to say...
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