Posts from February 2012

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  • Phil Ting Assessor-Recorder of San Francisco The new $26 billion mortgage settlement agreement between state attorneys general and major banks will help make restitution to millions of homeowners defrauded and damaged by lenders. But justice requires more than compensating the past victims — we must protect Californians from future abuse, improve laws regulating foreclosure and ensure they […]
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  •  By Pat Garofalo Already, two states — Missouri and Wisconsin — have set out plans to use funds from the $26 billion foreclosure fraud settlement to balance their budgets, rather than their intended purpose of helping troubled homeowners avoid foreclosure or get out from beneath underwater mortgages. Now, Ohio is set to become the third state to divert the funds from foreclosure prevention, instead […]
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  •  By Andre Damon Earlier this month, the White House announced that it reached an agreement with the five biggest US banks to settle lawsuits alleging that they forged mortgage documents in their rush to foreclose homes. On paper, the banks agreed to pay a $5.9 billion cash payment to homeowners, and make mortgage modifications totaling […]
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  •  By John Grant In addition to being a bet against homeowners and the Obama administration’s litany of struggling programs designed to save homeowners and Freddie, the inverse floaters are a bet against the private housing market. The bets fail not only if loan modifications work, but also if private buyers purchase Freddie’s inventory of distressed […]
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