By Lynn Szymoniak • January 2, 2018
2016 and 2017 were home building boom years. Well-known builders produced over 300,000 new homes, priced mostly from $250,000 to $600,000. Lennar Homes, the nation’s number one home builder, increased its closings from 30,455 in 2014 to 41,652 in 2016. Two publicly-owned builders, AV Homes and The New Home Company, doubled their yearly closings from 2014 to 2016. Even with all of this, the construction of new homes in the United States falls below historical averages. There was also a boom in sales of existing homes, with sales rising to an expected annual rate of 5.48 million units. While there have been several years of major growth for home builders and existing home sales, Wall Street has not managed to revive sales in its related product, residential mortgage back securitized trusts. [Read More]
By Lynn Szymoniak • November 13, 2017
Trustees & Servicers are destroying shareholder value by acting against behavior defined in the PSAs for their own private benefit. Agency problems continue to incentivize cheap, fraudulent document management processes and inefficiency over investor value.
In over 30% of the cases examined, the trustees did not begin foreclosure actions until more than six months after the loan default dates.
In 85% of the cases examined, the trustees filed the foreclosure complaints with an allegation that the original notes had been lost, stolen or destroyed.
The courts dismissed nearly 20% of the cases for lack of prosecution after the trustees failed
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By The Housing Justice Foundation • May 12, 2017
The Most Outrageous Trial Court Abuses, The Most Determined Homeowner, The Best Damn Appellate Brief.
… [Read More]
By Lynn Szymoniak • November 25, 2016
On Thanksgiving day, President-Elect Trump announced that he would name Wilbur Ross as Secretary of Commerce.
Wilbur Ross was described in new reports as a “billionaire investor” who was also known as the “king of bankruptcy.” Ross was famous for buying and selling companies that had hit hard times and filed for bankruptcy.
Ross, 78 years old, was a big financial contributor to the Trump campaign. His wealth was estimated to be $2.9 billion by Forbes magazine.
One of the companies Ross acquired through bankruptcy was American Home Mortgage Servicing, Inc. (“AHMSI”). In August 2007, American Home Mortgage, the 10th … [Read More]