April 2015

Census Bureau: Homeownership At 25 Year Low

April 30, 2015 Mark Cullen

Via MarketWatch:

WASHINGTON (MarketWatch) — In the latest sign of a changing housing market, homeownership rates are at a quarter-century low, while the rental-vacancy rate is close to the slimmest proportion in more than two decades, according to government data released Tuesday.

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Outdated Credit Scoring Shuts Minorities Out of Housing Market

April 23, 2015 Mark Cullen

From James H. Carr at Forbes:

At a time when the U.S. economy continues to struggle to create jobs, we cannot afford to leave potentially hundreds of billions of dollars of lending activity and tens of thousands of possible jobs go untapped.

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Deutsche Bank Fined $2.5 Billion for Rate-Rigging

April 23, 2015 Mark Cullen

From Jack Ewing at The New York Times:

FRANKFURT — Deutsche Bank will pay a $2.5 billion penalty to United States and British authorities to settle accusations that it helped manipulate the benchmarks used to set interest rates on trillions of dollars in mortgages, student loans, credit cards and other debt, officials said on Thursday.

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Sometimes The Good Guys Win: Congratulations to Nick Wooten

April 23, 2015 Lynn Szymoniak

On April 20, 2015, a federal court jury in DuPage County, Illinois returned a $2 million verdict against Residential Credit Solutions, Inc. (RCS), a mortgage loan servicer headquartered in Fort Worth, Texas.  The jury found that homeowner Alena Hammer, who had lived in her home for 27 years, was injured by RCS’s breach of contract, violations of The Real Estate Settlement procedures Act (RESPA) and violations of the Illinois Consumer Fraud and Deceptive Business Practices Act.… [Read More]

Green Tree Servicing Hit with $63M Enforcement Action

April 22, 2015 The Housing Justice Foundation

From Mortgage Servicing News:

Federal regulators fined mortgage servicer Green Tree Servicing $63 million in penalties and restitution on Tuesday, alleging that it mistreated borrowers at risk of foreclosure and failed to honor modifications of loans transferred from other servicers.

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Foreclosure Deceleration

April 20, 2015 Lynn Szymoniak

“Deceleration” is becoming a very important new term to thousands of Florida homeowners in foreclosure. Foreclosure acceleration clauses in mortgages allow the lender to collect on the entire loan amount in the event of a default on payments.  The lender is not limited to collecting the past due payments. … [Read More]

Supreme Court of Florida Responds to Comments on Ammendments to FL Civil Procedure Rules

April 20, 2015 Mark Cullen

The Supreme Court of Florida’s Civil Procedure Rules Committee has responded to comments by The Housing Justice Foundation and several foreclosure defense attorneys. The full response is available here.

On behalf of The Housing Justice Foundation, Lynn E. Szymoniak and Mark A.

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