California Attorney General - Most Residential Mortgages in Foreclosure violate the law

[sharon sanders]

Calif AG to review findings on SF foreclosures

The Associated Press
Posted: 02/16/2012 06:34:55 AM PST
Updated: 02/16/2012 05:41:47 PM PST

SAN FRANCISCO?California Attorney General Kamala Harris says her office is reviewing a new report that found most residential mortgages in foreclosure in San Francisco are missing documents or signatures or otherwise violate the law.

more...

http://www.mercurynews.com/breaking-news/ci_19977999

 

[Emily]

Re: California Attorney General - Most Residential Mortgages in Foreclosure violate the law

What a mess! Zillow is predicting a slowing decline or bottoming this year.

http://www.marketwatch.com/story/ho...forecasts-smaller-declines-in-2012-2012-02-09

A realtor called into a radio talk show I was listening to recently, and he said that there are a lot of self-employed potential buyers with at least 40% to put down on homes but they can't get loans now. He thought if they could, they'd buy multiple homes as investments and the market would turn around in 8 weeks.

But since the big banks won't take risk, the loans would probably have to be, once again, federally guaranteed. But people who put 40% or more down on loans very rarely default. It sounded good to me. I'm sick of my home taxes going up, (that is up from a reassessment at the top of the bubble), and home value going down.

 

[sharon sanders]

Re: California Attorney General - Most Residential Mortgages in Foreclosure violate the law

No one can qualify for loans now. I believe this is creating an artificially low demand for housing which is driving down prices.

One of my relatives who had perfect credit, great stable, salaried income, and the required down payment was really tortured in the loan process last year. It was ridiculous.

 

[Emily]

Re: California Attorney General - Most Residential Mortgages in Foreclosure violate the law

It was ridiculous.

We've gone from one extreme to the other. I think real investors are out there, and it sounds like solid owners are out there. There was a little flurry of 'flipper' activity here not too long ago. (The seminars and shabby signs along the road saying 'cash for your house.') That might have been inspired by a short term fix program of some sort to subsidize and rehab foreclosure properties.

(Another drop in the bucket. )

 

[mixin]

Re: California Attorney General - Most Residential Mortgages in Foreclosure violate the law

Bernanke has what he considers a good solution to the vacant foreclosures problem:

The Federal Reserve is making a push to encourage banks to rent out foreclosed properties they own.

Bernanke added that there are an additional 1 million foreclosed properties could be held by banks, guarantors and servicers “in each of the next few years.” He added that the number of properties in the foreclosure process is more than four times the number of foreclosed properties owned by banks, government-seized Fannie Mae, Freddie and the Federal Housing Administration.

http://articles.marketwatch.com/201...plan-reserve-chairman-ben-bernanke-land-banks