foreclosures

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No Foreclosure for Octomom... If She Does Porn

Vivid Entertainment extends offer once again

(Newser) - Vivid Entertainment will not take no for an answer: After last year’s $1 million porno offer went nowhere, the porn company is approaching the Octomom again. Nadya Suleman could avoid losing her house if she changes her sex tape position—Vivid’s prez promises to pay off her $460,...

Octomom About to Lose Home
 Octomom About to Lose Home 
here we go again
Mar 19, 2010 8:25 AM CDT

Octomom About to Lose Home

Nadya Suleman more than $450K behind on payments

(Newser) - The Octomom finds herself— again —in danger of losing her home. Nadya Suleman is more than $450,000 behind on mortage payments on the La Habra home she bought one year ago, and foreclosure is imminent. The seller—who holds the note on the house—tells TMZ Suleman has...

Bank Seizes House, Parrot of Wrong Borrower

Woman sues Bank of America after weeklong bird chase

(Newser) - A Pittsburgh woman is suing Bank of America, saying it padlocked her home, cut her water and electrical lines, and confiscated her pet parrot Luke while she was away—even though she wasn’t in default. The bank has apologized, but the woman, 46-year-old Angela Iannelli, says they didn’t...

Obama Weighs Foreclosure Ban

Proposal would require HAMP to review all delinquent mortgage loans

(Newser) - The Obama administration is considering kicking up the fight against foreclosures by banning any that haven't been reviewed by its Home Affordable Modification program. The move would prevent lenders from initiating foreclosure unless HAMP had screened the loan and found it unsalvageable. it would also require them to halt existing...

New Home Sales Plummet 11.2%, Erase All '09 Gains

Drop surprises analysts, wipes out recent gains

(Newser) - New home sales took a stunning plunge in January, dropping 11.2% to a new record low, wiping out all the gains the housing market had made over the past year. The figure blindsided analysts, who had expected a 3.8% increase, according to a Wall Street Journal poll. The...

Crush of Foreclosures About to Swamp FHA

Taxpayers may foot the bill for defaulting homeowners

(Newser) - The Federal Housing Administration is staring down the barrel of a rash of foreclosures that could force it to dip into taxpayer money for the first time. The number of FHA borrowers who have missed at least three payments jumped by a third last year, to 9.1%, which means...

Modified Mortgages May Do More Harm Than Good

Critics say they hurt homeowners by merely delaying foreclosure

(Newser) - The Obama program to rescue homeowners by modifying their mortgages comes under fire in the New York Times, where real estate experts say it has actually hurt rather than helped delinquent borrowers and impeded the country's economic recovery. Critics say that by raising false hopes in those who can't afford...

10 Lies Wall St. Told Us in '09
 10 Lies Wall St. Told Us in '09 
OPINION
Dec 29, 2009 9:13 AM CST

10 Lies Wall St. Told Us in '09

It's been a bumper year for BS from the big banks, writes Nomi Prins

(Newser) - As Wall Street happily trots off into 2009's sunset, same old bad habits in tow, things aren't looking so hot on Main Street—no matter the crocks the bankers sold us, writes Nomi Prins at AlterNet . Here's some of Wall Street's finest whoppers of the year.
  • The economy has improved.
...

Mortgage Defaults Top 1M, Keep Rising

Even those with lowered payments are defaulting

(Newser) - The number of troubled home loans continued to rise in the third quarter, despite the Obama camp's efforts to stem the tide by mortgage modification. For the first quarter ever, the number of homes in foreclosure with mortgages serviced by US banks topped the 1 million mark, the Los Angeles ...

Foreclosure of Shelter Leaves Animals at Mercy of Bank

Evicted owner takes Wells Fargo to court

(Newser) - After being evicted by Wells Fargo, the owner of a Rhode Island animal shelter wants a judge to force the bank to provide food and care for the animals—which he says haven't been properly cared for since Monday’s foreclosure. Dan Mackenzie has seen “total strangers walking off...

House-Flippers Target Foreclosure Sales

Big profits loom as lenders offload homes at auction

(Newser) - House-flipping is making a comeback as investors seek fast profits from foreclosure auctions. Lenders are overwhelmed with property, especially in foreclosure hotspots like California, Nevada, and Arizona, and their haste to sell off their huge supplies of homes can mean big flip profits for investors with knowledge of local markets,...

Treasury to Squeeze Mortgage Lenders

Will expand program to help keep people in their homes

(Newser) - The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said yesterday. The administration will announce its expanded program tomorrow, a Treasury spokeswoman said, and will take "additional...

1 in 4 Homeowners Underwater
 1 in 4 Homeowners Underwater 
Nov 24, 2009 6:34 AM CST

1 in 4 Homeowners Underwater

Swell of those owing more than home value a risk to market

(Newser) - Nearly 1 in every 4 homeowners owes more on their mortgages than their homes are worth, a serious obstacle to any kind of housing recovery. According to a report from First American CoreLogic, a real estate information company, nearly 10.7 million households are “underwater,” with 5.3...

Manager: I Warned Nic Not to Buy That Castle...

Broke Nicolas Cage countersued by business manager

(Newser) - The business manager Nicolas Cage is suing for fraud is suing the actor right back, claiming he warned Cage he would have to make $30 million a year to support his extravagant lifestyle. Samuel J. Levin’s suit also claims he cautioned the actor—who recently lost two New Orleans...

9 Other States Have Calif.-Sized Fiscal Messes

Ariz., Fla., Ill., Mich., and NJ among others facing crises

(Newser) - California has by no means cornered the market on enormous financial problems at the state level, with a report out today saying Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin are also at tremendous risk. The Pew Center sees widespread unemployment, huge budget deficits, and the...

Goldman Seizes Homes as Securities Sour

Just getting them to admit they hold your mortgage can be an ordeal

(Newser) - Imagine finding yourself in a foreclosure battle and discovering that your opponent isn't the obscure lender who wrote your insane mortgage, but the formidable Goldman Sachs. It seems that after years of buying subprime mortgages and packaging them into bonds, at a handsome profit, Goldman is now in the business...

Foreclosures on Pricey Properties Pick Up

Well-to-do buyers weren't immune to wacky loans, and they're coming due

(Newser) - The country's most expensive homes are now making up a larger segment of foreclosures in the most recent spike of mortgage defaults. An analysis of recent data shows that 30% of June foreclosures involved homes valued in the top third based on location; that’s up from just 16% at...

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

(Newser) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that...

Don't Hate Me: I'm Just Here to Clean Up
 Don't Hate Me: 
 I'm Just Here 
 to Clean Up 
FORECLOSURE FRONTLINES
Sep 30, 2009 12:07 PM CDT

Don't Hate Me: I'm Just Here to Clean Up

Clearing the detritus of owners' dreams from bank-owned homes

(Newser) - Cindy Reid doesn’t want you to think she and her boss—and boyfriend—are the “bad guys.” But it is difficult when her man is the one “you never want to see pull up to your house. He has eyes that go flat when you offer ...

BofA Severs Ties With ACORN
 BofA Severs Ties With ACORN 
Sep 28, 2009 9:08 AM CDT

BofA Severs Ties With ACORN

ACORN Housing advocated for homeowners facing foreclosure

(Newser) - Bank of America has cut off ties with ACORN’s housing assistance arm following revelations that employees of the community organizing group gave ill-advised assistance to videographers posing as a pimp and prostitute. ACORN Housing has worked with BofA—among other banks—since the '90s to help homeowners in danger...

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