Homeowner Bill of Rights is law

A portion of the Homeowner Bill of Rights, sponsored by the California Attorney General, has passed. The suite of bills making up the Homeowner Bill of Rights was proposed earlier this year as a preventative measure against foreclosure abuses by lenders against homeowners. With the passage of these two state bills, Assembly Bill (AB) 278…

They’ll never suspect a thing!

(interior: an oak paneled boardroom with dimmed lights, the muffled sound of thunder from outside the building can be heard intermittently) Okay, settle down, thank you all for coming this morning.  As the heads of the 25 largest financial institutions in the country, I realize you’re all very busy so I’ll keep this brief. I…

Shiller: cramdowns are the cure

Offering cramdowns to underwater homeowners is the solution for the struggling housing industry, according to the firm, long-standing conviction of economist, Robert J. Shiller. Shiller claims writing down a home’s loan balance to reflect its fair market value (FMVThe price a reasonable, unpressured buyer would pay for property on the open market) would decrease default…

Will foreclosure review provide relief for borrowers?

Borrowers who lost their homes to foreclosure may be eligible for money or other remedy if the foreclosure was made out of error or misrepresentation by mortgage servicers. In response to complaints made by borrowers and consumer advocates regarding deceitful and erroneous foreclosure practices, federal banking regulators have been conducting an independent review to investigate…

Negative equity plague prolongs recovery

Large numbers of underwater homeowners in California are hampering a widespread economic recovery, per Zillow. Now, in 10% of Southern California cities, one out of five homeowners with a mortgage owes double the value of their home. This ratio varies by location, as nearly one in three homeowners with a mortgage in Los Angeles County…

Jobs move real estate

14,316,500 people were employed statewide at the end of May 2012, 1.5% above one year ago. A total of 66,100 jobs were added in California from April to May of 2012. Employment also rose in each of California’s five largest counties. The largest gain in employment took place in Los Angeles County, which added 11,800 new…