The foreclosure mess just will not go away. Neither will incomplete if not misleading explanations for the crisis, or partial if not ineffective policy proposals. More than 10 million families will lose their homes to foreclosure before the housing market "clears" according to Credit Suisse. Meanwhile, as with the subprime and predatory lending bubbles that led directly to the present crisis, fingers are pointed in several directions as all parties to the debate try to shift blame to their favorite individual and institutional targets. Lost in this discussion is how continuing racial segregation has fueled these developments.
The guilty parties in the foreclosure crisis are many: greedy homeowners, unscrupulous investors, lax underwriters, asleep-at-the-wheel regulators, sloppy mortgage servicers, and more. No doubt all share in the blame. But all these actors played their roles in a context of ongoing racial segregation that greatly facilitated the fraud, deceit, and exploitation that occurred at each stage of the lending process. Research by a variety of organizations ranging from the Federal Reserve to the Center for Community Change reveals that subprime loans were concentrated in, and specifically targeted to, low-income, minority neighborhoods. As a result, foreclosures have fallen heaviest on the most disadvantaged segments of society.
To illustrate, when subprime lending peaked in 2006, just 18% of white borrowers received subprime loans compared to 54% of African Americans. An unfortunate irony, as the Wall Street Journal reported in 2007, is that over 60% of subprime borrowers had credit scores that qualified them for prime loans, underscoring the discriminatory nature of the marketing. Moreover, as reported by the Mortgage Bankers Association, subprime loans are approximately three times more likely to enter into default than conventional loans. As a result, between 2007 and 2009 approximately 8% of homes owned by black or Hispanic families went into foreclosure compared to 4.5% for whites. According a study by the Center for Responsible Lending, these disparities persisted even after taking household incomes into account.
Discriminatory lending patterns do not happen by chance. As the National Community Reinvestment Coalition has reported, in recent years racial minorities and minority communities were deliberately targeted by predatory lenders for subprime lending. The more segregated a metropolitan area is, of course, the easier it is to find exploitable clients. Segregation creates natural pockets of financially unsophisticated, historically underserved, poor minority homeowners who are ripe for exploitation.
It is no surprise to learn, therefore, that a recent study published in the American Sociological Review found that the level of black-white segregation was the single strongest predictor of the number and rate of foreclosures across U.S. metropolitan areas -- more powerful than the overall level of subprime lending, the degree of overbuilding, the extent of home price inflation, the relative creditworthiness of borrowers, the degree of coverage under the Community Reinvestment Act, or the extent of local government regulation.
More than forty years after the passage of the Fair Housing Act, two thirds of all black urbanites continue to live under conditions of high segregation and nearly half live in metropolitan areas where the degree of racial isolation is so intense it conforms to the criteria for hypersegregation. If we had somehow been able to eliminate segregation between blacks and whites in the years since 1968, the average metropolitan area would have experienced a foreclosure rate 80% lower than that actually observed during 2006-2008. Segregation is the reason for the unusual severity of the foreclosure crisis in the United States.
Given the powerful role played by racial segregation causing the current crisis, policy proposals to enact a national moratorium on foreclosures, modify the terms of outstanding loans, make bankruptcy restructuring easier, or undertake other financial reforms largely miss the point. Although such steps might provide short-term relief for some homeowners, speculative housing bubbles will likely recur along racially unequal lines as long as hypersegregation persists as a basic feature of metropolitan America. It is long past time to address the nation's segregated living patterns directly, and several policy initiatives to do so are now on the table.
The Housing Fairness Act (HR 476) would substantially increase the funding of fair housing organizations for nationwide paired testing (where matched pairs of white and non-white auditors approach housing providers to determine if they are treated equally). Such testing would yield much stronger enforcement of fair housing laws.
The Community Reinvestment Modernization Act (HR 1749) would extend the Community Reinvestment Act (a federal ban on redlining) to virtually all mortgage lenders and explicitly require them to be responsive to the credit needs of minority communities. Currently the CRA only applies to depository institutions (which today originate less than half of all mortgage loans). Moreover, the law currently focuses on service to low-income communities without a specific racial or ethnic mandate. Extending the CRA to all mortgage lending would help curb the predatory lending that drove much of the current crisis.
Finally, the U.S. Department of Housing and Urban Development has announced plans to issue a regulation to "affirmatively further fair housing" clarifying the statutory obligation that all recipients of federal housing and community development funds have to use those dollars in a manner that identifies and eliminates discriminatory barriers to equal housing opportunity. The agency should do so sooner rather than later.
Changing the behavior of financial institutions, regulators, and consumers is an important policy objective. Unless the segregated context in which they operate is also altered, however, speculative financial bubbles will persist and their uneven effects will continue to fall on vulnerable communities of color who have long paid the high costs of hypersegregation in the United States, America's own brand of Apartheid.
Douglas S. Massey is the Henry G. Bryant Professor of Sociology and Public Affairs at Princeton University. Gregory D. Squires is Professor of Sociology and Public Policy and Public Administration at George Washington University.
New fronts are opening in the foreclosure mess.
A lot of people have wondered why no one has gone to jail over what by commonsense standards is fraudulent activity. The possibility that the violations were indeed criminal is finally being investigated. From the Washington Post:
Federal law enforcement officials are investigating possible criminal violations in connection with the national foreclosure crisis, examining whether financial firms broke federal laws when they filed fraudulent court documents to seize people’s homes, according to people familiar with the matter.
The Obama administration’s Financial Fraud Enforcement Task Force is in the early stages of an investigation into whether banks and other companies that submitted flawed paperwork in state foreclosure proceedings may also have misled federal housing agencies, which now own or insure a majority of home loans, according to these sources.
The task force, which includes investigators from the Justice Department, Department of Housing and Urban Development and other agencies, is also looking into whether the submission of flawed paperwork during the foreclosure process violated mail or wire fraud laws. Financial fraud cases often involve these statutes.
Yves here. On the one hand, I would not underestimate the ability of Team Obama to give the banking industry a free pass when tough action is warranted. On the other hand, there is a proud tradition of the Federal government rousing itself when measure by the states run the risk of showing it to have been complacent to the point of negligence (one well known example is when state securities law suits force the generally lapdog SEC to take swing into gear). So if state or even private lawsuits expose enough damaging material, it will be hard for this task force to sit on its hands.
On another front, the ACLU is starting to obtain information to determine whether foreclosures in Florida (the so called rocket docket) violated Constitutional “due process” requirements:
The American Civil Liberties Union and the ACLU of Florida today filed public records requests with judicial officials in Florida to determine whether homeowners are having their constitutional rights violated during foreclosure proceedings and being unlawfully removed from their homes.
In Florida, where almost half a million foreclosure cases are pending, the state legislature recently spent over $9 million to create special foreclosure courts, staffed by retired judges, with the intent of speeding through the state’s backlog of such cases. But recent media reports in Florida and around the country, which reveal rampant error and fraud in the foreclosure process, have shown that courts should take particular care with foreclosure cases. Instead, in the rush to push foreclosure cases through the courts, Florida may be taking shortcuts and, in the process, forsaking constitutionally-required due process protections….
Filed with the Office of the State Court Administrator and the chief judges of all 20 of Florida’s circuit courts, the requests seek access to, among other things, all documents related to special court systems created to dispose of foreclosure cases and the rules and procedures in place that govern those systems…
Copies of the ACLU’s public records requests are available online at: www.aclu.org/racial-justice/aclu-seeks-information-about-constitutionality-florida-foreclosure-courts
Yves here. These initiatives are only in the early stages, but both show that the foreclosure crisis is moving from narrow legal issues to much bigger ones.
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
bench craft company
The foreclosure mess just will not go away. Neither will incomplete if not misleading explanations for the crisis, or partial if not ineffective policy proposals. More than 10 million families will lose their homes to foreclosure before the housing market "clears" according to Credit Suisse. Meanwhile, as with the subprime and predatory lending bubbles that led directly to the present crisis, fingers are pointed in several directions as all parties to the debate try to shift blame to their favorite individual and institutional targets. Lost in this discussion is how continuing racial segregation has fueled these developments.
The guilty parties in the foreclosure crisis are many: greedy homeowners, unscrupulous investors, lax underwriters, asleep-at-the-wheel regulators, sloppy mortgage servicers, and more. No doubt all share in the blame. But all these actors played their roles in a context of ongoing racial segregation that greatly facilitated the fraud, deceit, and exploitation that occurred at each stage of the lending process. Research by a variety of organizations ranging from the Federal Reserve to the Center for Community Change reveals that subprime loans were concentrated in, and specifically targeted to, low-income, minority neighborhoods. As a result, foreclosures have fallen heaviest on the most disadvantaged segments of society.
To illustrate, when subprime lending peaked in 2006, just 18% of white borrowers received subprime loans compared to 54% of African Americans. An unfortunate irony, as the Wall Street Journal reported in 2007, is that over 60% of subprime borrowers had credit scores that qualified them for prime loans, underscoring the discriminatory nature of the marketing. Moreover, as reported by the Mortgage Bankers Association, subprime loans are approximately three times more likely to enter into default than conventional loans. As a result, between 2007 and 2009 approximately 8% of homes owned by black or Hispanic families went into foreclosure compared to 4.5% for whites. According a study by the Center for Responsible Lending, these disparities persisted even after taking household incomes into account.
Discriminatory lending patterns do not happen by chance. As the National Community Reinvestment Coalition has reported, in recent years racial minorities and minority communities were deliberately targeted by predatory lenders for subprime lending. The more segregated a metropolitan area is, of course, the easier it is to find exploitable clients. Segregation creates natural pockets of financially unsophisticated, historically underserved, poor minority homeowners who are ripe for exploitation.
It is no surprise to learn, therefore, that a recent study published in the American Sociological Review found that the level of black-white segregation was the single strongest predictor of the number and rate of foreclosures across U.S. metropolitan areas -- more powerful than the overall level of subprime lending, the degree of overbuilding, the extent of home price inflation, the relative creditworthiness of borrowers, the degree of coverage under the Community Reinvestment Act, or the extent of local government regulation.
More than forty years after the passage of the Fair Housing Act, two thirds of all black urbanites continue to live under conditions of high segregation and nearly half live in metropolitan areas where the degree of racial isolation is so intense it conforms to the criteria for hypersegregation. If we had somehow been able to eliminate segregation between blacks and whites in the years since 1968, the average metropolitan area would have experienced a foreclosure rate 80% lower than that actually observed during 2006-2008. Segregation is the reason for the unusual severity of the foreclosure crisis in the United States.
Given the powerful role played by racial segregation causing the current crisis, policy proposals to enact a national moratorium on foreclosures, modify the terms of outstanding loans, make bankruptcy restructuring easier, or undertake other financial reforms largely miss the point. Although such steps might provide short-term relief for some homeowners, speculative housing bubbles will likely recur along racially unequal lines as long as hypersegregation persists as a basic feature of metropolitan America. It is long past time to address the nation's segregated living patterns directly, and several policy initiatives to do so are now on the table.
The Housing Fairness Act (HR 476) would substantially increase the funding of fair housing organizations for nationwide paired testing (where matched pairs of white and non-white auditors approach housing providers to determine if they are treated equally). Such testing would yield much stronger enforcement of fair housing laws.
The Community Reinvestment Modernization Act (HR 1749) would extend the Community Reinvestment Act (a federal ban on redlining) to virtually all mortgage lenders and explicitly require them to be responsive to the credit needs of minority communities. Currently the CRA only applies to depository institutions (which today originate less than half of all mortgage loans). Moreover, the law currently focuses on service to low-income communities without a specific racial or ethnic mandate. Extending the CRA to all mortgage lending would help curb the predatory lending that drove much of the current crisis.
Finally, the U.S. Department of Housing and Urban Development has announced plans to issue a regulation to "affirmatively further fair housing" clarifying the statutory obligation that all recipients of federal housing and community development funds have to use those dollars in a manner that identifies and eliminates discriminatory barriers to equal housing opportunity. The agency should do so sooner rather than later.
Changing the behavior of financial institutions, regulators, and consumers is an important policy objective. Unless the segregated context in which they operate is also altered, however, speculative financial bubbles will persist and their uneven effects will continue to fall on vulnerable communities of color who have long paid the high costs of hypersegregation in the United States, America's own brand of Apartheid.
Douglas S. Massey is the Henry G. Bryant Professor of Sociology and Public Affairs at Princeton University. Gregory D. Squires is Professor of Sociology and Public Policy and Public Administration at George Washington University.
New fronts are opening in the foreclosure mess.
A lot of people have wondered why no one has gone to jail over what by commonsense standards is fraudulent activity. The possibility that the violations were indeed criminal is finally being investigated. From the Washington Post:
Federal law enforcement officials are investigating possible criminal violations in connection with the national foreclosure crisis, examining whether financial firms broke federal laws when they filed fraudulent court documents to seize people’s homes, according to people familiar with the matter.
The Obama administration’s Financial Fraud Enforcement Task Force is in the early stages of an investigation into whether banks and other companies that submitted flawed paperwork in state foreclosure proceedings may also have misled federal housing agencies, which now own or insure a majority of home loans, according to these sources.
The task force, which includes investigators from the Justice Department, Department of Housing and Urban Development and other agencies, is also looking into whether the submission of flawed paperwork during the foreclosure process violated mail or wire fraud laws. Financial fraud cases often involve these statutes.
Yves here. On the one hand, I would not underestimate the ability of Team Obama to give the banking industry a free pass when tough action is warranted. On the other hand, there is a proud tradition of the Federal government rousing itself when measure by the states run the risk of showing it to have been complacent to the point of negligence (one well known example is when state securities law suits force the generally lapdog SEC to take swing into gear). So if state or even private lawsuits expose enough damaging material, it will be hard for this task force to sit on its hands.
On another front, the ACLU is starting to obtain information to determine whether foreclosures in Florida (the so called rocket docket) violated Constitutional “due process” requirements:
The American Civil Liberties Union and the ACLU of Florida today filed public records requests with judicial officials in Florida to determine whether homeowners are having their constitutional rights violated during foreclosure proceedings and being unlawfully removed from their homes.
In Florida, where almost half a million foreclosure cases are pending, the state legislature recently spent over $9 million to create special foreclosure courts, staffed by retired judges, with the intent of speeding through the state’s backlog of such cases. But recent media reports in Florida and around the country, which reveal rampant error and fraud in the foreclosure process, have shown that courts should take particular care with foreclosure cases. Instead, in the rush to push foreclosure cases through the courts, Florida may be taking shortcuts and, in the process, forsaking constitutionally-required due process protections….
Filed with the Office of the State Court Administrator and the chief judges of all 20 of Florida’s circuit courts, the requests seek access to, among other things, all documents related to special court systems created to dispose of foreclosure cases and the rules and procedures in place that govern those systems…
Copies of the ACLU’s public records requests are available online at: www.aclu.org/racial-justice/aclu-seeks-information-about-constitutionality-florida-foreclosure-courts
Yves here. These initiatives are only in the early stages, but both show that the foreclosure crisis is moving from narrow legal issues to much bigger ones.
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
bench craft company
bench craft company
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
bench craft company
The foreclosure mess just will not go away. Neither will incomplete if not misleading explanations for the crisis, or partial if not ineffective policy proposals. More than 10 million families will lose their homes to foreclosure before the housing market "clears" according to Credit Suisse. Meanwhile, as with the subprime and predatory lending bubbles that led directly to the present crisis, fingers are pointed in several directions as all parties to the debate try to shift blame to their favorite individual and institutional targets. Lost in this discussion is how continuing racial segregation has fueled these developments.
The guilty parties in the foreclosure crisis are many: greedy homeowners, unscrupulous investors, lax underwriters, asleep-at-the-wheel regulators, sloppy mortgage servicers, and more. No doubt all share in the blame. But all these actors played their roles in a context of ongoing racial segregation that greatly facilitated the fraud, deceit, and exploitation that occurred at each stage of the lending process. Research by a variety of organizations ranging from the Federal Reserve to the Center for Community Change reveals that subprime loans were concentrated in, and specifically targeted to, low-income, minority neighborhoods. As a result, foreclosures have fallen heaviest on the most disadvantaged segments of society.
To illustrate, when subprime lending peaked in 2006, just 18% of white borrowers received subprime loans compared to 54% of African Americans. An unfortunate irony, as the Wall Street Journal reported in 2007, is that over 60% of subprime borrowers had credit scores that qualified them for prime loans, underscoring the discriminatory nature of the marketing. Moreover, as reported by the Mortgage Bankers Association, subprime loans are approximately three times more likely to enter into default than conventional loans. As a result, between 2007 and 2009 approximately 8% of homes owned by black or Hispanic families went into foreclosure compared to 4.5% for whites. According a study by the Center for Responsible Lending, these disparities persisted even after taking household incomes into account.
Discriminatory lending patterns do not happen by chance. As the National Community Reinvestment Coalition has reported, in recent years racial minorities and minority communities were deliberately targeted by predatory lenders for subprime lending. The more segregated a metropolitan area is, of course, the easier it is to find exploitable clients. Segregation creates natural pockets of financially unsophisticated, historically underserved, poor minority homeowners who are ripe for exploitation.
It is no surprise to learn, therefore, that a recent study published in the American Sociological Review found that the level of black-white segregation was the single strongest predictor of the number and rate of foreclosures across U.S. metropolitan areas -- more powerful than the overall level of subprime lending, the degree of overbuilding, the extent of home price inflation, the relative creditworthiness of borrowers, the degree of coverage under the Community Reinvestment Act, or the extent of local government regulation.
More than forty years after the passage of the Fair Housing Act, two thirds of all black urbanites continue to live under conditions of high segregation and nearly half live in metropolitan areas where the degree of racial isolation is so intense it conforms to the criteria for hypersegregation. If we had somehow been able to eliminate segregation between blacks and whites in the years since 1968, the average metropolitan area would have experienced a foreclosure rate 80% lower than that actually observed during 2006-2008. Segregation is the reason for the unusual severity of the foreclosure crisis in the United States.
Given the powerful role played by racial segregation causing the current crisis, policy proposals to enact a national moratorium on foreclosures, modify the terms of outstanding loans, make bankruptcy restructuring easier, or undertake other financial reforms largely miss the point. Although such steps might provide short-term relief for some homeowners, speculative housing bubbles will likely recur along racially unequal lines as long as hypersegregation persists as a basic feature of metropolitan America. It is long past time to address the nation's segregated living patterns directly, and several policy initiatives to do so are now on the table.
The Housing Fairness Act (HR 476) would substantially increase the funding of fair housing organizations for nationwide paired testing (where matched pairs of white and non-white auditors approach housing providers to determine if they are treated equally). Such testing would yield much stronger enforcement of fair housing laws.
The Community Reinvestment Modernization Act (HR 1749) would extend the Community Reinvestment Act (a federal ban on redlining) to virtually all mortgage lenders and explicitly require them to be responsive to the credit needs of minority communities. Currently the CRA only applies to depository institutions (which today originate less than half of all mortgage loans). Moreover, the law currently focuses on service to low-income communities without a specific racial or ethnic mandate. Extending the CRA to all mortgage lending would help curb the predatory lending that drove much of the current crisis.
Finally, the U.S. Department of Housing and Urban Development has announced plans to issue a regulation to "affirmatively further fair housing" clarifying the statutory obligation that all recipients of federal housing and community development funds have to use those dollars in a manner that identifies and eliminates discriminatory barriers to equal housing opportunity. The agency should do so sooner rather than later.
Changing the behavior of financial institutions, regulators, and consumers is an important policy objective. Unless the segregated context in which they operate is also altered, however, speculative financial bubbles will persist and their uneven effects will continue to fall on vulnerable communities of color who have long paid the high costs of hypersegregation in the United States, America's own brand of Apartheid.
Douglas S. Massey is the Henry G. Bryant Professor of Sociology and Public Affairs at Princeton University. Gregory D. Squires is Professor of Sociology and Public Policy and Public Administration at George Washington University.
New fronts are opening in the foreclosure mess.
A lot of people have wondered why no one has gone to jail over what by commonsense standards is fraudulent activity. The possibility that the violations were indeed criminal is finally being investigated. From the Washington Post:
Federal law enforcement officials are investigating possible criminal violations in connection with the national foreclosure crisis, examining whether financial firms broke federal laws when they filed fraudulent court documents to seize people’s homes, according to people familiar with the matter.
The Obama administration’s Financial Fraud Enforcement Task Force is in the early stages of an investigation into whether banks and other companies that submitted flawed paperwork in state foreclosure proceedings may also have misled federal housing agencies, which now own or insure a majority of home loans, according to these sources.
The task force, which includes investigators from the Justice Department, Department of Housing and Urban Development and other agencies, is also looking into whether the submission of flawed paperwork during the foreclosure process violated mail or wire fraud laws. Financial fraud cases often involve these statutes.
Yves here. On the one hand, I would not underestimate the ability of Team Obama to give the banking industry a free pass when tough action is warranted. On the other hand, there is a proud tradition of the Federal government rousing itself when measure by the states run the risk of showing it to have been complacent to the point of negligence (one well known example is when state securities law suits force the generally lapdog SEC to take swing into gear). So if state or even private lawsuits expose enough damaging material, it will be hard for this task force to sit on its hands.
On another front, the ACLU is starting to obtain information to determine whether foreclosures in Florida (the so called rocket docket) violated Constitutional “due process” requirements:
The American Civil Liberties Union and the ACLU of Florida today filed public records requests with judicial officials in Florida to determine whether homeowners are having their constitutional rights violated during foreclosure proceedings and being unlawfully removed from their homes.
In Florida, where almost half a million foreclosure cases are pending, the state legislature recently spent over $9 million to create special foreclosure courts, staffed by retired judges, with the intent of speeding through the state’s backlog of such cases. But recent media reports in Florida and around the country, which reveal rampant error and fraud in the foreclosure process, have shown that courts should take particular care with foreclosure cases. Instead, in the rush to push foreclosure cases through the courts, Florida may be taking shortcuts and, in the process, forsaking constitutionally-required due process protections….
Filed with the Office of the State Court Administrator and the chief judges of all 20 of Florida’s circuit courts, the requests seek access to, among other things, all documents related to special court systems created to dispose of foreclosure cases and the rules and procedures in place that govern those systems…
Copies of the ACLU’s public records requests are available online at: www.aclu.org/racial-justice/aclu-seeks-information-about-constitutionality-florida-foreclosure-courts
Yves here. These initiatives are only in the early stages, but both show that the foreclosure crisis is moving from narrow legal issues to much bigger ones.
bench craft company
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
bench craft company
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
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bench craft company
bench craft company
bench craft company
<b>News</b> Corp's Carey: MySpace's Ongoing Losses 'Not Acceptable Or <b>...</b>
Continued MySpace (NSDQ: NWS) declines pulled down News Corp.'s digital media group earnings again in its first quarter, meaning operating losses in the company's Other segment grew by $30 million from last year, to $156 million. ...
Facebook Approved For Yet Another <b>News</b> Feed Patent | The Blog Herald
Facebook has been approved for a news feed patent which allows them to generate a personalized story feed for users, the patent in many ways is similar to the news feed patent they received earlier in 2010. The patent, named Generating ...
Good <b>News</b>: Bookmark-Syncing Service Xmarks Not Closing Down After All
Back in September, we heard that bookmark-syncing service Xmarks was shutting down in 2011, which came as awful news to those of us who relied on the any-browser extension to keep our bookmarks in sync no matter what browser we were ...
benchcraft company scam
Bank owned real estate is quickly moving to the forefront of properties for sale. Bank owned properties consist of foreclosure real estate which has been repossessed by the bank. The majority of properties are sold through each lender's loss mitigation division or independent local real estate agents.
Bank owned properties go by many names including real estate owned, reo, and bank foreclosures. The majority of properties are first listed through public auctions. If real estate isn't sold through auction it is returned to the servicing lender who then becomes responsible for maintaining the home until it sells.
Foreclosure real estate sold through auctions is often priced lower than bank owned property. However, buyers are responsible for removing attached creditor and tax liens. If evicted homeowners or tenants reside in the home, buyers must initiate eviction action. Lien removal and tenant eviction can be time-consuming and costly.
Once real estate is returned to the lender, banks engage in lien removal and eviction procedures. These costs are added into the purchase price. While REO homes might cost a bit more, buyers can quickly take possession and avoid unpleasant procedures which often take months to resolve.
On average, bank owned foreclosures sold through mortgage lenders are priced 10- to 20-percent below market value. If repairs or renovations are required, lenders adjust prices accordingly. Many lenders offer qualified borrowers the opportunity to obtain additional funds to make necessary repairs.
Many bank owned properties are located in areas with skyrocketing foreclosure rates. Buyers should investigate the Neighborhood Stabilization Program offered through the Department of Housing and Urban Development to determine if they qualify for home buying grants. NSP grants are available to individual buyers and investors. Eligibility criteria requirement information is available through HUDs website at HUD.gov.
Individuals who have never purchased foreclosure property should take time to become educated about the process. Although buying REO properties is similar to purchasing homes listed through realtors, there are a few a differences. Most lenders require buyers to obtain preapproved financing prior to presenting an offer.
If real estate agents are handling the transaction, buyers submit offers to their agent who passes the offer to the bank. If the bank's loss mitigation is supervising the sale, buyers will place offers directly through the lender.
It is important to realize that banks are rarely willing to reduce the asking price unless home inspections reveal major problems not previously reported. Lenders have already lost a substantial amount of money due to the foreclosure process and their goal is to recoup as much of their initial investment as possible.
Bank owned homes can make an exceptional residence, vacation home, or investment property. However, if a suitable price cannot be negotiated buyers must be prepared to walk away. There are literally millions of foreclosure homes for sale. If mortgage lenders are not willing to accept a reasonable offer, move on to the next property of interest.
Most buyers look at upwards of fifty properties before finding the perfect home at the perfect price. Being patient can pay huge financial dividends, so do not allow yourself to get too attached to any given property.
One option to locating discounted properties is to locate private real estate investors who specialize in buying and selling distressed properties. Several investors purchase bank owned real estate portfolios consisting of multiple properties. By buying homes in bulk, investors obtain wholesale prices. This allows them to resell homes in "as-is" condition and pass savings along to home buyers and investors.
Sources:
Neighborhood Stabilization Program Grants -
http://hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/
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