LPS Applied Analytics released their December Mortgage Performance data. According to LPS:
• The average loan in foreclosure has been delinquent a record 507 days. This is up from 406 days at the end of 2009, and up from 499 days at the end of November.
• Overall, mortgage delinquencies dropped nearly 18% in 2010.
• On the other hand, foreclosure inventories were up almost 10% in 2010, and are now at nearly 8x historical averages
• “First-time” foreclosures are on the decline, with over 30% of new foreclosure starts having been in foreclosure before
Click on graph for larger image in graph gallery.
This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages.
The percent in the foreclosure process is trending up because of the foreclosure moratoriums.
According to LPS, 8.83% of mortgages are delinquent (down from 9.02% in November), and another 4.15% are in the foreclosure process (up from 4.08% in November) for a total of 12.98%. It breaks down as:
• 2.56 million loans less than 90 days delinquent.
• 2.12 million loans 90+ days delinquent.
• 2.2 million loans in foreclosure process.
For a total of 6.87 million loans delinquent or in foreclosure.
The second graph shows the break down of serious deliquencies.
LPS reported "the share of seriously delinquent loans that have not made payments in over a year continues to increase.".
Note: I've seen some people include these 7 million delinquent loans as "shadow inventory". This is not correct because 1) some of these loans will cure, and 2) some of these homes are already listed for sale (so they are included in the visible inventory).
In a major ruling Friday, a coalition of nonprofit defense lawyers and consumer protection advocates in Maryland successfully got over 10,000 foreclosure cases managed by GMAC Mortgage tossed out, because affidavits in the cases were signed by Jeffrey Stephan, the infamous GMAC “robo-signer” who attested to the authenticity of foreclosure documents without any knowledge about them, as well as signing other false statements.
The University of Maryland Consumer Protection Clinic and Civil Justice, Inc., a nonprofit, filed the class action lawsuit, arguing that any case using Jeffrey Stephan as a signer was illegitimate and must be dismissed. In court Friday, GMAC agreed to dismiss every case in Maryland relying on a Stephan affidavit. They can refile foreclosure actions on the close to 10,000 homes, but only at their own expense, and subject to new Maryland regulations which require mandatory mediation between borrower and lender before moving to foreclosure. Civil Justice and the Consumer Protection Clinic also want any cases with affidavits from Xee Moua of Wells Fargo, who has also admitted to robo-signing, thrown out, but that case has not yet been settled.
This was not the plan of GMAC and other banks caught using robo-signers last year. They hoped to undergo a pause in proceedings, run a quick “double-check” and then issue substitute documents in the same cases. That would have been a much more rapid solution for the banks and would have resulted in many more foreclosures. Now GMAC has to go back and basically file the entire case all over again, meaning they have to give notice of foreclosure to the borrower, engage the borrower in modification options, and basically run through the whole process from the beginning. They cannot use the shortcut solution, thanks to the class action suit filed. GMAC’s dismissal of every foreclosure in Maryland shows their doubts they would have won the class action.
The Consumer Protection Clinic at the U. of Maryland is a class taught by Peter Holland. Rather than just read and lecture about foreclosure fraud and consumer protection law, Holland has the class join motions, prepare cross-examinations and legitimately get involved in the cases. It reminds me of the class of Alan Dershowitz depicted in the film Reversal of Fortune, or the Medill Innocence Project investigating wrongful convictions at Northwestern. Given the national scope of foreclosure fraud, you can imagine classes like this springing up all over the country.
As I said, this doesn’t mean that GMAC cannot refile foreclosures in these cases. But they have to spend a lot of time and money to go back to the beginning and redo every case, and must adhere to Maryland law of allowing mediation. Maryland is a judicial foreclosure state which has produced some of the better rulings during this crisis. But we’re starting to see challenges even in non-judicial foreclosure states, like Massachusetts, where the Ibanez case has thrown every foreclosure in the state into turmoil. The rates of moving properties through foreclosure have dropped dramatically, in all 50 states, by an average of 50%. It just seems inevitable that lawyers in other states will follow the Maryland action and attempt to get everything which used a robo-signer thrown out.
And if the Ibanez case, which questions the right for banks to foreclose at all, can be broadly applied, those rates will drop even further. And Georgetown Law Professor Adam Levitin thinks may be the case.
bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
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Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
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bench craft companyLPS Applied Analytics released their December Mortgage Performance data. According to LPS:
• The average loan in foreclosure has been delinquent a record 507 days. This is up from 406 days at the end of 2009, and up from 499 days at the end of November.
• Overall, mortgage delinquencies dropped nearly 18% in 2010.
• On the other hand, foreclosure inventories were up almost 10% in 2010, and are now at nearly 8x historical averages
• “First-time” foreclosures are on the decline, with over 30% of new foreclosure starts having been in foreclosure before
Click on graph for larger image in graph gallery.
This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages.
The percent in the foreclosure process is trending up because of the foreclosure moratoriums.
According to LPS, 8.83% of mortgages are delinquent (down from 9.02% in November), and another 4.15% are in the foreclosure process (up from 4.08% in November) for a total of 12.98%. It breaks down as:
• 2.56 million loans less than 90 days delinquent.
• 2.12 million loans 90+ days delinquent.
• 2.2 million loans in foreclosure process.
For a total of 6.87 million loans delinquent or in foreclosure.
The second graph shows the break down of serious deliquencies.
LPS reported "the share of seriously delinquent loans that have not made payments in over a year continues to increase.".
Note: I've seen some people include these 7 million delinquent loans as "shadow inventory". This is not correct because 1) some of these loans will cure, and 2) some of these homes are already listed for sale (so they are included in the visible inventory).In a major ruling Friday, a coalition of nonprofit defense lawyers and consumer protection advocates in Maryland successfully got over 10,000 foreclosure cases managed by GMAC Mortgage tossed out, because affidavits in the cases were signed by Jeffrey Stephan, the infamous GMAC “robo-signer” who attested to the authenticity of foreclosure documents without any knowledge about them, as well as signing other false statements.
The University of Maryland Consumer Protection Clinic and Civil Justice, Inc., a nonprofit, filed the class action lawsuit, arguing that any case using Jeffrey Stephan as a signer was illegitimate and must be dismissed. In court Friday, GMAC agreed to dismiss every case in Maryland relying on a Stephan affidavit. They can refile foreclosure actions on the close to 10,000 homes, but only at their own expense, and subject to new Maryland regulations which require mandatory mediation between borrower and lender before moving to foreclosure. Civil Justice and the Consumer Protection Clinic also want any cases with affidavits from Xee Moua of Wells Fargo, who has also admitted to robo-signing, thrown out, but that case has not yet been settled.
This was not the plan of GMAC and other banks caught using robo-signers last year. They hoped to undergo a pause in proceedings, run a quick “double-check” and then issue substitute documents in the same cases. That would have been a much more rapid solution for the banks and would have resulted in many more foreclosures. Now GMAC has to go back and basically file the entire case all over again, meaning they have to give notice of foreclosure to the borrower, engage the borrower in modification options, and basically run through the whole process from the beginning. They cannot use the shortcut solution, thanks to the class action suit filed. GMAC’s dismissal of every foreclosure in Maryland shows their doubts they would have won the class action.
The Consumer Protection Clinic at the U. of Maryland is a class taught by Peter Holland. Rather than just read and lecture about foreclosure fraud and consumer protection law, Holland has the class join motions, prepare cross-examinations and legitimately get involved in the cases. It reminds me of the class of Alan Dershowitz depicted in the film Reversal of Fortune, or the Medill Innocence Project investigating wrongful convictions at Northwestern. Given the national scope of foreclosure fraud, you can imagine classes like this springing up all over the country.
As I said, this doesn’t mean that GMAC cannot refile foreclosures in these cases. But they have to spend a lot of time and money to go back to the beginning and redo every case, and must adhere to Maryland law of allowing mediation. Maryland is a judicial foreclosure state which has produced some of the better rulings during this crisis. But we’re starting to see challenges even in non-judicial foreclosure states, like Massachusetts, where the Ibanez case has thrown every foreclosure in the state into turmoil. The rates of moving properties through foreclosure have dropped dramatically, in all 50 states, by an average of 50%. It just seems inevitable that lawyers in other states will follow the Maryland action and attempt to get everything which used a robo-signer thrown out.
And if the Ibanez case, which questions the right for banks to foreclose at all, can be broadly applied, those rates will drop even further. And Georgetown Law Professor Adam Levitin thinks may be the case.
bench craft company>CBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
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[reefeed]
bench craft company
bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
bench craft companyLPS Applied Analytics released their December Mortgage Performance data. According to LPS:
• The average loan in foreclosure has been delinquent a record 507 days. This is up from 406 days at the end of 2009, and up from 499 days at the end of November.
• Overall, mortgage delinquencies dropped nearly 18% in 2010.
• On the other hand, foreclosure inventories were up almost 10% in 2010, and are now at nearly 8x historical averages
• “First-time” foreclosures are on the decline, with over 30% of new foreclosure starts having been in foreclosure before
Click on graph for larger image in graph gallery.
This graph provided by LPS Applied Analytics shows the percent delinquent, percent in foreclosure, and total non-current mortgages.
The percent in the foreclosure process is trending up because of the foreclosure moratoriums.
According to LPS, 8.83% of mortgages are delinquent (down from 9.02% in November), and another 4.15% are in the foreclosure process (up from 4.08% in November) for a total of 12.98%. It breaks down as:
• 2.56 million loans less than 90 days delinquent.
• 2.12 million loans 90+ days delinquent.
• 2.2 million loans in foreclosure process.
For a total of 6.87 million loans delinquent or in foreclosure.
The second graph shows the break down of serious deliquencies.
LPS reported "the share of seriously delinquent loans that have not made payments in over a year continues to increase.".
Note: I've seen some people include these 7 million delinquent loans as "shadow inventory". This is not correct because 1) some of these loans will cure, and 2) some of these homes are already listed for sale (so they are included in the visible inventory).In a major ruling Friday, a coalition of nonprofit defense lawyers and consumer protection advocates in Maryland successfully got over 10,000 foreclosure cases managed by GMAC Mortgage tossed out, because affidavits in the cases were signed by Jeffrey Stephan, the infamous GMAC “robo-signer” who attested to the authenticity of foreclosure documents without any knowledge about them, as well as signing other false statements.
The University of Maryland Consumer Protection Clinic and Civil Justice, Inc., a nonprofit, filed the class action lawsuit, arguing that any case using Jeffrey Stephan as a signer was illegitimate and must be dismissed. In court Friday, GMAC agreed to dismiss every case in Maryland relying on a Stephan affidavit. They can refile foreclosure actions on the close to 10,000 homes, but only at their own expense, and subject to new Maryland regulations which require mandatory mediation between borrower and lender before moving to foreclosure. Civil Justice and the Consumer Protection Clinic also want any cases with affidavits from Xee Moua of Wells Fargo, who has also admitted to robo-signing, thrown out, but that case has not yet been settled.
This was not the plan of GMAC and other banks caught using robo-signers last year. They hoped to undergo a pause in proceedings, run a quick “double-check” and then issue substitute documents in the same cases. That would have been a much more rapid solution for the banks and would have resulted in many more foreclosures. Now GMAC has to go back and basically file the entire case all over again, meaning they have to give notice of foreclosure to the borrower, engage the borrower in modification options, and basically run through the whole process from the beginning. They cannot use the shortcut solution, thanks to the class action suit filed. GMAC’s dismissal of every foreclosure in Maryland shows their doubts they would have won the class action.
The Consumer Protection Clinic at the U. of Maryland is a class taught by Peter Holland. Rather than just read and lecture about foreclosure fraud and consumer protection law, Holland has the class join motions, prepare cross-examinations and legitimately get involved in the cases. It reminds me of the class of Alan Dershowitz depicted in the film Reversal of Fortune, or the Medill Innocence Project investigating wrongful convictions at Northwestern. Given the national scope of foreclosure fraud, you can imagine classes like this springing up all over the country.
As I said, this doesn’t mean that GMAC cannot refile foreclosures in these cases. But they have to spend a lot of time and money to go back to the beginning and redo every case, and must adhere to Maryland law of allowing mediation. Maryland is a judicial foreclosure state which has produced some of the better rulings during this crisis. But we’re starting to see challenges even in non-judicial foreclosure states, like Massachusetts, where the Ibanez case has thrown every foreclosure in the state into turmoil. The rates of moving properties through foreclosure have dropped dramatically, in all 50 states, by an average of 50%. It just seems inevitable that lawyers in other states will follow the Maryland action and attempt to get everything which used a robo-signer thrown out.
And if the Ibanez case, which questions the right for banks to foreclose at all, can be broadly applied, those rates will drop even further. And Georgetown Law Professor Adam Levitin thinks may be the case.
bench craft company
bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
bench craft company
bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
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bench craft companyCBS <b>News</b> Restructures Management Team : TVBizwire : TVWeek <b>...</b>
CBS announced a number of changes today among the top management team for CBS News, with Jeff Fager taking over as chairman of the division, a newly created position. The company is also bringing in a new face, David Rhodes, ...
OFWs claim jail beatings - Arab <b>News</b>
Monterona told Arab News in an email that he has received several messages from jailed OFWs asking for assistance. One such message was from Farouq Hadji Malik Bayabao, who claimed that he and his fellow inmates had been heavily beaten ...
Olbermann to become “chief <b>news</b> officer” of Al Gore's cable <b>...</b>
First, Arianna Huffington gets $315 million from AOL for the HuffPo and winds up with editorial control of their entire content. Keith Olbermann gets … a nightly news show on an all-but-invisible cable channel and editorial control of ...
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In this terrible market of foreclosed homes across the world, I have truly experienced this disaster, first hand. It started 4 years ago when my husband and I saw a home we wanted to purchase and the real estate agent saying "I will get you into this home". Boy, he was not lying. After approximately 1 week, we were sitting at the table closing. We had told him upfront what we wanted to pay, before we knew it we had to have two loans taken out on the home. The first was an A.R.M. and the second, a balloon note. All we knew is we would have two years before the first would adjust the interest rate. We were so excited to get the home, we signed away, page, after page, after page. We had four boys so we had to provide them a home.
Two years went by and we were enjoying living in "our home".. We received our first rate increase of $300. WOW! This was going to be hard to make, considering our wages sure didn't increase, but every thing else around us did. We didn't know how we were going to make ends meet, all we knew is, we were going to work as hard as we can as fast as we can and try to make ends meet. Every 6 months thereafter, we received a notice saying our mortgage payment was going up, we were "robbing peter to pay paul", you know what I am talking about. The fourth year our mortgage had increased by $700.00. We knew we no longer could afford our home. I made every attempt, every day, sometimes two times a day to try and contact someone from the mortgage company. We didn't matter to them, we were just an"account number to them"..... They were not willing to work out any deals with us. After all attempts of researching and trying to find help, we were forced to foreclose on our home. We began searching for somewhere else to live with our boys and our pets. We started receiving notices in the mail about the foreclosure process.. We didn't want to stay in the house and be evicted like so many others. We actually were offered a "cash for keys" deal, so basically, if we throw all our trash away and leave the home in "broom swept" clean condition, they would give us some money. We found a place to live and are all happy but still trying to cope with the whirlwind of events that took place in our lives the past year.
I have convinced my husband that it is truly not the house that makes a happy home, it is who is inside the house that makes the house a happy home. I believe when you can make it through hard times, it is not how hard you have fallen, it is how you get up. :0)
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