In Sacramento, California, one citizen is taking on the lenders directly, using his “Foreclosure Modification Act” to demand that lenders provide principal and interest rate reductions in order to keep borrowers in their homes. And according to the author of the proposal, David A. Benson, the best way to make this happen is to leave banks with no other option Read full article »
Tag archives for California Foreclosure
Citizen-Led Movement in California Proposes to Outlaw Foreclosures
Foreclosure Times Down In California, Nevada and Arizona
Despite massive uncertainty about the validity of many aspects of the foreclosure process, foreclosure times actually decreased in three states last month. California, Arizona and Nevada all reported decreased foreclosure timelines in June 2011 despite uncertainty over MERS, bank processes and the general wisdom of adding to the shadow inventory in a fragile market. According to ForeclosureRadar, even though the Read full article »
California Homeowner Protection Act Founders
The proposed legislation that would have made “dual track” foreclosures illegal in California was voted down last week. The California Homeowner Protection Act (SB 729) was designed to prevent lenders from simultaneously negotiating loan modifications and proceeding with the foreclosure process. This “dual track” system has spawned horror story after horror story of homeowners who believed they were going to Read full article »
Identity Theft Makes California Foreclosure Scam Even Harder to Resolve
Even though the website and operations of a California foreclosure scam have been shut down for nearly a year and the perpetrator of the fraud will be spending a year in jail, one more innocent victim of the scam is still fending off legal notices, hearings and collections notices from lawyers. Why? Because when Nicolas Moscouplos of Sacramento set up Read full article »
Last Year’s Foreclosure Moratoria Lead to Massive Jump in Foreclosure Numbers in 2010
Thanks to last year’s voluntary foreclosure moratoria, this year California foreclosure numbers appear to be jumping right through the roof. California foreclosure sales in March 2010 increased 92.3 percent over March 2009, causing disbelief and some spikes in blood pressure as the media, the lenders and the public struggle to deal with the new numbers. Add in all the publicity Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
-
Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
