Advertisement
YOU ARE HERE: LAT HomeCollectionsForeclosure Crisis
IN THE NEWS

Foreclosure Crisis

FEATURED ARTICLES
NEWS
October 21, 2011 | By Shari Roan, Los Angeles Times / For the Booster Shots blog
The mortgage foreclosure tragedy is not only hurting Americans' wallets, it's affecting people's health, particularly older Americans who lose their homes, according to a study released Thursday. Researchers led by the University of Maryland performed the first study to determine the health effect from the foreclosure crisis that began with subprime lending practices in 2003. As recently as 2009, the authors note, just over 2% of all U.S. homes were in foreclosure. The study examined data from the 2006 and 2008 Health and Retirement Study, a poll of people ages 50 and older.
ARTICLES BY DATE
BUSINESS
December 12, 2013 | By Ricardo Lopez
The number of foreclosure filings in the U.S. fell 15% last month, to a seven-year low of 113,454 properties, according to RealtyTrac. That's the largest over-the-month decline since November 2010 when filings fell 21%. “While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all...
Advertisement
BUSINESS
November 16, 2010 | Reuters
A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America Corp. said Tuesday. The call for a settlement by Bank of America CEO Brian Moynihan was followed by a report from CNBC that Iowa Atty. Gen. Tom Miller, who is leading the 50-state probe, was getting close to a settlement with Bank of America ? the largest U.S. mortgage servicer ? JPMorgan Chase & Co. and Wells Fargo & Co. Under the proposed settlement, the banks would pay into a fund for foreclosed borrowers, CNBC reported.
BUSINESS
October 29, 2013 | By Michael Hiltzik
David Dayen spots  a new blow for underwater homeowners that thus far has flown under the radar: the coming expiration of the Mortgage Forgiveness Debt Relief Act of 2007, scheduled for Dec. 31. The act is a mouthful, but it's been a crucial factor in helping countless families get out from under bad mortgages. Simply put, the act relieves homeowners from having to pay taxes on any loan forgiveness they receive in a mortgage restructuring. (The maximum exemption is $2 million for a couple.)
BUSINESS
August 30, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - The nation's five largest banks are off to a good start on their promise to help ease the foreclosure crisis, providing nearly 140,000 struggling homeowners with a total of $10.6 billion in mortgage debt relief, according to a government report. But the banks have much more work to do to fulfill their requirements under a $25-billion agreement reached in February to settle federal and state foreclosure abuse investigations, key officials said. And to keep the pressure on, the government released the preliminary report Wednesday - the first look at how Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. were carrying out their commitments.
BUSINESS
January 26, 2012 | By Jim Puzzanghera and Alejandro Lazo, Los Angeles Times
Two new initiatives from President Obama to address the foreclosure crisis — more help for struggling homeowners and aggressive investigations of financial firms — face significant hurdles as the nation's real estate troubles linger in a volatile election year. A new refinancing plan that expands on an existing initiative would allow homeowners who are current on their mortgage payments to retool their loans and save as much as $3,000 a year on payments. This expansion would be paid for by a new tax on large banks that Obama originally proposed in 2010 that has gone nowhere in Congress — and is unlikely to be approved by Republicans facing reelection in the fall.
BUSINESS
April 21, 2010 | Alejandro Lazo
The California foreclosure crisis appears to be abating, new data show, as the federal government and big lenders step up efforts to keep troubled borrowers in their homes. Mortgage default notices — the first step toward foreclosure — plunged 40.2% statewide in the first three months of the year compared with the same period in 2009, according to San Diego research firm MDA DataQuick. Foreclosure sales dropped 1.7% from a year earlier and 16.1% from the last three months of 2009, DataQuick said Tuesday.
BUSINESS
August 9, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - New federal rules would require banks to provide homeowners with better information about their mortgages to avoid costly surprises, such as sharp interest rate increases, and provide better service to help them avoid foreclosure. The rules, to be proposed Friday by the Consumer Financial Protection Bureau, are designed to prevent a repeat of the foreclosure crisis. They track an outline released in April by the agency, which was created in 2010 in part to help protect borrowers.
BUSINESS
March 13, 2012 | By Alejandro Lazo, Los Angeles Times
Home prices are tumbling to fresh lows, but new data show the rental market is on an upswing, an early indicator that housing may be headed into recovery. Rents are increasing because the foreclosure crisis has created a steady supply of renters in recent years, analysts said, and those people — with their tarnished credit records preventing them from quickly becoming homeowners again — need places to live. Adding to the housing squeeze is the nascent jobs recovery, which is fueling desire for rental housing as people find employment and strike out on their own. Many renters with the potential to buy a home are also sticking to the rental market given the home price slump and the difficulty these days in getting a mortgage.
OPINION
February 4, 2013 | By Raphael Bostic and Tony Salazar
Los Angeles, a city where 63.1% of residents rent their homes, is in the midst of a crisis in rental housing. A recent study by the U.S. Department of Housing and Urban Development laid out the stark facts. Los Angeles rents have increased, after adjusting for inflation, by nearly 30% over the last 20 years. During the same period, renter incomes have decreased by 6%. One important part of the problem is an inadequate supply of affordable rental units. Only 37 units are available and affordable for every 100 would-be renters living at the average renter income level.
BUSINESS
March 18, 2013 | By Jim Puzzanghera
WASHINGTON -- Attorneys general from California and eight other states on Monday publicly urged President Obama to replace Edward J. DeMarco, the controversial acting regulator for housing finance giants Fannie Mae and Freddie Mac. The state officials criticized DeMarco, who heads the Federal Housing Finance Agency, for his steadfast refusal to allow government-owned Fannie and Freddie to reduce principal on mortgages it backs to help struggling homeowners...
BUSINESS
March 8, 2013 | By Kenneth R. Harney
WASHINGTON - Could rental houses owned and managed by deep-pocketed hedge funds and big investors be the post-bust steppingstones to homeownership for huge numbers of renters? Could they also provide a form of safe harbor or sanctuary for thousands of families who were displaced by financial difficulties from their previous homes through foreclosures or short sales? A new national study suggests that the answer to both questions is yes. Over the last five years, according to Wall Street analysts' estimates, between $7 billion and $9 billion worth of distressed single-family homes have been purchased and converted to rentals by institutional investors such as hedge funds, private partnerships of high-net-worth individuals and even pools of capital raised among investors in foreign countries.
OPINION
February 4, 2013 | By Raphael Bostic and Tony Salazar
Los Angeles, a city where 63.1% of residents rent their homes, is in the midst of a crisis in rental housing. A recent study by the U.S. Department of Housing and Urban Development laid out the stark facts. Los Angeles rents have increased, after adjusting for inflation, by nearly 30% over the last 20 years. During the same period, renter incomes have decreased by 6%. One important part of the problem is an inadequate supply of affordable rental units. Only 37 units are available and affordable for every 100 would-be renters living at the average renter income level.
BUSINESS
February 3, 2013 | By Lew Sichelman
If researchers at the nonprofit Center for Responsible Lending are on target when they say the country is only halfway through the foreclosure crisis, many more people are going to be conned out of a great deal of money trying to save their homes. But it doesn't have to be like that. And it won't be if Uncle Sam has his way. The government is coming down hard on swindlers who cheat owners willing to try almost anything to avoid foreclosure. In December, for example, the Consumer Financial Protection Bureau took steps to shut down two alleged loan-modification mills that the agency says bilked people out of more than $10 million.
BUSINESS
August 30, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - The nation's five largest banks are off to a good start on their promise to help ease the foreclosure crisis, providing nearly 140,000 struggling homeowners with a total of $10.6 billion in mortgage debt relief, according to a government report. But the banks have much more work to do to fulfill their requirements under a $25-billion agreement reached in February to settle federal and state foreclosure abuse investigations, key officials said. And to keep the pressure on, the government released the preliminary report Wednesday - the first look at how Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. were carrying out their commitments.
NATIONAL
August 26, 2012 | Maeve Reston
Edward Albertian had been working for only a few weeks at his new job, managing the first two Boston-area Staples stores, when he got an unnerving call from his wife. As Staples staffed up, Albertian had been poaching talent from his old company, and his former boss was piqued. That morning, a courier had delivered papers to Albertian's wife threatening them with eviction unless they immediately repaid the $250,000 loan from Albertian's former company that they had used to buy their home.
CALIFORNIA | LOCAL
October 5, 2011 | By Kate Linthicum, Los Angeles Times
In the middle of Tuesday's Los Angeles City Council meeting, where the most scintillating item on the agenda was a proposal to increase ticket prices at the L.A. Zoo, a speaker stood up and told lawmakers they were ignoring an obvious fact: "You are surrounded by tents. " He was referring to the large group of protesters camped a few hundred feet away, on a lawn outside City Hall. The group, which calls itself Occupy LA, has been there since Saturday in a demonstration against economic policies that benefit corporations and the wealthiest Americans.
CALIFORNIA | LOCAL
September 27, 2008 | Jessica Garrison, Times Staff Writer
California and many of its communities hardest hit by the foreclosure crisis stand to receive more than $500 million in federal aid over the next 18 months to buy and fix up distressed homes, the Department of Housing and Urban Development announced Friday. Within hours of the announcement, California's two Democratic U.S.
NEWS
August 14, 2012 | By Richard Simon
WASHINGTON - Rep. Dennis Cardoza, a Democrat from California's Central Valley, plans to resign his seat Wednesday rather than retire at the end of the term as he had originally planned. “Tomorrow, I will be submitting my formal letter of resignation from Congress to Gov. Jerry Brown and Speaker John Boehner, effective midnight Aug. 15,” he said in a statement Tuesday. Cardoza, a House member since 2003, announced his retirement plans last fall after redistricting scrambled the state's political boundaries, further shaking up the state's congressional delegation.
BUSINESS
August 9, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - New federal rules would require banks to provide homeowners with better information about their mortgages to avoid costly surprises, such as sharp interest rate increases, and provide better service to help them avoid foreclosure. The rules, to be proposed Friday by the Consumer Financial Protection Bureau, are designed to prevent a repeat of the foreclosure crisis. They track an outline released in April by the agency, which was created in 2010 in part to help protect borrowers.
Los Angeles Times Articles
|