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Foreclosures

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BUSINESS
January 3, 2013 | By Alejandro Lazo
Foreclosures dropped 23% in November from the same month in 2011, a new report shows, indicating housing continues to mend. The Santa Ana mortgage-tracking firm CoreLogic said Thursday that 55,000 homes were foreclosed on nationally in November, down from 72,000 in October. Completed foreclosures declined 6% from October's 59,000 tally. Since the start of the financial crisis in September 2008, about 4 million foreclosures have been completed across the U.S., CoreLogic said. About 1.2 million homes, or about 3% of houses with a mortgage, were in some stage of the foreclosure process in November.
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BUSINESS
April 22, 2014 | By Andrew Khouri
New California foreclosure starts rose in the first quarter, although they remain at pre-bust levels. Default notices -- the first step in the state's foreclosure process -- jumped 6% from the previous quarter to 19,215, research firm DataQuick said Tuesday. New foreclosure filings rose 3.5% from the first quarter of 2013. DataQuick analyst John Karevoll said the rise from the fourth quarter, the lowest level since 2005, probably came from lenders working through their delinquent loan pipelines and not from more financial distress.
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BUSINESS
May 1, 2012 | By Nancy Rivera Brooks
The number of U.S. homes struggling through foreclosure held steady in March but fell from a year earlier, new data show, indicating that the huge wave of foreclosures that some housing experts keep predicting isn't even a whitecap yet. About 1.4 million homes, or 3.4% of all homes with a mortgage, were at some stage in the foreclosure process last month, the same as in February but down slightly compared with 1.5 million in March 2011, ...
BUSINESS
March 31, 2014 | By Tim Logan
The number of Southern California homeowners in trouble on their mortgage continued to shrink at the start of the year, according to new figures from CoreLogic. The Irvine-based data firm reported that the share of homeowners in foreclosure and of those at least 90 days behind on mortgage payments shrank to at least three-year lows in Los Angeles County, Orange County and the Inland Empire. Those numbers have fallen steadily from historic highs as the housing market has healed and home prices have climbed.
BUSINESS
March 29, 2012 | By Alejandro Lazo
The number of U.S. homes stuck in foreclosure ticked down slightly in February when compared with the same month a year earlier, new data released Thursday shows. Approximately 1.4 million homes, or 3.4% of all homes with a mortgage, were in foreclosure last month compared with 1.5 million in February 2011, according to Santa Ana research firm CoreLogic. That was flat compared with January. Banks completed about 65,000 foreclosures in February 2012, or about 1,000 more than in February 2011, and 10,000 more than the month prior, the research firm said.
OPINION
October 27, 2010
Home prices in 20 major U.S. cities turned south again in August, according to the S&P/Case-Shiller index, signaling that the troubled housing market may not have hit bottom. Although home sales have increased in recent months, there's still a nearly 11-month supply of unsold homes. And with an estimated 6.7 million borrowers delinquent or in foreclosure, the inventory of houses for sale is likely to grow. The most significant impediment to the housing market's recovery, though, may be lender incompetence.
BUSINESS
April 11, 2012 | By Alejandro Lazo
A new report predicts the market for foreclosed homes that are turned into rentals will be worth more than $100 billion this year. Rents are on the rise as home prices fall . That has policymakers promoting the idea that selling foreclosed homes to investors as rentals could be a positive for the housing market -- helping take down the inventory of distressed properties and putting a floor on prices. Last week, the Federal Reserve released guidelines that could encourage the practice of converting lender-owned foreclosed homes into rental properties.
BUSINESS
July 9, 2013 | By Andrew Khouri
Completed foreclosures dropped off 27% in May from a year earlier, while the backlog of homes in the repossession process fell as well, a new report said. Research firm CoreLogic said Tuesday there were 52,000 completed foreclosures nationwide in May. While down from May 2012, that figure is 3.5% higher than April and remains elevated - completed foreclosures averaged 21,000 a month before the housing crash. Still, fewer Americans are becoming stuck in the foreclosure process, a sign the market continues to mend and that fewer Americans will likely lose their home in the near future.
NEWS
July 11, 2012 | By Jon Healey
Should government tackle problems that the free market could conceivably solve but hasn't? That's the fundamental question raised by a novel plan San Bernardino County is considering to avert foreclosures, which have been a huge problem there. Nearly half of the homeowners with mortgages owe more than their homes are worth, increasing the risk that they will default on their loans. But the owners of those loans, particularly the investors in mortgage-backed securities, have been slow to respond to this threat.
BUSINESS
July 29, 2009 | Renae Merle, Merle writes for the Washington Post.
Government initiatives to stem the country's mounting foreclosures are hampered because banks and other lenders in many cases have more financial incentive to let borrowers lose their homes than to work out settlements, some economists have concluded. Policymakers often say it's a good deal for lenders to cut borrowers a break on mortgage payments to keep them in their homes. But, according to researchers and industry experts, foreclosing can be more profitable.
BUSINESS
March 14, 2014 | By E. Scott Reckard
A former Fannie Mae employee was convicted late Friday of soliciting kickbacks from a broker with promises to steer lucrative listings of foreclosed homes his way. The federal court jury in Santa Ana convicted Armando Granillo of three counts of fraud, rejecting his contention that he intended to cheat only the broker, not Fannie Mae, the nation's largest home-finance firm. At the end of a two-day trial, the jury took less than two hours to convict Granillo, who sat grimly as each of the jurors affirmed the guilty verdicts.
BUSINESS
February 9, 2014 | By Kenneth R. Harney
WASHINGTON - Got problems with the company that services your home mortgage - the one that collects your payments, keeps track of your escrow account and lets you know when you're late? So your monthly numbers don't look right? You got blown off by servicing personnel when you tried to get inaccuracies in your account corrected? Well, move over. You've got lots of grumpy company. As of Jan. 31, just under half of the 187,818 complaints filed with the federal watchdog Consumer Financial Protection Bureau concerned mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.
BUSINESS
January 21, 2014 | By Andrew Khouri
A report released Tuesday has found that new California foreclosure filings plunged at the end of last year, as a rebounding economy and higher home prices further healed the housing market. Notices of default -- the first formal step in the state's foreclosure process -- dropped 10.8% in the fourth quarter of 2013, compared with the prior quarter, and tumbled 52.6% from the same period a year earlier, research firm DataQuick said. The 18,120 default notices filed against home owners was the lowest level since the fourth quarter of 2005.
BUSINESS
December 15, 2013 | By Donie Vanitzian
Question: I own a house and my mom owns a one-bedroom condo in the same homeowners association development. We want repairs made and we're frightened because our board directors constantly threaten owners; if we violate any of their rules or governing documents they'll fine and then sue us. Those threats are reduced to writing by the board's voracious attorney, who threatens to send us invoices for legal fees. Our properties are not in trusts and we're unsure how to proceed. What are the costs of setting up a trust and will a trust protect us from litigation by the association?
BUSINESS
December 14, 2013 | By E. Scott Reckard
Daniel A. Bailey Jr. isn't your average homeowner. He hasn't paid his mortgage in more than five years, and has no plans to start now. His stance stems from a bizarre incident that thrust Bailey into the news in 2008, when he suddenly became a public relations liability for embattled home lender Countrywide Financial of Calabasas. Bailey had blanketed Countrywide with emails begging for a mortgage modification. The reply came from none other than Angelo Mozilo, Countrywide's chief executive, who accidentally hit "reply" instead of "forward" on a note meant for colleagues.
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...
BUSINESS
December 3, 2012 | By Jim Puzzanghera
WASHINGTON -- The number of homes in foreclosure dropped in October from the previous month and was down 9% for the year as the housing market showed signs of improvement. About 1.3 million homes, or 3.2% of all U.S. homes, were in any stage of the foreclosure process in October, down from 1.4 million homes in September, according to data released Monday by Irvine research firm CoreLogic. Quiz: How much do you know about mortgages? The number of completed foreclosures also dropped in October, to 58,000 from 77,000 the month before, the company said.
CALIFORNIA | LOCAL
December 7, 2013 | By Anh Do
The city of Los Angeles has filed a lawsuit against Bank of America, the third banking giant accused of mortgage discrimination in minority communities that in turn led to a wave of foreclosures, reduced property tax revenue and increased costs for city services. The city alleges that Bank of America "engaged in a continuous pattern and practice of mortgage discrimination in Los Angeles since at least 2004" by demanding different terms or conditions on loans that "vulnerable" borrowers could not afford, according to the complaint filed Friday in federal court.
BUSINESS
December 3, 2013 | By Marc Lifsher
SACRAMENTO -- A federal jury in Sacramento after a five-week trial has returned guilty verdicts against three men who operated an Orange County-based "foreclosure rescue scam," according to U.S. Atty. Benjamin Wagner. Convicted on Monday were Charles Head, 36, a former Los Angeles resident; Benjamin Budoff, 46, of Colorado Springs; and Domonic McCarns, 39, of Irvine. Wagner described Head as the leader of the operation that extracted more than $5.7 million in equity from victims' homes, many in California.
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