July 10, 2012 |
SACRAMENTO -- Homeowners who default on refinanced mortgages won't be liable for debts that exceed the market value of their lost properties. Late Monday, Gov. Jerry Brown signed into law legislation to close a legal loophole that could make defaulting borrowers responsible for paying back money they took out of previously more valuable homes when they refinanced their loans. The lingering debt, said the author of the bill, Sen. Ellen M. Corbett (D-San Leandro) adds a second punishment to people who already have lost their biggest possession.
October 27, 2012
Re "Faces of subprime lending's legacy," Business, Oct. 23 In February, the secretary of Housing and Urban Development said that the states would be using much of the $25 billion in settlement money from the nation's largest mortgage servicers to provide "immediate relief to homeowners. " Gov. Jerry Brown used California's share of the settlement money - about $410 million - to help close the state's budget deficit. Those facing foreclosure should file a class-action suit against the governor to require that all of the $410 million go toward providing immediate relief to homeowners.
January 31, 2012 |
Is Freddie Mac, the taxpayer-owned mortgage company, betting against homeowners? The Treasury Department has launched an investigation into that very question. The probe comes after a report from ProPublica and NPR showing that Freddie has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates. In essence, Freddie has been hedging its risk by purchasing what's known as "inverse floater" securities -- an investment in homeowners' interest payments.
September 2, 2013 |
Despite working 18-hour days, including part time as a waitress at a strip club, Hope Arnold was on the verge of losing her Silver Lake home. Then she discovered Airbnb, a website that links vacationers seeking an alternative to hotels and homeowners with rooms to rent. Billing her place as an "artsy and rustic 1927 treehouse," she started renting out her master bedroom, while she slept in the den. It paid off. Arnold has made $39,000 on Airbnb in the last 12 months, and the site now accounts for as much as 70% of her monthly income.
September 28, 2013 |
Flexible spaces, tech-savvy features and outdoor-oriented living are popular with well-to-do U.S. homeowners, a pair of recent surveys show. Among the 300 wealthy consumers polled, open floor plans, full automation/wiring and swimming pools topped the list of important amenities, a study by Coldwell Banker Previews International and the Luxury Institute found. Lower priorities for households earning at least $250,000 annually were staff quarters, tennis/sports courts and catering kitchens.
August 8, 2012 |
Citigroup Inc. is testing a program that would allow distressed homeowners to sign over title to their property and stay on as renters paying less than they did on their mortgages. The effort is similar to a larger ongoing Bank of America pilot offering up to 2,500 customers the option of avoiding foreclosure by trading their mortgages for leases. Citigroup's offer is to be extended to about 500 borrowers who owe more than their homes are worth and who are 120 days or more past due on their home loans.