Short Sale News

Nick Timiraos from the Wall Street Journal brings us an interesting article that describes another problem child the lenders/investors that own notes (or think they own the notes) have. By now, everyone has heard of robo signing….the process by which lenders/servicing companies fraudulently signed mortgage documents. While the industry is still trying to recover from […]

Carrie Bay from DSNews reports on funding cuts that will prolong the foreclosure process in Florida. Last year, the state approved $14M to bring in case managers and judges to clear the foreclosure backlog. Some judges were “reviewing” 100 cases per day in an attempt to clear the backlog. Foreclosure defense attorneys saw that this […]

Joe Rauch and Dave Clarke from Reuters report on another government divide that will extend the housing mess that we are in for a long time. Up until now, the main regulator for the largest US Banks was working in conjunction with the (50) attorney generals and a dozen federal authorities to reach a global […]

Jonathan Stempel from Reuters reports on the demise of David Stern. Over the last several months, he has slowly booted his employees to the street and unloaded the fruits of his evils. To be clear, his law practice will shut down, but the processing company (DJSP) that he sold a few years back (that resulted […]

Vicki Needham from The Hill reports on massive fines that Wells Fargo and Bank of America may face as a result of improper foreclosures. Ms. Needham reports that regulators may seek over $20B in damages. The basis behind the proposed fines revolves around improper paperwork and “whether banks violated fair-lending laws.” It’s unfortunate that these […]

Phil Mattingly from Bloomberg reports on what I believe to be a fresh start to recovery. That start involves the proposed elimination of anti foreclosure programs that President Obama has put in place. The article goes on to say, ““In an era of record-breaking deficits, it’s time to pull the plug on these programs that […]

Kimberly Miller from the Palm Beach Post reports on what I believe to be another case of our elected officials checking a box so they can report back to their superiors that they gave it the good ole college try! The Florida Supreme Court felt that mediation could be used as tool to settle pending […]

Pete Carey from the San Jose Mercury News reports on what we all knew was coming. The government types took pleasure at reporting that the housing market had “turned the corner” during January stating that the number of foreclosures had dropped. As Mr. Carey reports, foreclosures are back with a vengeance in the Silicone Valley! […]

Peter Franceschina from the Orlando Sentinel reports on how attorney David Stern is unloading real estate and a multi million dollar super yacht. This implosion is due to issues with his law firm. While most of the article details the perceived value of the “assets” that Stern is unloading, a bigger message is present. That […]

Shanthi Bharatwaj from The Street reports on a trend that I hope sticks. He reports that some lenders finally have realized that short sales make more sense than foreclosures. My hope is that the trend is being pushed by the investors that actually own the notes versus’ the “banks” that are simply servicing the loans. […]

David Wells brings us an article that highlights the inevitable. Several of my previous articles have commented on robo signing. “Robo SIgning” is, “… a process in which company employees or contractors, inundated with foreclosures, sign off on documents so fast that they don’t know what they are signing”. In many states judges halted foreclosures […]