Browsing Archive: May, 2011

Section 1403 of the new housing bill (HR 3221)

Posted by M Robinson on Monday, May 30, 2011,

Congress recently passed a 0-billion bill designed to infuse cash into Wall Street and bring back confidence in America’s financial system. Despite the optimism caused by a global stock rally after the Emergency Economic Stabilization Act was signed, it could still take a long time to work through the process and restore the economy given all the headwinds facing the housing market.

From the plunge in home prices, to soaring defaults on mortgages that are dumping more homes on an already gl...

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Will North Carolina Prosper From Bank Foreclosure Crimes?

Posted by M Robinson on Monday, May 30, 2011,

U.S. banks, seeking to avoid $17 billion in court claims over faulty foreclosures, are discussing a settlement framework with state attorneys general that may let firms choose from a menu of options for helping borrowers, two people briefed on the talks said.

Under the proposal, Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and Ally Financial Inc. would pay penalties and pledge billions of dollars in relief to home buyers, one of the peo...

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Mortgage Fraud Alert

Posted by M Robinson on Sunday, May 29, 2011,

The FBI has set up Mortgage Fraud Task Forces throughout the country, including in Charlotte, North Carolina. The latest FBI Mortgage Fraud Report lists North Carolina as one of the top states “significantly affected” by mortgage fraud.

“Mortgage Fraud” has become the general term to describe what is actually a wide spectrum of allegedly fraudulent conduct, including false loan applications, false or inflated appraisals, failure to disclo...

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Economy is Still Choking on Housing — When Will Obama Act?

Posted by M Robinson on Saturday, May 28, 2011,

Posted on by Neil Garfield

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

EDITOR’S NOTE: I am tired of reading about how economists express surprise at the sluggish economy. The same goes for when they express hope at slightest uptick in any index that is followed, none of which are real representations of economic activity. As the recent New York Times Editorial stated, as housing goes, so goes the economy. Housing is corrupted by the ongoing fraud being perpetrated by Wall Street. We have fraudulent loans compound...

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OUTRAGEOUS!!! Look at our NC legislative officials talking SMACK

Posted by M Robinson on Saturday, May 28, 2011,

GOP legislator pays jobless worker $8 for yard work, chides her in email

Post on May 27, 2011 by Sarah Ovaska 30 Comments »

Rep. Stephen LaRoque, a Kinston Republican, was the subject of this Huffington Post story earlier this afternoon, where it reported he paid one of the 46,000 jobless workers without unemployment benefits $8-an-hour to do yard work at his house.

The Huffington Post story gave mention to a testy email exchange Treadway and LaRoque had on Thursday. Scroll down this...

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MortgageFraud in North Carolina has the support of Take Back the Land

Posted by M Robinson on Thursday, May 26, 2011,

The Take Back the Land Movement is rooted in the following principles:

  • Housing is a human right;
  • Local community control over land and housing;
  • Leadership by impacted communities, particularly low income women of color;
  • Direct action oriented campaigns.

The overarching objective of the Take Back the Land Movement correlate significantly with our principles:

  • Fundamentally transform land relationships;
  • Elevate housing to the level of a human right;
  • Community control ...

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North Carolina Foreclosure Laws

Posted by M Robinson on Thursday, May 26, 2011,
North Carolina Overview

Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS
Yes Yes 110 Days 25 Days None Sheriff
Comments: Non-Judicial Foreclosures are more common


Pre-foreclosure Period

Foreclosures go through the courts when there are title problems. A lawsuit is f...

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Cummings seeks bank subpoenas on foreclosure crisis

Posted by M Robinson on Thursday, May 26, 2011,

May 25, 2011

Baltimore Rep. Elijah E. Cummings on Wednesday requested that the House Oversight Committee issue subpoenas to six banks he said have refused to voluntarily provide documents detailing their role in the mortgage foreclosure meltdown. 

Cummings, the top-ranking Democrat on the committee who has made the foreclosure issue a top pri...

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Raleigh man sues mortgage companies

Posted by M Robinson on Wednesday, May 25, 2011,
Christopher Joy story,

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