Class War: Land Grab Foreclosures

Compiled by Rady Ananda 

Woman’s Home Confiscated Over Small Water Bill
The Other Foreclosure Menace
By Fred Schulte, Ben Protess and Lagan Sebert
One raw day in early February, Vicki Valentine stood by helplessly as real estate investors snatched her West Baltimore home over what began with an unpaid city water bill of $362.

HUD Is Trying to Privatize and Mortgage off All of America’s Public Housing
By George Lakoff
The Obama Administration’s move to the right is about to give conservatives a victory they could not have anticipated, even under Bush. HUD, under Obama, submitted legislation called PETRA to Congress that would result in the privatization of all public housing in America.

Florida foreclosure

One in Ten Mortgage Borrowers Will Lose Their Home to the Bank
New Observations is forecasting that a minimum of one in ten homes with a mortgage today will be lost to foreclosure in the next two years and that this loss represents a staggering five-million-unit addition to inventory-for-sale.

New York City Home Foreclosures Climb in First Quarter
‎AP. In the first quarter of this year, there were 4,226 foreclosures across the city, according to a new study.

Ohio foreclosure

RI delinquencies, foreclosures top 14%
‎Providence Business News. More than 14 percent of mortgage loans in Rhode Island were either delinquent or in foreclosure during the first quarter of this year, the Mortgage Bankers Association reported Wednesday.

One in 7 U.S. homeowners paying late or in foreclosure
One in every seven U.S. households with a mortgage ended the first quarter behind on payments or in foreclosure, although a peak in unemployment could mean repayment stress is easing, the Mortgage Bankers Association said on Wednesday.

Sacramento, CA tent city

Some 14% of mortgages delinquent or in foreclosure
Rate hits record high in first quarter, bankers association reports
CHICAGO (MarketWatch) — The percentage of loans in foreclosure or with at least one payment past due was a non-seasonally-adjusted 14% in the first quarter, down from 15% in the fourth quarter of 2009, the Mortgage Bankers Association said Wednesday. But mortgages in the foreclosure process hit a record high at a non-seasonally-adjusted 4.63%, up from 4.58% in the fourth quarter. The percentage of loans in the foreclosure process was 3.85% in the first quarter of 2009.

US mortgage crisis holding back recovery
AP   The mortgage crisis is dragging on the economic recovery as more homeowners fall behind on their payments. Analysts expect improvement soon, but the number of homeowners in default or at risk of foreclosure will have a lingering effect on the broader economy. More than 10 percent of homeowners with a mortgage had missed at least one payment in the January-March period, the Mortgage Bankers Association said Wednesday. That’s a record high and up from 9.1 per cent a year ago.

BUT, LET’S NOT FORGET THIS LANDMARK RULING: 

Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks
September 25, 2009 By Ellen Brown 

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure.MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound. 

One response to “Class War: Land Grab Foreclosures

  1. Very helpful posts and information

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