Pittsburgh Legal Newslog:Obama Floats Trial Balloon to Stay All Residential Foreclosures Pending HAMP Modification Review.
Under this proposal, all residential mortgages in default would be screened to determine whether they could be modified under HAMP guidelines before foreclosure would be permitted to proceed.
Goodbye, Creditor’s Rights Endorsement.
So, Goodbye Creditor’s Rights Endorsement. We never needed you anyway.
Florida to Mediate Mortgage Foreclosures.
Posted by Cliff Tuttle
April Charney, a legal services lawyer in Jacksonville Florida who has been a leader in mortgage foreclosure defense, reported the following on a real estate listserve known as Dirt:
The attached Administrative Order was entered by the Florida Supreme
Court and is now online. In the order, which sets up mediation for
homestead (and other) [...]
Pittsburgh Legal Newslog: Foreclosure Mediation in Allegheny County has Saved 200 this Year.
Posted by Cliff Tuttle
Pittsburgh Tribune-Review, December 26, 2009.
Real Estate Lending: New Regs Require Greater Lender Compliance in Timing Preclosing Disclosures.
Posted by Cliff Tuttle (c) 2009
New Federal Regulations regarding, inter alia, the timing of pre-closing activity became effective for lenders on June 30. Wells Fargo provided a pamphlet on the subject for the retail and the wholesale departments of residential lenders.
CLT
Pittsburgh Legal Newslog: Home Mortgage Credit Standards “Stuck on Stupid.”
This has happened before and community-based thrifts, banks and credit unions made a niche for such borrowers. It may take a little time, but this phenomenon will happen again, subject to regulatory restraints. The article doesn’t say so, but well-qualified borrowers should look for portfolio lenders who do not follow Fannie Mae underwriting guidelines.
Its Starting to Happen at Dwelling House (and at Fort Pitt, too)..
Meanwhile, the Heinz History Center is saving the Fort Pitt Museum from closure by taking over the management from the State, which literally cut this priceless resource out of the budget.
What Will It Take to Save Dwelling House?
Isn’t it strange that this is going on at a time when improvident lenders around the country have been rescued by TARP funds, liberally doled out by Treasury to the very no-goodniks who brought the world to the brink of economic collapse. Billions flowed to mega-operations, some of whom appear to serve no one but themselves. But a paltry Two Million Bucks is not available for a community bank that has provided the opportunity of home ownership in one of the poorest neighborhoods in Pittsburgh, safely and soundly, for a very long time.
MERS Says It Will Notify Residential Mortgagors of Transfers.
Posted by Cliff Tuttle (c) 2009
Mortgage Electronic Recording Systems (MERS), the entity that keeps electronic records of assignments of mortgages, announced in a recent press release that it will notify mortgagors of residential properties of transfers of ownership, in compliance with 2009 amendments to Federal Truth In Lending requirements. It should be noted that many [...]
How Sophisticated People With Good Incomes Became Trapped in the Mortgage Meltdown.
Unfortunately, the author, Edmund L. Andrews, who is a NYT financial writer, tells us how he got into the mess, but doesn’t reveal a strategy for getting out. Perhaps his book, “Busted, Life Inside the Great Mortgage Meltdown”, to be published next month by W. W. Norton, will provide suggestions to others who are coping with the same problem.
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