foreclosure crisis

A More Bullish Forecast From Deutsche Bank

The bank now say positive trends developing in consumer spending, employment and the stock market will likely boost U.S. economic growth higher than the 3% most analysts had previously predicted. Deutsche's chief equity strategist is predicting a 23% rise in the stock market for 2011.

Q&A With a Defender of Florida's 'Rocket Docket' Foreclosures

Lee County, Florida has become infamous for speeding foreclosure cases through its courts. The super-charged system -- or "rocket docket" -- can dispense with a foreclosure case in minutes, sometimes mere seconds. DailyFinance spoke with the Lee County Clerk who says the "rocket docket" was his idea.

The Mortgage Mess: Blame Banks, Not Homeowners

After an exhaustive examination, DailyFinance's legal reporter comes to a clear verdict: Banks are responsible for 90% of the problem, homeowners 10%. Banks have done three things to create the massive glut of foreclosures choking America's legal systems and laying waste to its real estate markets.

Why a New York Judge Is Throwing Out Foreclosure Cases

On Oct. 20, New York courts ordered attorneys for foreclosing banks to swear they'd personally confirmed that their documents are true and accurate. But a Brooklyn judge has taken things a step further. Since the banks aren't complying, he has started throwing out foreclosure cases.

Big Banks to New Jersey: Stop Bugging Us About Foreclosures

When New Jersey tightened its foreclosure rules in response to the false document crisis, it ordered the six largest servicers to explain why they should be allowed to continue foreclosing on homes. Their response: 'Trust us, everything's fine now.' If you think there's irony in that assertion, read on ...

Massachusetts Ruling Slams Bank Foreclosure Practices

The state's highest court affirmed the fundamental and long-established idea that a bank must own the mortgage it's foreclosing on before it forecloses. The ruling pertained to Wells Fargo and US Bancorp, but investors are hammering all bank financial stocks in reaction.

Florida Is Still Letting Banks Break the Rules in Foreclosure Cases

An affidavit in a court case needs to include the documents that support its claims. Except for banks in Florida foreclosure cases. Despite the massive robo-signing scandal and evidence of errors in mortgage files, judges there still merely take the bank's word about what you owe.

The Fall of Florida's 'Foreclosure King' Will Create Huge Waves

No longer such a high-flyer, the David J. Stern law firm is now being investigated and sued in a class action. The impact on pending Florida foreclosures and what the firm's underlying conduct means for the future of the state's real estate market will be felt for years.

The Foreclosure Mess: Florida Judges Can Do Better

Many judges in several states are emerging as defenders of due process and the rule of law when confronted with the banks' rampant disregard for the law in pursuing foreclosures with false paperwork. Alas, that's not so true in Florida, where a foreclosure can be heard in seconds.

Housing Starts: Another Small Gain in November

The U.S. housing sector took another modest step forward in November as housing starts rose a better-than-predicted 3.9% to a 530,000-unit annual rate. Still, at the current rate of recovery, the nation remains about 18 months to 2 years away from seeing normal levels of home building.

The Human Toll of America's New Ghost Towns

Housing prices have seen a remarkable drop over the last few years, but the numbers don't tell the whole story. In a new series, DailyFinance takes a look at neighborhoods in troubled cities across the country, where the lingering foreclosure crisis means empty houses, fearful residents and broken dreams.

Judge Rejects Wells Fargo Foreclosure Documents Again

U.S. Bankruptcy Court Judge Martin Glenn denied Wells Fargo's request for permission to foreclose on Tandala Mims's house in the Bronx for a second time on Thursday because he still wasn't satisfied that Wells -- as opposed to some other bank -- had the right to do so.

Picturing the Foreclosure Crisis in Modesto, California

Modesto, California, is a city of more than 210,000 people located about 90 miles east of San Francisco. According to RealtyTrac, an online service that markets foreclosed properties, Modesto had the nation's third-highest home foreclosure rate during the third quarter of 2010, just behind Las Vegas, Nevada, and Cape Coral/Fort Meyers, Florida. DailyFinance's Todd Lapin recently visited Modesto and came away with a gallery of haunting photos that illustrate the country's foreclosure crisis.

A Winning Streak Goes Bust: Ghost Towns of Las Vegas [VIDEO]

Las Vegas has always been a place of dreams, promising that pennies could turn into fortunes, cities could rise from the desert, and property values could rise eternally. But you can also lose your shirt there, and the real estate crash has hit Sin City harder than anyplace else in the country.

Foreclosure Fiasco: Who Owns This Mortgage?

Most people raising the issue of false mortgage documents are homeowners facing foreclosure. And in general, the banks' responses are that the paperwork issues are mere technicalities -- nothing to be concerned about. Then you find a case like that of like Wells Fargo's attempt to foreclose on Tandala Mims of New York.

In Juarez, Housing Crisis Is a Symptom of the Drug Wars

In the U.S., a real estate crisis has left some neighborhoods virtually abandoned. But in the border towns of Mexico, most notably Ciudad Juarez, a different disease is causing the same symptoms: the brutal escalation of the war among drug traffickers.

The Database That's Clouding Millions of Titles

The mortgage industry has created a system meant to simplify the handling of loan documents. Instead, it's legally shaky, makes tracking mortgage-note ownership extremely hard and may be throw into doubt who actually controls the title of properties throughout the country.

Startup RentJuice Is Capitalizing on the Rise of Renter Nation

For years, the property management business has been stuck in the Dark Ages -- using faxes, paper ledgers and out-of-date spreadsheet software. But as the foreclosure crisis adds millions of people to the rental market, new startup RentJuice is aiming to bring property management into the Internet Age.

An Arizonan's Nightmare With Citi's Foreclosure System

Back in December 2008, John H. was small-business owner with perfect credit and a house he could afford. But when his business started suffering, he appealed to Citi Residential Mortgage for a modification. Now, he faces foreclosure -- for the fourth time -- the day before Thanksgiving.

The New Bank Stress Tests Show Just How Serious the Mortgage Mess Is

This week, the Congressional Oversight Panel recommended that the nation's big banks be stress tested again, because if problems with mortgage-backed securities are widespread, the consequences could be dire. Now, the Fed has agreed to run those tests, which it wouldn't do if it wasn't worried.

Citi May Have to Refile Thousands of Forelcosure Affidavits

Citigroup Inc (C) said it may have to refile thousands of foreclosure affidavits. The bank is reviewing 10,000 affidavits executed before the company overhauled its foreclosure operation in February, Harold Lewis, a managing director with CitiMortgage said in written testimony for a congressional hearing. Bloomberg News reported his comments.

The Foreclosure Mess Is Potentially Devastating

The Congressional Oversight Panel created in the wake of TARP to oversee and monitor the Treasury Department has issued a devastatingly clear report about the mortgage mess and its legal implications, which are ugly.

Is Robo-Signing Just the Tip of the Iceberg?

In a Senate panel hearing Monday, the Iowa attorney general said the problems in the home-loan industry extend well beyond just "robo-signing." A system-wide overhaul is needed, he said.