Our Changing Globe

Archive for the ‘properties’ Category

Is it Time to Foreclose on Your Bank?

www.triplepundit.com12/5/11

A look back at the role of corporate banks during the financial crisis of 2008 and a look at other options such as Community Development Financial Institutions (CDFIs).

Daily Kos: Bank foreclosing on businesses that have paid their …

www.dailykos.com12/24/11

First off, how in the hell can it be legal for a bank to foreclose on a loan if the payments have been made on time? Second, less operating income and falling property values “Compelled the bank to act.” Seriously? We are in …

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It certainly is a changing globe!

Five months ago Bank of America filed foreclosure papers on a Florida couple who didn’t owe anything on their home.

The homeowner’s, the Nyergers, were later forced to take the case to court because Bank of America refused to accept their proof that they’d paid cash for their home.

A Collier County judge immediately accepted the family’s evidence, confirmed the Nyergers’ claims, and told Bank of America to pay all legal fees.

The bank refused, and the family’s attorney did exactly what the bank had tried to do to his clients, he seized the bank’s assets.

A truck and sheriffs arrived at the bank with orders to remove assets from the bank and within an hour of being locked out of his bank, the branch manager handed over a check for the legal fees.

Just released Commerce Department figures indicate that U.S. housing starts dropped to a record low of 458,000 in April.

A 13% decline to an annual rate of 458,000 was led by a 46% decline in multi-family starts, compared to March when builders broke ground on 525,000 homes.

Building permits, which are a sign of future construction fell by 3.3% to a record low rate of 494,000 and taken together the two declines suggest that house prices have not yet reached rock-bottom.

So called experts had forecast an increase to a 520,000 annual pace from a 510,000 previously estimated pace the prior month, and they also forecast that building permits would increase to 530,000 annual rate.

But to give credit where it’s due, Maxwell Clarke, who is the chief U.S. economist at IDEAglobal Inc said even before the report came out that, “Weakness in housing continues. Declining prospects for developers should continue to act as a drag on investment and overall output in 2009″.

Mixed in with the bad news was a little good news however, because construction of single-family homes rose 2.8% to a 368,000 rate, and that was for the second straight month.

Overall the housing market is showing some signs of stabilization and confidence amongst U.S. homebuilders in May increased to the highest level since September, and although sales of new homes are still 70% below their 2005 highs, they have risen slightly from their record January lows.

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