Pulte Homes Concedes Depression: Closes Arizona Factory
• AZcentral.comThe nation's largest homebuilder, PulteGroup Inc., is phasing out a manufacturing facility in the West Valley that ultimately will result in the loss of 280 jobs.
Contents Pages by Subject
Housing
1999 Prices: Phoenix's median home price fell to $115,000 in December
• AZcentral.comMetro Phoenix's median price for an existing home fell in December to $115,000 - comparable to the median home price in 1999.
Housing Market Slips Into Depression Territory
• CNBC.comNovember marked the 53rd consecutive month (4 ½ years) that home values have fallen.
Judges Cover For Bank Lawyers in Foreclosures
• NY TimesWith judges looking ever more critically at home foreclosures, they are reaching beyond the bankers to heap some of their most scorching criticism on the lawyers.
CoreLogic: House Prices declined 1.6% in November
• CalculatedRiskBlog.comThe fact that the rate of decline increased for November is indicative of the uphill battle we’re facing with the housing recovery,” said Mark Fleming, chief economist for CoreLogic.
Apocalypse Now? Will Massachusetts Court Case Unravel RBMS Market
• Ritholtz.comIf, in fact, there exists widespread legal failure of securitized mortgage pools, as Mr. Rosner, theorizes, then we are possibly facing the Apocalypse Scenario, calling into question the legal and financial...
Foreclosure-Gate: Hundreds Of Billions In Mortgage Claims Could Kill Top Banks
• BusinessInsider.com/"Investors in RMBS are facing hundreds of billions of dollars in losses on securities where the note was either not delivered or done so in a haphazard and negligent fashion. These claims could kill some of the top banks."
Biggest US Pension Funds Get Into Foreclosure-Gate Fray
• ZeroHedge.comThe coalition members’ insistence on immediate action reflects the urgency of their concerns over mishandled mortgages.
Foreclosure-Gate: Main Stream Media Terrified of Massachusetts Court Ruling
• BusinessInsider.com/Felix Salmon, who nobody would accuse of being pro-bank, sees a real possibility here of a systemic housing market and banking system catastrophe if this ruling is repeated in other states.
Massachusetts Supreme Court rules against banks in foreclosure paperwork case
• Washington PostIn a ruling that could escalate the mortgage problems facing banks, the Massachusetts Supreme Court on Friday voided two foreclosures because the banks failed to show the proper paperwork to prove they owned the loans.
Massachusetts Foreclosure-Gate: There Are No Mortgages in MBS
• Market-ticker.org & BusinessInsider.comThis decision is from the State Supreme Court and thus is final within the State, and makes it likely that MBS holders will sue en-masse for the sale of fraudulently-constituted securities
Foreclosure-Gate: Massachusetts Top Court Throttles Banks
• ZeroHedge.comBreaking News: There are no details in this current ruling by the Massachusetts supreme court, but this is a huge blow to the banks and will put additional pressure on Obama and Congress to "Fix It"
Foreclosure-Gate: Senators Urge Geithner to Fix Process ‘Forcefully’
• Bloomberg.comThe senators called for a “robust and comprehensive solution” that would protect homeowners and investors. They urged the council to respond “promptly” and indicate whether it needs additional...
Housing bust creates new kind of declining city
• latimes.com/businessIn the Inland Empire and other former home-building hot spots, the housing bust has created a new kind of declining city, different from the nation's traditional rusting centers of industry, that could languish for years.
Can Banks Foreclose on Mortgages They Do Not Own?
• Ritholtz.comThis is more than a technical issue; at risk is whether we, as a nation, are going to allow corporate entities to violate existing law, or even worse, attempt to create their own, extra-legal, non democratic policies.
Foreclosures May Be Undone by State Ruling on Mortgage Transfer
• Bloomberg.comMassachusetts’s highest court is poised to rule on whether foreclosures in the state should be undone because securitization-industry practices violate real- estate law governing how mortgages may be transferred.
Allstate sues BofA and Mozilo over Countrywide losses
• ReutersAllstate Corp has sued Bank of America Corp, its Countrywide lending unit and 17 other defendants for allegedly misrepresenting the risks on more than $700 million of mortgage securities it bought from Countrywide. Allstate, the largest publicly trad
Foreclosure-Gate: State AG's Signal Banks Are Untouchable
• NakedCapitalism.com/The banks and their servicers have done wrong, harm and injustices upon the American people, with this “settlement” it sends a strong message to financial institutions that they are now in fact, untouchable.
Fed Moves To Gut Predatory Lending Regulation
• HuffingtonPost.comThe Federal Reserve is pushing a new mortgage regulation that would effectively eliminate the most powerful federal remedy for predatory lending.
Foreclosure-Gate: Open Season For Banks To Prey On The Public
• Market-ticker.orgSo the standard is that if you're a bank, you can break the law. Any law - and it's not criminal. At worst it's a civil matter. Maybe.
Foreclosure-Gate: BofA Freddie Mac Putbacks Resolved for 1¢ on $
• Ritholtz.comThe kicker is that the deal also covers potential future claims on $127 billion in loans sold by Countrywide through 2008. That amounts to 1 cent on the dollar to Freddie Mac.
Investors Underestimating Severity of Housing Problem
• NakedCapitalism.com/Servicers‘ compensation structures encourage them to stretch out defaults, but not too long. In other words, servicers want to keep borrowers in a default ―sweatbox to collect late fees and other junk fees,
Foreclosure-Gate: Biggest Theft In History To Be Sanctified
• ZeroHedge.comIn other words what many have claimed is the biggest fraud in MBS history is about to be swept under the rug in exchange for 30 pieces of silver wrtistslaps.
Bank of America settles loan dispute with Fannie Mae, Freddie Mac
• Washington PostFannie Mae and Freddie Mac, the financial giants whose failed mortgage investments made them wards of the government, have accepted $2.8 billion from Bank of America to largely put to rest claims that the bank sold them faulty loans.
Foreclosure-Gate: Foreclosure Mill Accountants & Attorneys Beyond Law
• NakedCapitalism.com/One of the frustrating issues in trying to rein in fraud is the way that essential accessories, namely, accounting firms and law firms, are close to beyond the reach of the law.
Foreclosure-Gate: MERS and The Destruction Of Private Property In America
• Huffingtonpost.comIt is likely that most or even all foreclosures occurring in the US are illegal seizures of property -- home thefts. We are talking about 100,000 completed home thefts per month, with another 250,000...
Demographic Hell: The First Of The Baby Boomers Hit 65
• NYtimes.com/On New Year’s Day, the oldest members of the Baby Boom Generation will turn 65, the age once linked to retirement, early bird specials and gray Velcro shoes that go with everything.
Housing Propaganda: Phoenix Housing Expert Is Optimistic
• AZcentral.com"Confidence is seeping into the conversations we are having with builders, developers, lenders and real-estate investors," he said. "Reality has taken hold of professionals who remain in the industry...
Programmer jailed three years over plot to wipe out all of Fannie Mae’s financial data
• RawstoryA computer programmer who almost succeeded in wiping out all of the Federal National Mortgage Association's financial data at the height of the housing market crash was sentenced to three years in prison earlier this month.
4.3 Million Homes Are 90 Days Delinquent Or In Foreclosure
• BusinessInsider.com/The average number of days delinquent for loans in foreclosure is a record 499 days
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