Senator Sherrod Brown has taken up the cudgels for the investors sensing that following the settlement the banks will try to pass on some part of the losses to the investors. It will affect the pension funds also. Brown wants the settlement to be meaningful that will bring broad relief to house owners as well as investors.
According to the archaic law of Adverse Possession one can legally stay on in an abandoned house after observing certain court formalities. Many websites are popping up giving detailed instructions about how to do this. But the question is that although it is legally right is it morally right to do so?
Brian Burns of Pinole, a plumber, while on night duty got hit by a truck while helping an injured man trapped in a Sedan. It led him through a near-death experience that shattered his finances and caused his house to face foreclosure.
Atlanta is going through the bust stage of the property crisis. More office loans are floundering in payments warning of worse days to come. The symbolic landmark of Atlanta – Bank of America Plaza has been foreclosed and set for auction.
Small business units have always generated the maximum number of jobs. A sizeable number started off by mortgaging their residence. But today this will not be possible because of negative equity. The situation could worsen in forthcoming years because many took risky loans and the time has come for their resetting. It means more defaults and more foreclosures and more woes for the economy.
The San Francisco chapter of OWS started its second phase on 20th January implementing new strategies; moving away from camping it is now targeting specific targets. Those participating are now more sophisticated and understand the issues like repeal of Glass Seagall Act that led to this insane speculation and disaster. They are now lending credibility to the movement.
The Occupy movement is gathering steam. Instead of occupying parks and streets they are focusing on disrupting auctions and re-entering vacant homes right across America. To some extent they have been successful. Foreclosed units in the market bring down value of property and many pundits opine that unless this problem is solved the economy will not get back on tracks.
Banks have at last realized it benefits them also to allow investor to buy distressed units for leasing them out to previous owners. The banks avoid hassles and expenses for foreclosure and maintaining vacant houses, while people continue to stay, kids got to school, neighbourhood spared blight and the market spared more vacant units.
Thanks to a nefarious scheme (2005 January – 2008 February), sales numbering hundreds took place. Tara Properties paid over $5 million as kickbacks. Fraudulently the conspirators made the lenders grant loans totaling to over $42 million. Those who planned the scheme arranged for straw purchasers by promising them s kickbacks.