2011

Blog Posts in 2011

  • The Federal Housing Finance Agency (FHFA) - the regulator that oversees Fannie Mae and Freddie Mac - has filed a lawsuit against the city of Chicago regarding a city ordinance which makes creditors responsible for the upkeep of vacant homes, even ...
  • Anyone who has attempted to get a mortgage loan modification probably has a story to tell. Most of those stories will involve the maze of paperwork and red tape required to obtain a loan modification. Lost paperwork, incorrect data, and general ...
  • The Treasury Department, the Consumer Financial Protection Bureau (CFPB) and the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) have announced the creation of a task force to address mortgage modification scams. Mortgage ...
  • A recent analysis of Chicago foreclosure statistics found that foreclosure proceedings are taking an unusually long time to complete - almost a year on average. The Woodstock Institute, a Chicago-based research and policy non-profit organization, ...
  • Foreclosure Crisis Only Half Over

    According to a study by Center for Responsible Lending, we are likely only halfway through the foreclosure crisis. Based on the Center's numbers, 6.4% of loans made between 2004-2008 have ended in foreclosure so far. That represents 2.7 million ...
  • Late Mortgage Payments On The Rise

    Although market observers had initially predicted that the third quarter of 2011 would end with a decrease in mortgage delinquencies, the number of mortgages 60 days past due or more increased. This is the first time the rate of mortgage ...
  • Illinois' Right to Redemption During Foreclosure

    Illinois is still suffering from the worst housing market crisis in history; in fact, areas of Chicago are still experiencing a record number of foreclosures. Many homeowners feel helpless and trapped as they struggle to make mortgage payments - ...
  • Walking Away Without Liability

    Don't be fooled by people who say that you can just walk away from a mortgage. While that may be a great plan in non-recourse states like California, Illinois homeowners may want to think twice before moving out and mailing their housekeys to ...
  • ProPublica: Who's Who of The Financial Crisis

    ProPublica has published a handy cheat sheet that outlines the people responsible for the financial crisis and what, if anything, has happened to them. On the whole, not much has been done to the major players in the financial crisis. Banks that ...
  • Chicago's City Council recently toned down the language of its abandoned building ordinance. As originally drafted, the ordinance would have considered mortgage lenders and servicers the owner of a property in foreclosure, even if a judicial sale ...
  • Zombie Mortgages Are "Back"

    The housing crash and foreclosure crisis news cycle doesn't move as quickly as the typical 24-hour news cycle, but it does have the same effect of burying relevant concerns when a new scandal or lawsuit breaks. Case in point: zombie mortgages. ...
  • NYT: Foreclosures Are Killing Us

    According to a study published by the National Bureau of Economic Research, foreclosures and health problems appear to be related. Does this mean that foreclosures themselves cause the health problems? The authors of the paper seem to think that ...
  • Surrendering a Home During Chapter 13 Bankruptcy

    Many people going through bankruptcy want to know: what will happen to my home? Unfortunately, the answer to that question is not black-and-white. Rather, it depends on your individual circumstances. One option that you may consider while going ...
  • The United States Bankruptcy Appellate Panel for the Eighth Circuit is the latest federal appellate court to approve a debtor's plan involving lien stripping of unsecured second mortgages. The opinion marks the first time that this has been ...
  • Chicago Mayor Rahm Emanuel recently announced a program that will help neighborhoods that have been significantly impacted by Chicago foreclosures. The goal of the program - the Micro-Market Recovery Program - is to create a loan pool from the John ...