AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/'Western White House' Swaggers Onto the Markethttp://realestate.aol.com/blog/2012/04/23/western-white-house-swaggers-onto-the-market/http://realestate.aol.com/blog/2012/04/23/western-white-house-swaggers-onto-the-market/http://realestate.aol.com/blog/2012/04/23/western-white-house-swaggers-onto-the-market/#commentsFiled under:



By Ann Brenoff

The iconic Los Angeles home that once belonged to Norman and Dorothy Chandler is coming back on the market for $11.25 million. The Windsor Square mansion -- a city-designated historic-cultural monument -- was designed by associates of architect Julia Morgan (you remember -- the one who helped design Hearst Castle in San Simeon, Calif.).

Read the full story on The Huffington Post.

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]]>Chandler mansionlos angeles real estateWestern White HouseWindsor Square real estateThe Huffington Post2012-04-23T13:45:00 00:0012 Great Places to Retire, Starting at $89,000http://realestate.aol.com/blog/2012/03/29/12-great-retirement-homes-from-89-000/http://realestate.aol.com/blog/2012/03/29/12-great-retirement-homes-from-89-000/http://realestate.aol.com/blog/2012/03/29/12-great-retirement-homes-from-89-000/#commentsFiled under:



By Ann Brenoff

The question on the mind of many a midlifer is: Where can I afford to retire? The recession took a toll on our stock portfolios and a major bite into the equity of our family homes. Many of us know we need to downsize and live more affordably. With that in mind, Huff/Post50 went looking for homes in some of the most attractive retirement communities in the U.S., ranging from $89,000 to $309,000, courtesy of Realtor.com. First, a few considerations:

What's the climate like year-round?

Hot weather climates are delightful in January, but not always comfortable come August. If you are going to want to escape the summer's blistering heat, you may need to budget for a rental in a cooler climate. Not having to shovel snow in the winter is terrific, but just make sure you visit your new retirement community in the summer. Not everyone likes to live inside with the air conditioning blasting for three months a year.

What's the median age of the other residents?

There are retirement villages that open their doors to residents who are just 50. That's great, but if everyone else is in their 80s, you won't be happy there. Some retirement communities bill themselves as providing an "active lifestyle." One small pool doesn't make for an active lifestyle. There should be golfing, tennis courts, a gym, a community meeting hall with classes. And every marketing office knows what the median age of its residents is. Just ask.

Is it stuck in the middle of nowhere?

Back in the 1990s when land was relatively cheap, retirement communities sprung up along desert corridors like weeds. In many places, shopping and medical services sprouted to fill in the land gaps. But not always. We've visited places where the nearest store was a 15-minute drive and there was no bus service.

Buying near family or friends is always preferable.

You may be spry and healthy now, but old age always wins in the end. You will want to be close enough to people who love you to know you can get some help. Some people divide their retirement into two phases: The first phase where you are super-active, travel and take the golf bag out every day and the second phase where you move to a rental unit near your most responsible adult child. Nowhere is it written that this will be your final home.

Rent first if you can.

Living in a retirement community is a lifestyle change. There will be no neighborhood kids knocking on the door come Halloween or selling Girl Scout cookies. There will be neighbors who are generally home all day. Renting gives you a chance to test the waters and see if this is the right community for you. And just because you don't like the scene at the first place, doesn't mean you won't like it somewhere else. Every retirement village has a different ambiance. Find the one that's right for you.

Is the complex primarily owner-occupied?

We know we seem to be giving conflicting advice here, having just told you to try to rent first, but hear us out. Owners living on-site tend to take better care of their unit and hold the home owners association and management company to a higher standard. While many people pay cash for their retirement unit, if you need a mortgage, being in a building with a high percentage of renters might be a problem. Some lenders have a policy in which they won't lend to someone unless the building is primarily owner-occupied.

See a gallery of top picks for most attractive retirement communities over at Huff/Post50.

How to Pay For a Move to Senior Living

 

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]]>The Huffington Post2012-03-29T15:30:00 00:00Houston Ranked Most Ethnically Diverse Metro in U.S.http://realestate.aol.com/blog/2012/03/05/houston-ranked-most-ethnically-diverse-metro-in-the-nation/http://realestate.aol.com/blog/2012/03/05/houston-ranked-most-ethnically-diverse-metro-in-the-nation/http://realestate.aol.com/blog/2012/03/05/houston-ranked-most-ethnically-diverse-metro-in-the-nation/#commentsFiled under:

houston texasHouston has surpassed the likes of Los Angeles and New York as the most ethnically diverse metropolitan area in the the U.S., according to a new report out of Rice University.

The report, from the university's Kinder Institute of Urban Research and the Hobby Center for the Study of Texas, drew from census data from 1990, 2000 and 2010.

Read the full story at The Huffington Post.

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]]>The Huffington Post2012-03-05T12:45:00 00:00Paul Hogan's Malibu Home Hits Market at $6.5 Millionhttp://realestate.aol.com/blog/2012/03/01/paul-hogans-home-in-malibu-hit/http://realestate.aol.com/blog/2012/03/01/paul-hogans-home-in-malibu-hit/http://realestate.aol.com/blog/2012/03/01/paul-hogans-home-in-malibu-hit/#commentsFiled under:

Paul Hogan Crocodile Dundee"Crocodile Dundee" star Paul Hogan, embroiled in tax-evasion allegations in his native Australia, has listed for sale his Malibu estate that shares the same guard gates as homes owned by Mel Gibson and Kelsey Grammar. Hogan's 5,300-square-foot contemporary just came on the market at $6.475 million. He bought the house in 2009 for about $25,000 less.

Read the full story and see photos at The Huffington Post.

 

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]]>The Huffington Post2012-03-01T13:35:00 00:00Aging in Place: Stashing Granny in a Backyard Shed?http://realestate.aol.com/blog/2012/01/30/aging-in-place-stashing-granny-in-a-backyard-shed/http://realestate.aol.com/blog/2012/01/30/aging-in-place-stashing-granny-in-a-backyard-shed/http://realestate.aol.com/blog/2012/01/30/aging-in-place-stashing-granny-in-a-backyard-shed/#commentsFiled under:

aging in placeOK, so the only thing standing between your mother and the assisted living place with the awful medicinal smell is your guest room -- and as much as you love Mom, you really don't want to have her living under the same roof. Is there no other choice?

Actually, there is. There's a burgeoning industry that aims to provide a low-cost, aging-in-place alternative.

Read the full story on The Huffington Post.
Also see:
Baby Boomers Launch Remodeling Boom

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]]>aging in placeassisted livingassisted living communitiesassisted living homeshome care housingretirement housingretirement livingThe Huffington Post2012-01-30T11:15:00 00:00Clippers' Chris Paul Scores House From Avril Lavignehttp://realestate.aol.com/blog/2012/01/20/clippers-chris-paul-scores-house-from-avril-levigne/http://realestate.aol.com/blog/2012/01/20/clippers-chris-paul-scores-house-from-avril-levigne/http://realestate.aol.com/blog/2012/01/20/clippers-chris-paul-scores-house-from-avril-levigne/#commentsFiled under: ,

Chris Paul homeBy Ann Brenoff

Clippers point guard Chris Paul just made good use of some of his $68 million contract. He plopped down a good chunk of it to buy pop diva Avril Lavigne's Bel-Air house that's been on the market since last spring at $9.8 million. Lavigne listed the house after her split from Sum 41 frontman Deryck Whibley. Ahh divorce, the fuel that keeps the real estate industry ticking.

Read the full story on The Huffington Post.

See also:
O.J. Simpson Faces Foreclosure on Fla. Home
Russian Billionaires Invading U.S. Housing Market?

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]]>athletes homesAvril Lavignes Bel-Air housecelebrity real estateChris PaulChris Paul Avril Lavignes Bel-Air houseClippers Chris PaulNBA Chris PaulThe Huffington Post2012-01-20T11:15:00 00:00Report: Down Payment Changes Could Hobble Minority Buyershttp://realestate.aol.com/blog/2012/01/19/report-down-payment-changes-could-hobble-minority-buyers/http://realestate.aol.com/blog/2012/01/19/report-down-payment-changes-could-hobble-minority-buyers/http://realestate.aol.com/blog/2012/01/19/report-down-payment-changes-could-hobble-minority-buyers/#commentsFiled under:

for sale sign spanishNearly three-quarters of African-American and Latino mortgage borrowers could be excluded from affordable homeownership if federal regulators approve a proposal to require 20 percent down payments, according to a study released Wednesday.

Co-authored by the UNC Center for Community Capital and the Center for Responsible Lending, the study says that such a move would not only restrict minorities' access to homeownership but also that of roughly 60 percent of all creditworthy borrowers.

Read the full story at The Huffington Post.

Also see:
MLK, USA: Many King Streets Stuck on Economic Outskirts
Rental Prices Climb, Buying Remains More Affordable

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]]>The Huffington Post2012-01-19T12:00:00 00:00Homeless Face Eviction From Tent Cityhttp://realestate.aol.com/blog/2012/01/06/homeless-tent-city-faces-shutdown/http://realestate.aol.com/blog/2012/01/06/homeless-tent-city-faces-shutdown/http://realestate.aol.com/blog/2012/01/06/homeless-tent-city-faces-shutdown/#commentsFiled under:



By Jaweed Kaleem

It was not long ago that most Americans would envy Marilyn Berenzweig.

A textile designer, she earned $100,000 a year and lived a comfortable New York City life with her husband, a former radio producer. They paid $2,000 month for their apartment, kept a vegan diet, and had had a soft spot for pet birds -- ultimately collecting so many that they devoted a room to housing them.

But her world crumbled two years ago when she lost her job in the recession. Like many of the jobless, Berenzweig couldn't fund her old lifestyle with meager unemployment payments. She downsized. She moved from place to place. Eventually, she left the city altogether.

Today, Berenzweig eats, sleeps and entertains in a two-person tent in the middle of the woods. On her recent 61st birthday, she was one of dozens of people, from the chronically homeless to former professionals like herself, who have come to call such places home....

Five years before members of the "Occupy" movement began camping across the country in parks from Wall Street to Main Street, a handful of the downtrodden and jobless set up in secluded woods on the outskirts of Lakewood, a township just 70 miles south of New York City near the Jersey Shore. They didn't do it by choice, but as a last resort.

Today, the camp is home to almost 80 people, led by a former electrical contractor-turned-pastor who left a modest life to take his ministry on the dirt road. They live with little electricity and without a modern sewage system. Instead, they use propane tanks for heat and a pump that sends water to a generator-powered washing machine and shower housed in a shack.

The camp runs on donations from churches and temples whose members visit daily, and has survived on a budget of around $1,000 a month....

For most of its years, the township of Lakewood, N.J., largely ignored the tent city on its outskirts, but now Lakewood is reportedly trying to get the camp shut down.

Read the full story on The Huffington Post.

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]]>homeless city new jerseyhomeless tent citylakewood homelessLakewood NJ homeless campLakewood NJ tent cityLakewood Tent CityMarilyn Berenzweignew jersey tent cityThe Huffington Post2012-01-06T13:00:00 00:00Government Trying to Repay 200,000 Minority Borrowershttp://realestate.aol.com/blog/2011/12/30/government-trying-to-repay-200-000-minority-borrowers/http://realestate.aol.com/blog/2011/12/30/government-trying-to-repay-200-000-minority-borrowers/http://realestate.aol.com/blog/2011/12/30/government-trying-to-repay-200-000-minority-borrowers/#commentsFiled under:

By Bonnie Kavoussi

The government would like to repay more than 200,000 minority borrowers who allegedly paid unfairly high interest rates and fees on mortgages, but first the government needs to find them.

After a historic $335 million settlement with Bank of America's Countrywide unit -- the largest housing discrimination settlement in American history -- the Department of Justice is searching for more than 210,000 minority borrowers whom Countrywide allegedly charged higher interest rates and fees in the lead-up to the housing crisis between 2004 and 2008, according to The Wall Street Journal.

Read the full story on The Huffington Post.

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]]>The Huffington Post2011-12-30T11:25:00 00:00Study: Foreclosure Process Time Has Doubled Since 2007http://realestate.aol.com/blog/2011/12/29/study-foreclosure-process-time-has-doubled-since-2007/http://realestate.aol.com/blog/2011/12/29/study-foreclosure-process-time-has-doubled-since-2007/http://realestate.aol.com/blog/2011/12/29/study-foreclosure-process-time-has-doubled-since-2007/#commentsFiled under:


By Alexander Eichler

If the American housing market is ever to recover -- and provide some momentum to a broader economic turnaround -- it needs to work its way through the millions of foreclosed properties that have yet to be processed and auctioned off. But those cases are taking longer and longer to get through.

In 2007, the average foreclosure process in America, from beginning to end, took 253 days, or about eight months. Today, according to LPS Applied Analytics as reported by CNN, the average foreclosure takes 674 days. That's a year and ten months, almost triple what it was four years ago.

Read the full story on The Huffington Post.

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]]>The Huffington Post2011-12-29T11:40:00 00:00Frank Lloyd Wright Movie Builds on Architect's Dark Pasthttp://realestate.aol.com/blog/2011/12/12/frank-lloyd-wright-movie-taliesin-will-portray-architect-at-hi/http://realestate.aol.com/blog/2011/12/12/frank-lloyd-wright-movie-taliesin-will-portray-architect-at-hi/http://realestate.aol.com/blog/2011/12/12/frank-lloyd-wright-movie-taliesin-will-portray-architect-at-hi/#commentsFiled under: ,

It comes as no big surprise that Frank Lloyd Wright was dubbed "the greatest American architect of all time" by the American Institute of Architects.

But did you know that the home Wright (who's depicted in a bust at left) built for his mistress was set on fire by Wright's male servant who then axe-murdered seven people while the fire burned? That sounds like some prime biopic material....

See the full story on HuffPost Arts.

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]]>architect moviebiopic Frank Lloyd WrightBruce BeresfordFrank Lloyd Wright biopicFrank Lloyd Wright movieFrank Lloyd Wright Taliesinmovie architectmovie Frank Lloyd WrightNIcholas MeyerTaliesinTaliesin movieThe Huffington Post2011-12-12T16:07:00 00:00Fannie and Freddie Freeze Foreclosures for the Holidayshttp://realestate.aol.com/blog/2011/12/02/fannie-and-freddie-freeze-foreclosures-for-the-holidays/http://realestate.aol.com/blog/2011/12/02/fannie-and-freddie-freeze-foreclosures-for-the-holidays/http://realestate.aol.com/blog/2011/12/02/fannie-and-freddie-freeze-foreclosures-for-the-holidays/#commentsFiled under: ,

By

Fannie Mae, Freddie Mac, and other mortgage providers have a Christmas present for struggling homeowners: They won't get thrown out of their houses homes during the holiday season.

Fannie Mae and Freddie Mac will not foreclose on any homeowners between December 19 and January 2, according to statements on their web sites. Private mortgage providers, such as JPMorgan Chase, Wells Fargo, and Bank of America, also said they plan to suspend their evictions during the holidays, according to CNNMoney.

"The holidays are meant for families to spend time together," Terry Edwards, executive vice president at Fannie Mae, said in a statement.

That holiday spirit will only go so far. During the holidays, Fannie Mae and Freddie Mac acknowledged that they will continue the administrative and legal proceedings leading to foreclosure in their statements.

Read the full story at The Huffington Post.

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Also see:
Should You List Your Home During the Holidays?
5 Ways to Nab Autumn Buyers Before They Hibernate
Family Wrongly Booted From Home Returns To Wreckage

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]]>Fannie Freddie freeze foreclosuresFannie MaeForeclosure holidaysFreddie Macno foreclosures holidaysTerry Edwards Fannie MaeThe Huffington Post2011-12-02T17:16:00 00:00Foreclosure's Forgotten Victims: Tenantshttp://realestate.aol.com/blog/2011/12/02/the-forgotten-victims-of-foreclosure-tenants/http://realestate.aol.com/blog/2011/12/02/the-forgotten-victims-of-foreclosure-tenants/http://realestate.aol.com/blog/2011/12/02/the-forgotten-victims-of-foreclosure-tenants/#commentsFiled under:



By Matt Sledge

MIAMI -- Sergio Palacios doesn't have the typical South Florida foreclosure story.

He doesn't live in a McMansion in some suburban subdivision. He wasn't tricked into a mortgage he couldn't afford. In fact, he doesn't own a home at all. He's a tenant. But for the last five months and counting, Palacios, an unemployed construction worker, has lived in his Liberty City apartment without running water.

Deutsche Bank filed a foreclosure suit against the property's owners in April. As Palacios and his roommate suffered through illness and joblessness, they have slipped out to friends' houses to drink and bathe when they could, and did without when they couldn't.

On Tuesday, in a hearing that lasted less than nine minutes, Florida 11th Judicial Circuit Judge Gladys Perez ordered his water turned back on.

"Why are we here if we know the tenants are there?" she asked, a hint of irritation in her voice. Florida law prohibits landlords from simply cutting off utilities, a point which a lawyer for the apartment's owners, Joseph Dolsan and Jean Mervoir, did not dispute.

"Let's do it," Perez continued, "let's get the water back on."

Palacios's saga won't end there. Dolsan and Mervoir have vowed to evict him. But his hearing on Tuesday illustrates one of the hidden undercurrents of the foreclosure crisis: tenants, many who have little or no income, caught in the middle of battles between banks and property owners.

Read the full story on HuffPost Miami.

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See also:
When Renters Get Snared in Foreclosure's Web
Family Wrongly Booted From Home Return to Wreckage
Deputies Refuse to Evict 103-Year-Old From Home

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]]>foreclosure crisismiami foreclosuresrenter foreclosurerenters at foreclosuresubprime mortgagestenant foreclosureThe Huffington Post2011-12-02T12:35:00 00:00Journalist's Housing Fraud Investigation Got Personalhttp://realestate.aol.com/blog/2011/11/30/h/http://realestate.aol.com/blog/2011/11/30/h/http://realestate.aol.com/blog/2011/11/30/h/#commentsFiled under:

George KnappImproper foreclosure practices are so widespread in Las Vegas that one reporter trying to expose them found that he too was a victim.

George Knapp, chief investigative reporter for Las Vegas CBS affiliate KLAS, was investigating how "tens of thousands" of people who thought they were homeowners turned out not to actually own their homes due to fraudulent paperwork, when he discovered that he was in that exact situation.

Las Vegas foreclosure attorney Tisha Black told Knapp that nine out of 10 foreclosure filings are done improperly, jeopardizing the ownership status of the house.

"I gave her my address, because I bought a home out of foreclosure three years ago this month," Knapp said on KLAS during the conclusion of his report. "The Attorney General's office confirmed to me that I don't own my home because of bogus signatures and improper filings."

More than a tenth of all homes in Las Vegas received a default notice last year, according to a RealtyTrac report cited by CNNMoney.

Read the full story at The Huffington Post.




Also see:
Victims of Robo-Signing: Fight the Machine!
Foreclosure Mill That Mocked Homeless Going Out of Business
Fed Cracks Down on Online Mortgage Scams As Probe Widens

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]]>foreclosure crisisgeorge knappGeorge Knapp KLAShousing crisislas vegas foreclosuresrobo signingrobosigningThe Huffington Post2011-11-30T14:00:00 00:00Still No Fair Deal for 'Robo-Signing' Victims?http://realestate.aol.com/blog/2011/11/23/foreclosure-reviews-robo-signing-victims-may-not-get-a-fair-d/http://realestate.aol.com/blog/2011/11/23/foreclosure-reviews-robo-signing-victims-may-not-get-a-fair-d/http://realestate.aol.com/blog/2011/11/23/foreclosure-reviews-robo-signing-victims-may-not-get-a-fair-d/#commentsFiled under:

By Loren Berlin

The Office of the Comptroller of the Currency issued a report Tuesday naming the independent auditors who they've assigned to review the files of Americans who may have been mistreated during recent foreclosure proceedings. But the announcement set off a firestorm of criticism from consumer advocates, who say that they have no confidence that these audits will be independent or effective.

More than 4 million Americans who have lost their homes to foreclosure potentially qualify for a free, independent review of their cases under a deal that federal regulators and mortgage companies brokered earlier this year. The audits are available to those who were living in their home and in some stage of foreclosure during 2009 or 2010, and had a mortgage serviced by one of 24 companies that were hired by 14 banks currently under scrutiny for deficient foreclosure practices.

But if mistakes are found, it's not clear what remedies are available.

See the full story on The Huffington Post.

Also see:
Foreclosure Mill That Mocked Homeless Going Out of Business
Fed Cracks Down on Online Mortgage Scams As Probe Widens
How Much Can You Afford? [Video]

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]]>foreclosure auditsforeclosure fraudforeclosure independent reviewOffice of the Comptroller of the CurrencyrobosigningThe Huffington Post2011-11-23T09:53:00 00:00Foreclosure Crisis Still in Full Swing, Report Sayshttp://realestate.aol.com/blog/2011/11/18/foreclosure-crisis-still-in-full-swing-report-says/http://realestate.aol.com/blog/2011/11/18/foreclosure-crisis-still-in-full-swing-report-says/http://realestate.aol.com/blog/2011/11/18/foreclosure-crisis-still-in-full-swing-report-says/#commentsFiled under:

foreclosure crisisBy Loren Berlin

Five years in, the nation is less than halfway through its foreclosure crisis, the nonpartisan Center for Responsible Lending warned in a report released Thursday.

"For people that think we're out of the woods, they need to kind of rethink that premise," said Roberto Quercia, director of the Center for Community Capital at the University of North Carolina at Chapel Hill and one of the study's authors.

Roughly 42.2 million Americans took out a mortgage loan between 2004 and 2008. By February of this year, 2.7 million of those households, or 6.4 percent, had lost their home to foreclosure. CRL estimates that an additional 3.6 million households, or 8.3 percent, are at "immediate, serious risk" of losing their homes.

And that estimate is probably low-balling the problem, the researchers said: CRL's research only extends through February 2011, and it excludes both the loans originated outside the given time-frame and loans that are not yet seriously delinquent.

What exactly is pushing homeowners to the brink? Researchers found that the type of mortgage a borrower has can have a greater impact on the borrower's ability to stay in their home than even income or credit history.

Read the full story at The Huffington Post.

Also see:
Feds Target Loan Mod Scams, With Google's Cooperation
Budding Trend: Foreclosed Homes Converted to Pot Gardens
Vacant House Targeted by Squatters, Scammers and Thieves

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]]>The Huffington Post2011-11-18T11:20:00 00:00Nevada Sets Precedent, Indicts Bank Employees for 'Robo-Signing'http://realestate.aol.com/blog/2011/11/17/setting-precedent-nevada-indicts-two-bank-employees-over-forecl/http://realestate.aol.com/blog/2011/11/17/setting-precedent-nevada-indicts-two-bank-employees-over-forecl/http://realestate.aol.com/blog/2011/11/17/setting-precedent-nevada-indicts-two-bank-employees-over-forecl/#commentsFiled under:



By Arthur Delaney and Loren Berlin

The Nevada attorney general has indicted two midlevel staffers at a mortgage document company, Lender Processing Services, on a whopping 606 counts of felony and gross misdemeanor for directing employees to forge signatures and falsely notarize documents used to illegally foreclose on Nevada homeowners.

Nevada's is the first criminal indictment since last year's discovery of the nationwide "robo-signing" scandal, in which mortgage servicing companies and banks were processing foreclosures en masse at lightning speed by signing documents they neglected to review and falsifying information."The grand jury found probable cause that there was a robo-signing scheme which resulted in the filing of tens of thousands of fraudulent documents with the Clark County Recorder's Office between 2005 and 2008," said Nevada's chief deputy attorney general, John Kelleher, in a statement.

The indictment against the two employees, Gary Trafford and Gerri Sheppard, describes them as LPS title officers and California residents. Neither has been arrested, but the court has set bail at $500,000 each.

In a Thursday release, LPS said that it's cooperating with the investigation. It also asserted that no homeowners have been harmed: "Based on the company's reviews, LPS acknowledges the signing procedures on some of these documents were flawed; however, the company also believes these documents were properly authorized and their recording did not result in a wrongful foreclosure."

Read the full story at The Huffington Post.

Also see:
Community Rescues Vet From Foreclosure After TV Story Airs
'Mortgage Prof': 5 Reasons Banks Would Rather Foreclose

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]]>foreclosure abuse nevadaforeclosure abuse settlementGary TraffordGerri Sheppardnevada foreclosurerobosigningrobosigning casesrobosigning settlementThe Huffington Post2011-11-17T19:00:00 00:00Gingrich Reportedly Got $1.6 Million From Freddie Machttp://realestate.aol.com/blog/2011/11/16/gingrich-reportedly-got-1-6-million-from-freddie-mac/http://realestate.aol.com/blog/2011/11/16/gingrich-reportedly-got-1-6-million-from-freddie-mac/http://realestate.aol.com/blog/2011/11/16/gingrich-reportedly-got-1-6-million-from-freddie-mac/#commentsFiled under:

In recent months, GOP presidential candidate Newt Gingrich has strongly criticized Freddie Mac and sister company Fannie Mae, as well as Democrats in Congress that he claims played a key role in the collapse of the housing market. And yet two former Freddie Mac officials recently told Bloomberg that Gingrich made between $1.6 million and $1.8 million in consulting fees from the mortgage company.

That amount is significantly larger than the $300,000 payment that Gingrich was asked about during a Republican presidential debate on Nov. 9.

The Freddie Mac officials also told Bloomberg that Gingrich was asked to build bridges with Capitol Hill Republicans and help sell the mortgage company's public-private structure to conservatives.

While campaigning in Iowa this week, the former House Speaker disputed these claims. "I do no lobbying of any kind, and I offered strategic advice and that's all I do," Gingrich said. "I don't go to the Hill. I don't lobby in any way. I haven't for the years I've left the speakership, period."

In a discussion with HuffPost's Jon Ward Tuesday, Gingrich made similar claims.

"I have no idea what the dates were. I offered strategic advice over a period of time. I did no lobbying of any kind. And I'm very happy to offer people strategic advice if they come and ask my advice," he said.

See the full article at The Huffington Post.

Also see:
Congress Targets Exec Bonuses At Fannie and Freddie
Fannie, Freddie Execs Score $100 Million in Bonuses
FHA Mortgage Loan Limits To Rise Again

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]]>Freddie MacFreddie Mac housing marketGingrich Freddie MacGingrich housingNewt Gingrichpresidential campaign and housingRepublican presidential candidatesThe Huffington Post2011-11-16T14:00:00 00:00Fed Up Georgia Judge Stands Up for Struggling Homeownerhttp://realestate.aol.com/blog/2011/11/15/fed-up-georgia-judge-stands-up-for-struggling-homeowner/http://realestate.aol.com/blog/2011/11/15/fed-up-georgia-judge-stands-up-for-struggling-homeowner/http://realestate.aol.com/blog/2011/11/15/fed-up-georgia-judge-stands-up-for-struggling-homeowner/#commentsFiled under:

dennis blackmonBy Arthur Delaney

Georgia Judge Dennis Blackmon is fed up with bailed-out banks refusing to help strapped homeowners.

"Sometimes, only the courts of law stand to protect the taxpayer. Somewhere, someone has to stand up," Blackmon wrote in a five-page Nov. 2 order in Carroll County Superior Court. "Well, sometimes is now, and the place is the Great State of Georgia. The defendant's motion to dismiss is hereby denied."

Blackmon's order shot down U.S. Bank's request to throw out a complaint from Georgia homeowner Otis Wayne Phillips, who had tried to get a mortgage modification from the bank. Phillips could not be reached for this story.

The order lays the case out like this: Phillips is in danger of foreclosure. U.S. Bank is among the "poorly run organizations" that recently received massive bailouts from the federal government and agreed to participate in the Obama administration's Home Affordable Modification Program. When Phillips applied for a modification, the bank denied his request "without numbers, figures, or explanation, reasoning, comparison to guidelines, or anything."

HAMP guidelines require banks to consider homeowners for modifications if they are at risk of falling behind on their payments because of a financial hardship and if their monthly mortgage expenses take up more than 31 percent of their income.

"This court cannot imagine why U.S. Bank will not make known to Mr. Phillips, a taxpayer, how his numbers put him outside the federal guidelines to receive a loan modification," Blackmon continued.

Read the full story at The Huffington Post.

Also see:
Community Rescues Vet From Foreclosure After TV Story Airs
'Mortgage Prof': 5 Reasons Banks Would Rather Foreclose

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]]>dennis blackmonforeclosure crisisGeorgia judge foreclosuregeorgia real estateHAMPmortgage modificationU.S. Bank mortgage modificationThe Huffington Post2011-11-15T16:20:00 00:00Foreclosed Homeowners May Gain Little in Huge Bank Settlementhttp://realestate.aol.com/blog/2011/11/11/foreclosed-homeowners-may-gain-little-in-huge-bank-settlement/http://realestate.aol.com/blog/2011/11/11/foreclosed-homeowners-may-gain-little-in-huge-bank-settlement/http://realestate.aol.com/blog/2011/11/11/foreclosed-homeowners-may-gain-little-in-huge-bank-settlement/#commentsFiled under:

By Arthur Delaney

Foreclosed borrowers abused by their lenders won't get their homes back, but they could get a little cash from a settlement under negotiation between state officials, the Obama administration, and the nation's biggest banks.

A coalition of attorneys general led by Iowa AG Tom Miller and federal housing chief Shaun Donovan is currently pushing for a $25 billion settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and Ally Financial (formerly known as GMAC). At issue is bad mortgage servicing and fraudulent foreclosure paperwork.

Attorneys General Eric Schneiderman of New York and Beau Biden of Delaware have warned Miller's focus is too narrow and the deal would let banks off the hook for too much wrongdoing. In August, Schneiderman and Biden broke off from the talks; they are now pursuing their own investigations.

The deal as currently stands would extract $17 billion worth of mortgage modifications and principal reduction for struggling borrowers, among other things, according to a source familiar with the situation. Another $3 billion would be set aside to boost refinancing. And from $5 billion paid directly to state and federal governments, foreclosure victims abused by one of the five banks would be eligible for restitution payments of around $1,500 or $2,000.

Read the full story at The Huffington Post.

See also:
14,000 Friends Help Save Man from Foreclosure
Victims of Robo-Signing: Apply for An Investigation

 

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]]>foreclosure crisisforeclosure settlementhousing crisisThe Huffington Post2011-11-11T10:30:00 00:00