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The astute reader will notice that this blog has not been updated in many months. As of now this site is officially closed, and will no longer be updated. For information on consumer protection law please check out www.NewYorkConsumerLitigation.com. For consumer bankruptcy information please go...
Sales of new US homes slid 8.3 percent in August to their lowest level in seven years, Commerce Department data showed today (September 27, 2007). The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000. ...
Newsday reports today that Foxtons, New York metropolitan area real estate powerhouse, said it may file for bankruptcy and close its business, explaining it “can’t stand in the way of a hurricane” that has come about as a result of the decline in the home mortgage industry. The...
Countrywide Financial Corp. announced today, September 25, 2007, that it would be altering the terms for 35,000 home loans this year to avert foreclosures. Changes include repayment plans, postponement of payments, refinancing and modifications that bring loans out of default, the company said in...
The Texas attorney general has cracked down on Foreclosure Assistance Solutions, LLC, a company accused of preying on homeowners needing mortgage help. “Countless Texas homeowners have been duped into giving $1,200 to FAS and unfortunately, in the process, still lost their home,” Texas...
This article in the Washington Post discusses ways to avoid foreclosure. The on-line version’s teaser says: “There are plenty of ways to avoid foreclosure: Refinancing, persuading the lender to modify the terms of the loan, selling the house or filing for bankruptcy protection, to name...
Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing. Citigroup Inc said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price. Ameriquest was the...
H&R Block Inc. said yesterday that continued problems in credit markets were forcing it to renegotiate the sale of its Option One Mortgage Corp. arm to a subsidiary of Cerberus Capital Management. In a conference call with analysts, chief executive Mark Ernst stated the obvious by saying that...
Today, August 3, 2007, Bloomberg reported that Countrywide Financial Corp.’s stock fell to 2004 levels and IndyMac Bancorp Inc. shares hit a four-year low as demand from investors who buy home loans dried up. Rising defaults by borrowers with the worst credit histories have spread to people...
An interesting side product to the housing market slump is that so many people who were previously unable to afford to purchase a home are now in a better position. From Los Angeles, this article about people looking at the depressed real estate market in a new way.An interesting side product to...