Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
Main: 312-238-9298
Fax: 312-379-3163
House Committee to Push Bill Ending Obama Foreclosure Program
WASHINGTON (foxnews.com) -- A House committee plans to write legislation next week ending the Obama administration's flagship effort for helping struggling homeowners avoid foreclosure and abolishing three other housing assistance programs.
At its meeting next Thursday, the highest-profile target of the Republican-run House Financial Services Committee will be the Home Affordable Modification Program. The Treasury Department has acknowledged the program won't meet its original goal of preventing 3 million to 4 million foreclosures, and last month a federal inspector general said it has been a failure.
The bill comes at a time when Republicans are proposing deep spending cuts across the federal budget. They have already pushed legislation through the House cutting this year's spending by $61 billion, despite opposition by President Obama and congressional Democrats.
The committee will also vote on GOP plans to terminate programs that help state and local governments buy foreclosed properties and sell or rent them, provide loans to unemployed people who have fallen behind in their mortgage payments, and help restructure mortgages for people who owe more than their homes are worth.
Democrats are expected to oppose the Republican effort. House Democratic aides and Treasury spokesmen did not immediately respond to requests for comment.
Financial Services Chairman Spencer Bachus, R-Ala., who announced his committee's meeting on Thursday, said the targeted programs have had little impact, have increased some homeowners' debts and may have led to additional foreclosures.
"In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Bachus said in a written statement.
The Home Affordable Modification Program is designed to help financially troubled homeowners reduce their monthly mortgage payments by offering them lower interest rates and longer repayment periods.
Foreclosures have remained high, with the foreclosure listing firm RealtyTrac Inc. saying there were 2.9 million foreclosure filings last year and over 3 million expected this year.
Even so, the modification program is expected to ultimately complete only 700,000 to 800,000 permanent modifications, according to a report issued last month by the government's special inspector general overseeing the program.
The program "continues to fall dramatically short of any meaningful standard of success," the report said.
Thursday, February 24, 2011
Sunday, February 13, 2011
Real Estate market improving?
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Existing home sales activity continued up through December, increasing by a substantial 12.3% from a month ago. This marks the fifth monthly increase in the past six months and could indicate that a recovery is gaining a firmer footing. While home sales remained 2.9% below the level seen last year, the market’s upward momentum, despite the absence of the tax credit, is a welcoming sign.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Existing home sales activity continued up through December, increasing by a substantial 12.3% from a month ago. This marks the fifth monthly increase in the past six months and could indicate that a recovery is gaining a firmer footing. While home sales remained 2.9% below the level seen last year, the market’s upward momentum, despite the absence of the tax credit, is a welcoming sign.
Saturday, January 29, 2011
Home Sales Climb
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
December home sales climb 11.1 percent from November. Illinois ended 2010 with a December boost in home sales compared to the prior two months and declines in prices and sales also appeared to be moderating, according to IAR's (Illinois Association of Realtors) report. Statewide home sales in December totaled 7,682 up 11.1 percent from 6,915 sales in November; year-over-year sales were down 7.3 percent from 8,288 sales in December 2009. The statewide median price was $140,000 down 7.9 percent from $152,000 in December 2009. Nationally, existing-home sales also jumped in December.
For the forecast, click here http://www.illinoisrealtor.org/files/2010marketstats/U%20of%20I%20Reports/REAL%20Report%20Jan%202011.pdf
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
December home sales climb 11.1 percent from November. Illinois ended 2010 with a December boost in home sales compared to the prior two months and declines in prices and sales also appeared to be moderating, according to IAR's (Illinois Association of Realtors) report. Statewide home sales in December totaled 7,682 up 11.1 percent from 6,915 sales in November; year-over-year sales were down 7.3 percent from 8,288 sales in December 2009. The statewide median price was $140,000 down 7.9 percent from $152,000 in December 2009. Nationally, existing-home sales also jumped in December.
For the forecast, click here http://www.illinoisrealtor.org/files/2010marketstats/U%20of%20I%20Reports/REAL%20Report%20Jan%202011.pdf
Thursday, December 30, 2010
5 Reasons to Buy a Home in 2011
Posted by Bradford Miller Law, P.C.
Real Estate Law | Landlord Tenant Law | Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
5 Reasons to Buy a Home in 2011
Michele Lerner, author of Homebuying: Tough Times, First Time, Any Time, offers reasons why real estate is likely to improve in 2011. Here are five reasons she thinks consumers should consider a home purchase next year:
▪ Mortgage rates will stay low. Even with rates climbing — maybe to as high as 6 percent by 2012 — they are still well below where they have been historically.
▪ Tax cuts could help. Extending the tax cuts could encourage a more rapid recovery for the economy.
▪ Americans want to be home owners. A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
▪ Builders are about to begin building. Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
▪ Homes are shrinking. Homes are getting smaller, which has made them more affordable.
Source: Investopedia, Michele Lerner (12/24/2010)
Real Estate Law | Landlord Tenant Law | Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
5 Reasons to Buy a Home in 2011
Michele Lerner, author of Homebuying: Tough Times, First Time, Any Time, offers reasons why real estate is likely to improve in 2011. Here are five reasons she thinks consumers should consider a home purchase next year:
▪ Mortgage rates will stay low. Even with rates climbing — maybe to as high as 6 percent by 2012 — they are still well below where they have been historically.
▪ Tax cuts could help. Extending the tax cuts could encourage a more rapid recovery for the economy.
▪ Americans want to be home owners. A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
▪ Builders are about to begin building. Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
▪ Homes are shrinking. Homes are getting smaller, which has made them more affordable.
Source: Investopedia, Michele Lerner (12/24/2010)
Saturday, December 11, 2010
No foreclosures over the holidays
Posted by Bradford Miller Law
No Foreclosures Over the Holidays
Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.
Source: CNNMoney, Les Christie (12/03/2010)
Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
Experienced in real estate law, landlord-tenant law, and estate planning
Call us at 312-238-9298 for a free consultation
No Foreclosures Over the Holidays
Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.
Source: CNNMoney, Les Christie (12/03/2010)
Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
Experienced in real estate law, landlord-tenant law, and estate planning
Call us at 312-238-9298 for a free consultation
Friday, October 29, 2010
Wells Fargo Says It Will Refile 55,000 Cases
Posted by Bradford Miller Law, P.C.
Wells Fargo said Wednesday that it had made paperwork mistakes and it plans to refile foreclosure documents in 55,000 cases by mid-November, but the company said the mistakes were technical and it doesn’t plan to halt foreclosures.
Unlike other major lenders, Wells Fargo had previously refused to suspend foreclosures. It continued to maintain that the errors were inconsequential. "We don't believe that there are instances in which the foreclosures would not have occurred otherwise," said Teri Schrettenbrunner, a Wells Fargo spokeswoman.
In depositions, two Wells Fargo employees have said they signed large numbers of documents daily without verifying their accuracy.
Source; The Associated Press, Alan Zibel (10/27/2010)
Bradford Miller Law, P.C. is a law firm based in Chicago, IL. Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning. For a free consultation, call the office at 312-238-9298.
Wells Fargo said Wednesday that it had made paperwork mistakes and it plans to refile foreclosure documents in 55,000 cases by mid-November, but the company said the mistakes were technical and it doesn’t plan to halt foreclosures.
Unlike other major lenders, Wells Fargo had previously refused to suspend foreclosures. It continued to maintain that the errors were inconsequential. "We don't believe that there are instances in which the foreclosures would not have occurred otherwise," said Teri Schrettenbrunner, a Wells Fargo spokeswoman.
In depositions, two Wells Fargo employees have said they signed large numbers of documents daily without verifying their accuracy.
Source; The Associated Press, Alan Zibel (10/27/2010)
Bradford Miller Law, P.C. is a law firm based in Chicago, IL. Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning. For a free consultation, call the office at 312-238-9298.
Subscribe to:
Posts (Atom)