KeNosHousingPortal.blogspot.com
TOP STORIES:
Condo deals in Chicago get scrutiny - (www.suntimes.com) In 2008, a 25-year-old man named Volodymyr Kuchmiyov — a Ukrainian living in Chicago on a student visa — took out two mortgages totaling $675,000 and bought a couple of brand-new condos in a building on the city’s Northwest Side. Now, Kuchmiyov is enmeshed in a mortgage-fraud case that federal authorities brought after a Chicago Sun-Times investigation last year revealed that a Chicago congressman’s daughter bought an “affordable housing” unit in the same development — even though she and her husband were making more than $90,000 a year. She then flipped the condo at a profit of 55 percent — after owning it for 14 months. According to the FBI, Kuchmiyov was able to qualify for his bank loans by lying about his income, falsely claiming he was a U.S. citizen and failing to disclose his ownership in both properties. Kuchmiyov, now 28, was arrested last Nov. 18. He is expected to be indicted this summer as part of a broader federal investigation of mortgage fraud, according to court records and interviews.
New Jersey foreclosure backlog would take 49 years to work off - (www.nytimes.com) Millions of homeowners in distress are getting some unexpected breathing room — lots of it in some places. In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm. Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade. In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books.
Debt Hamstrings Recovery - (online.wsj.com) The Federal Reserve is just days away from ending one of the major steps to aid the U.S. economy—but the effort has done little to solve the original problem: The government and individuals alike are still heavily in debt. Around the globe, the inability of governments and households to reduce their debt continues to cast a shadow over Western economies and the financial health of individuals. Today, U.S. consumers have more mortgage and credit-card debt than they did five years ago, and the U.S. budget deficit is worsening. At the same time, European governments are having to throw billions more euros at Greece to keep it afloat. The repercussions are likely to play out for years to come in the form of patchy economic growth, further government market intervention—such as last week's decision by oil-consuming nations to release more oil onto the markets—and frequent financial-market swings.
Andrew Ross Sorkin Just Exposed Jamie Dimon's Agenda - (www.businessinsider.com) On Kudlow and CNBC, Andrew Ross Sorkin exposed Jamie Dimon's agenda. It is the same agenda that I have been warning that all the big bankers (sters) want. I argued that the central banks will eventually want the same thing, so that the Dimon/Bernanke feud is in house and based on a question of timing. Sorkin revealed that Dimon wanted Dodd Frank repealed. Specifically, this is an advocacy of the repeal of the Volcker Rule. The banks want to gamble again, securitize, and guarantee all of this with government backing, or the Bernanke backstop. But it is no surprise that Dimon would repeat what Wells requested, what the IMF requested, what Bernanke ultimately wants and what the builders and the real estate industry apparently want. We Americans as targets of all this abuse are, in essence, no better in the eyes of the banking community than the citizens of the PIIGS nations. For example, in Germany, home ownership is very low, and the German banks require 20 percent down and squeaky clean credit. However, that did not stop the German banks from victimizing the PIIGS with easy money.
Michigan AG Issues Subpoenas in Criminal Probe of Mortgage Processors - (www.michigan.gov) Michigan Attorney General Bill Schuette today announced that he has issued criminal investigative subpoenas against national mortgage servicing support providers in an expansion of his office's investigation into questionable mortgage documentation filed with Michigan's Register of Deeds offices during the current foreclosure crisis. "Allegations of forged mortgage documents are very serious and require a thorough investigation," said Schuette. "I will continue to work closely with federal and local authorities to find answers on behalf of Michigan homeowners." The Attorney General is empowered to pursue criminal investigative subpoenas under the Code of Criminal Procedure (MCL 767A.2(2)). Schuette's office has filed criminal investigative subpoenas against DocX, which provides mortgage support services, including creating, processing or recording mortgage assignments or other mortgage documentation. In addition to DocX, the following companies affiliated with DocX were served with investigative subpoenas by Schuette's office:
· Lender Processing Services, Inc.;
· Fidelity National Financial, Inc.; and
· CT Corporation System.
OTHER STORIES:
Bank Group Meets in Rome on Greek Rollover - (www.bloomberg.com)
French banks ready for big Greek debt rollover - (finance.yahoo.com)
European Banks May Need to Raise More Capital - (www.bloomberg.com)
Europe must plan for Greek vote setback -German Min - (www.reuters.com)
China Is Long-Term Investor in Europe Bonds: Wen - (www.bloomberg.com)
China Auditor Warns of Risk on Local Debt - (www.bloomberg.com)
Chinese local governments owe $1,650bn - (www.ft.com)
Fed Seen Buying $25 Billion a Month in Treasuries After QE2 Comes to End - (www.bloomberg.com)
No comments:
Post a Comment