TOP STORIES:
Half
of foreclosed houses are still occupied - (www.money.cnn.com) Foreclosure sounds like the end of the line,
but actual eviction can take months or years -- even after the bank has
repossessed a home. RealtyTrac estimates that 47% of the nation's foreclosed
homes are currently occupied. The percentage actually tops 60% in some hot
housing markets, like Miami and Los Angeles. Those still living in repossessed
homes include both former owners and renters. Either way, their time in the homes
is mortgage and rent free. To arrive at its estimate, RealtyTrac compared its
database of foreclosed homes with postal records showing whether mail was still
being collected and whether change-of-address forms had been filed. Even when
occupants leave voluntarily, old owners typically take about two months to
vacate. With renters, it can take a year or more. "If someone has a bona
fide rental agreement, we have to abide by that," said Amy Bonitatibus, a
spokeswoman for JP Morgan Chase.
500K
Californians could lose health coverage - (www.sfgate.com)
This Kaiser Health News story has
been reverberating across the Internet because it starts to put together the
numbers of private health-plan insureds who are receiving cancellations. (This
is a small group of Californians; a majority get their health care through
employer plans, Medicare or MediCal.) I’ve written about the issue here and here. From the story: Florida
Blue, for example, is terminating about 300,000 policies, about 80 percent of
its individual policies in the state. Kaiser Permanente in California has sent
notices to 160,000 people – about half of its individual business in the state.
Insurer Highmark in Pittsburgh is dropping about 20 percent of its individual
market customers, while Independence Blue Cross, the major insurer in
Philadelphia, is dropping about 45 percent. On Forbes’ Avik Roy’s blog, Josh
Archambault crunched the numbers and concluded,
“More Americans in 3 States Have Had Their Insurance Canceled Under Obamacare
than have filed an exchange account in all 50.”
Detroit banker: Pension cuts
go without saying - (www.cnbc.com) Cuts to Detroit's public pensions and
retiree healthcare were inevitable given the city'ssagging finances, a top
consultant for the city testified on Friday during the third day of a
trial to determine whether the city is eligible for bankruptcy. Money owed
to Detroit workers and retirees is a key factor in the case, which will
also hear testimony by Kevyn Orr, Detroit's state-appointed emergency
manager. Orr is expected to explain efforts to negotiate with the city's
numerous creditors, including retirees and pension funds, before deciding
to file for the largest-ever Chapter 9 municipal bankruptcy on July 18.
Bankrupt
Detroit needs to cut red tape: Kid Rock – (www.cnbc.com)
Home regulations need to be
relaxed in Detroit as the city fights back from financial ruin, said
Michigan-native Kid Rock, the voice of "The Opportunity Made in
Detroit" television ad campaign. The musician owns a waterfront home in
Detroit on the same block as the mayor's mansion. "I have a nice
neighborhood, and with a historic home and I understand that there's got to be some
things in place, … but it's been a bit of red tape" to make upgrades, he
told CNBC's "Squawk Box" on Wednesday—the day a
federal judge will begin hearing arguments on whether the city's largest public
bankruptcy in U.S. history can go forward. "From being here all these
years, I know one thing: There's no place on Earth that I've been—and I'm not
just saying this because I have a love affair with Detroit … with more
style," Kid said. "The next five years to me looks like it's going to
be the people. I don't think it's going to be the government."
Former
real estate broker pleads guilty in $7 million mortgage fraud scam - (www.centralvalleybusinesstimes.com)
James Lee Lankford, 74,
formerly a Modesto-based real estate broker, has pleaded guilty to seven counts
of mail fraud in connection with a mortgage fraud scam that looted elderly
homeowners and lending institutions of millions of dollars, says U.S. Attorney
Benjamin Wagner. Mr. Lankford’s husband, Jon Vance Lankford (formerly Jon Vance
McDade), 49, also formerly of Modesto, pleaded guilty in September to one count
of bank fraud in connection with the same mortgage fraud scam. According to his
plea agreement, Mr. Lankford, who operated Century 21-Apollo Realty as a real
estate agent and broker, fraudulently induced elderly property owners to sell
their homes to him and to provide financing for his purchases. In return, he
agreed to make interest-only payments and to pay the principal amount at a
future date.
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