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American Nightmare

More family members living under same roof to survive

by Moe Bedard

This shift in homeownership comes as unemployment hovers just under 10 percent and many consumers are being dealt wage cuts.

College graduates unable to get jobs are often returning to their parents’ homes.

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Foreclosure Nightmare Mentally Affecting Countless Americans

by Moe Bedard

MERCED — Three weeks ago, a retired telephone company worker named Ethelda Lopez watched as her dream retirement home was auctioned on the lawn outside the county courthouse in downtown Merced.

“When I heard my address, it was so disheartening,” she said. For six months, she had made hundreds of calls to her mortgage company, federal [...]

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Rev. Jackson says foreclosure fight must go to the streets

by Moe Bedard

Much like the civil rights movement, Jackson said it’s time to take the issue to the streets.
Five of the major banks in the U.S. had 3.3 million homes eligible for loan modification, but only helped 30,000 lenders. Bank of America has 1.2 million homes facing foreclosure, but they have modified less than 100 homes, he [...]

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Southern California was falling apart, and its demise took the Daniels family down with it

by Moe Bedard

As Steve’s salary dwindled to nothing, the Danielses tried to modify the loan on the only house they had left.
They had a trial loan modification that lowered their $5,200 monthly payment to $3,000.
But after making three payments, no one from JPMorgan Chase & Co., which managed the mortgage, would send them the paperwork to make [...]

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I won’t be homeless with five kids

by Moe Bedard

The conviction in Laura Holbrook’s words masks the fear she has lived with for a year: “I won’t be homeless with five kids,” she says.
Holbrook has worked with a lawyer and housing counselors, fighting to keep her Gaithersburg home. She says she prays daily that she and her children,

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New American Dream: Walk Away and Rent

by Moe Bedard

“It’s just a better life. It really is,” says Ms. Richey. Before defaulting on her mortgage, she owed about $230,000 more than the home was worth.
People’s increasing willingness to abandon their own piece of America illustrates a paradoxical change wrought by the housing bust: Even as it

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American Dream of Homeownership on Life Support

by Moe Bedard

The billboards and roadside ads lining Stockton’s streets like campaign signs repeatedly proclaim: “Mortgage Modification Works!” and “Call for Loan Modifications!”  I counted five of them on one block alone, and together they created the impression that help had arrived.  Yet I knew they were scams, with anonymous local phone numbers and little other identification, [...]

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Foreclosures Will Rise Through 2010

by Moe Bedard

Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
One in seven U.S. home loans was past due or in foreclosure as of Sept. [...]

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“I’d love to say there is an end in sight, but the end is not near.”

by Moe Bedard

“People are desperately out of work and in danger of losing their homes,” said state Sen. Linda Holmes, D-Aurora. “I’d love to say there is an end in sight, but the end is not near.”
“You can never catch up,” she said. “I’ve been trying to work something out with the mortgage company and they are [...]

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Unemployment and Foreclosure Caused Man to Murder

by Moe Bedard

Jason Rodriguez, accused of killing one and injuring five, ‘is a compilation of the front page of the entire year — unemployment, foreclosure, bankruptcy, divorce,’ his lawyer says.
When people loose everything, sometimes they loose their minds and will do things that make no sense, like murder. This is a trend that will explode over the coming [...]

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If they want my home they will get it over my dead body

by Moe Bedard

Submitted by a Homeowner Via Email to Me: I will take further action as necessary to keep my home. If they want my home they will get it over my dead body.
Dear Mr. Marks and Mr. Bedard,
Please feel free to use the attached documents and share the information therein as well as this email to [...]

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Bailed out bankers live like kings as the people on Main Street live like slaves

by Moe Bedard

Perks keep rolling at rescued banks – From jets to country club fees, CEOs’ fringe benefits rose 4 percent last year
Meanwhile on Main Street, many of the good people are losing their homes, jobs and families. Too depressed to think logically and too beat down to fight back in court, many are defeated mentally and [...]

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Many Americans losing homes become homeless

by Moe Bedard

But this fall, she exhausted all options. She had once owned and overseen a group home for homeless people. Now, she succumbed to that status herself, checking in to a shelter.
“No one could have told me that in a million years: I’d wake up in a homeless shelter,” she said. “I had a house for [...]

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A true look at a Chase Bank California foreclosure

by Moe Bedard

5031 Alcorn Lane, Turtle Rock
Amount owed: $298,876.14
Last sale: July 2001, $485,000
Auction date & time: Nov. 5 at 10 a.m.
Location: In front of the flagpoles at Placentia Civic Center, 401-411 E. Chapman Ave.
Trustee sale #: JPM-580
Information: 714-573-1965 [emphasis mine]
I assume the JPM means JPMorganChase, though that’s not the important thing.
If you look at the other houses, [...]

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Is JP Morgan Chase constructing the Great Depression?

by Moe Bedard

If our government allows this it will guarantee a GREATER DEPRESSION.  Whether it comes now or in a few years, it will happen.  This is the precise same stupidity that led to the 1930s and it will have the exact same outcome this time.
Here’s the problem folks, in one sentence:
The banks are STILL insolvent.
They are [...]

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Linda woman fights bank so she can stay in her home

by Moe Bedard

They don’t have to worry about whether they’ll lose their homes, Linda resident Mary Carter said.
Former executives with the Bank of America and Countrywide, once the largest mortgage lender in the nation, who were involved in the financial crisis that first made national headlines last year, are safe from sharing her status.
Their homes aren’t threatened, [...]

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Banks abuse borrowers

by Moe Bedard

The Government Accountability Office – GAO – in July found that the Treasury was short staffed and had hired only half of the employees necessary to monitor the loan modification program.
Taxpayer dollars bailed out the banks from bankruptcy, now they’re back on track to pay out big bonuses while at the same time they are [...]

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Police kill homeowner

by Moe Bedard

Sunday evening Phoenix police shoot and kill distraught homeowner who refused to leave his foreclosed home
This is a sad story of a man not accepting his fate of losing his home or deciding to make one last stand. I would like to think that this man did not die in vain, but died protecting what he felt [...]

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Many mortgage modifications push payments …. higher

by Moe Bedard

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthly payments and larger debts on their homes.
Homeowners who were hoping for lower payments are discovering to their dismay that lenders roll late fees, back taxes or other costs into the principal, sometimes [...]

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Is your bank a lagging lender?

by Moe Bedard

“I just never heard back,” Chavez said. “They just kept giving me the runaround, telling me, ‘You’ll hear something, don’t worry.’ But I never heard from them and I’m in this position now.”
Chavez claims Bank of America told him he should pray or maybe get a second job to pay his mortgage.
He says they even [...]

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