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california foreclosure crisis

California to recieve federal foreclosure funds for mortgage assistance

by Moe Bedard

Targeting California and the four other states hardest hit by the housing crisis, President Obama on Friday offered a $1.5 billion “innovation fund” to devise solutions for homeowners struggling against foreclosure.

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Five California Cities Redlining

by Moe Bedard

The California Reinvestment Coalition’s new research in five California cities shows re-redlining happening through a pattern of concentrated predatory lending and foreclosures, combined with higher denials for new, prime loans in neighborhoods of color. Based on original research using seldom analyzed lending and loan modification data, the report looks at how banks, including the largest [...]

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Cancelled Foreclosures Out Pace Home Sales in California

by Moe Bedard

The amount of California foreclosure cancellations increased 26.5% in December to 13,243, primarily due to loan modifications.  And for the first time this number overtook foreclosures reaching real-estate owned (REO) status, according to ForeclosureRadar, which tracks foreclosure activity in the state.

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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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22% Increase in California Foreclosures for October

by Moe Bedard

Foreclosure repossessions in California increased 22.24% from September to October, according to data released by ForeclosureRadar.com.
Last month’s foreclosures increased 20.95% from October 2008. October’s foreclosures were 42.56% below California’s peak month of July 2008, but since then, the inventory of real estate owned (REO) properties has grown 131.36% in California.
“While we continue to see a [...]

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