A defunct business accused of doing little or nothing for Washington homeowners after promising to rescue them from foreclosure has agreed to pay partial refunds.In a settlement with the state attorney general’s office, Foreclosure Assistance Solutions of Clearwater, Fla., did not admit any wrongdoing. A similar deal involving the same company was announced last month in Texas.
In 99 percent of the residential foreclosure cases, plaintiffs are asking the court to accept a promissory note copy as the original because it is presumed lost
On January - 5 - 2008
If car dealers can keep track of titles, banks can track promissory notes, Joseph Lents says.
Somebody has been trying to foreclose on Joseph Lents’ Boca Raton home for five years. So far, they have been unsuccessful because he has legally fought them every step of the way.
The original lender, or the assignee, seems unable to produce the promissory note and prove it has the right to foreclose. In an era when Wall Street has sliced and diced mortgages to package them as securities, that could turn into a broader issue.
“I probably have been to the Palm Beach County courthouse 100 times or more over the last five years, just to observe,” Lents said. “In 99 percent of the residential foreclosure cases, plaintiffs are asking the court to accept a promissory note Read the rest of this entry »
Secretary Paulson Prepared Remarks in Orlando, Florida
On December - 18 - 2007
December 17, 2007
HP-740
Orlando, Fla. - Good afternoon. Thank you, Congressman Feeney and thanks to all of you for joining me to discuss the current housing market.
After years of unsustainable home price appreciation and an abundant supply of easy credit, the U.S. housing market is experiencing an inevitable downturn. Here in Orlando, house prices increased by an average of over 15 percent a year from 2001 to mid-2006. Now, that trend has reversed and house prices declined 7 percent in the last year. Your city has been particularly hard-hit by foreclosures.
Although the housing market downturn is a significant challenge, homeownership remains a vital and positive aspect of American life — 68 percent of American households own their own home and 93 percent of Americans pay their mortgages every month, right on time. Read the rest of this entry »