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The Progressive Review

Housing Undernews

The Progressive Review

TOPICS

Foreclosures

Homelessness

Home values

Obama and housing

ESSAYS

The foreclosure plan politicians wouldn't touch

Shared equity plan

LINKS

GROUPS
ARCHITECTURE FOR HUMANITY
ECO VILLAGE

HOUSING PRICE INDEX
NATIONAL COALITION FOR THE HOMELESS

Homelessness

Record 53,000 homeless in NYC shelters

Wall Street becoming America's biggest landlord

The hidden homeless: camps in the woods

This year's Children's Defense Fund report finds roughly 1.2 million public school students were homeless in 2011-2012, 73 percent more than before the recession. More than one in nine children lacked access to adequate food in 2012, a rate 23 percent higher than before the recession.

Utah slashes homelessness

Occupy Madison build first of tiny homes for homeless

2013

Homelssness down from 2007

Homeless at the Ramada

The cure for homelessness is a. home

Tips for the newly homeless

Foreclosures
BACK TO TOP

California town using eminent domain to save homeowners from banks

Mortgage delinquencies decline

2013

Interview with the mayor whose town using eminent domain to fight foreclosures.

Federal judge rejects challenge to city's threat to seize mortgages

A unique approach to foreclosed homes: buy them

Seizing underwater mortgages by eminent domain

How the banks rigged foreclosure settlements

Detroit homes for sale at $1 each

Zombie foreclosures hurt homeowners

2013

Unexpected horrors for foreclosed homeowners

Obama's biggest mistake: mishandling foreclosures

2012

Why that 'losers'' foreclosure makes a difference to you

Wells Fargo forecloses wrong house, seizes owners' possessions

People losing homes for back taxes not fully paid

Why the current eminent domain approach to mortgages is a bad idea

Analysis of a new approach to handling underwater mortgages

Nearly one third of mortgage holders owe more than home is worth

Obama's foreclosure failure

The other foreclosure crisis: Losing a home over $400 in back taxes

Big investors buying thousands of crashed homes to rent

Defense lawyer who's won 40 foreclosure cases in last year desribes the bank fraud he found

States ripping off federal funds intended for homeowners

  • The foreclosure settlement was itself a ripoff of homeowners and now state governments are misusing its funds

Another housing solution: government reverse mortgages

The foreclosure-rental boondoggle

Big mortgage deal won't help those who need it most

States abusing foreclosure settlement funds

Hundreds of illegalities or suspicious documents found in recent San Francisco foreclosures

Mortgage settlement: Better than it might have been but still terrible
Massachusetts sues banks over deceptive mortgage practices

Freddie Mac bet against homeowners

Is Obama's mortgage investigation a fraud?

Three House members linked to VIP Countrywide special loans

Andrew Cuomo's key role in the mortgage meltdown

Banker admits his firm pushed subprime mortgages

BAILED OUT BIG BANKS WERE FINANCIAL FORCE BEHIND SUBPRIME SCAM

Local heroes: Judge tells US Bank like it is

Woman gets longer sentence for food stamp lie than multimillion dollar mortgage fraudsters

92% of New York foreclosures lack proper documents

Nevada Makes Illegal Foreclosures Felony

Mortgage lenders still fabricating documents

Foreclosure prevention scheme isn't working

California AG pulls out of sweetheart deal with banks

The foreclosure solution banks hate

AIG sues Bank of America for mortgage fraud

State high court suspends foreclosure because of "untrustworthy paperwork"

Massachusetts Supreme Court takes messy mortgage to the cleaners

Sheriff: 95% of Chicago foreclosures don't have proper paperwork

The foreclosure plan politicians wouldn't touch

Bank of America pays $8.5 billion to settle foreclosure fraud cases

Banks bulldozing foreclosed homes

More state judges getting tough with banks

But not in Florida where high speed rubber stamping of foreclosure is underway.

Home values

2013

Is another housing bubble underway?

New home sales best since 2008

Housing starts largest since 2006

29% of mortgaged homes worth less than loan

Luxury homes starting to bomb, too

The real numbers of the mortgage meltdown

22 million sharing homes

Baltimore homes selling for $10,000

28% of homeowners owe more on mortgage than house is worth

11% of U.S. homes are empty15 Detroit homes you can buy for less tha $500

Home value decline almost equal to depression

American homes lost $9 trillion in value in four years

Major California estate sells for less than 50% of list price. . . cut $40 million

Obama and housing

Only four percent of Obama's foreclosure funds have reached homeowners in badly run program

Obama’s foreclosure plan far from enough

Foreclosure prevention scheme isn't working

Obama foreclosure programs failing because it won't take on banks

Panel says Obamadmin blew housing crisis funding

Obama caving to banks in subprime mortgage scandal settlement

 

What to do when you can't afford your mortgage payment

Study: Real housing more effective, cheaper for homeless

Minimum wage has failed badly to keep up with rent

Washington Post - Much attention has been paid to the fact that the federal minimum wage has not kept pace with inflation (or with increases in worker productivity, or with the rising incomes of the 1 percent). But in a much less abstract sense, federal and local minimum wages have also failed to keep up with the rising cost of rent.

As a result, according to a new report from the National Low Income Housing Coalition, a minimum-wage worker in the District of Columbia – where the wage floor is currently $8.25 an hour – would need to work 137 hours a week to afford what the Department of Housing and Urban Development considers a fair market rent for a modest two-bedroom home. Put another way: A local household would need 3.4 full-time minimum-wage workers to afford such a home. Or, a single earner in that household would need to make a lot more money: $28.25 an hour to be exact.

Study: Real housing more effective, cheaper for homeless

FBI doesn't care about mortgage fraud

Tech Dirt - A new report from the Justice Department's Inspector General confirms this finding. It also notes that, despite President Obama and Attorney General Eric Holder promising that cracking down on "mortgage fraud" was a top priority, the FBI has actually put it near the bottom of the list of actual priorities. Say one thing, do another. That sounds mighty familiar.

“In cities across the country, mortgage fraud crimes have reached crisis proportions,” Attorney General Eric H. Holder Jr. said at a mortgage fraud summit in Phoenix in 2010. “But we are fighting back.”

The inspector general’s report, however, shows that the F.B.I. considered mortgage fraud to be its lowest-ranked national criminal priority. In several large cities, including New York and Los Angeles, F.B.I. agents either ranked mortgage fraud as a low priority or did not rank it at all.

Micro home of the day

Utne Reader -This student-designed micro home is completely self-sufficient and can be towed by your average car. This prototype for a new kind of self-sufficient mobile home was designed with reclaimed materials by an innovative group of sixteen students, members of a Renewable Energy and Ecological Desig course at Green Mountain College in Vermont. The Optimal Traveling Independent Space is a pod-shaped home with a reduced environmental footprint that is equipped with a composting toilet, a rainwater collection system to provide indoor plumbing, and 120-watt solar panels to provide electricity. The home is selling between $8,000 and $10,000.

OTIS can be towed easily by a 5-foot-by-8-foot trailer, giving the freedom to live a nomadic life to a generation that would rather reduce their carbon footprints than be tied down by mortgages. “The appeal of living a more nomadic lifestyle represents a new take on the American Dream, especially among students in this millennial generation,” Professor Lucas Brown, Director of the REED course, explained.

DC urban lot turned into tiny house community

The war on public housing

California town using eminent domain to save homeowners from banks

Half of renters pay 30% of income on rent

Banks find new way to cheat homeowners

Urban apartheid: DC man has everything taken by city for owing $134 in property taxes

Where federal housing dollars go

Obama wants to trash government's role in housing

Feds badly bully town over its mortgage rescue plan

How Obama's secret trade deal will hurt housing and healthcare

The housing crisis the media ignores

The housing cost of squestration

Court decision could force banks to pay much more for mortgage cons

Some reality about the housing market

Another give away to the banks

Chaos as 5,000 seek 1,000 housing vouchers

Corporados move to take over rental industry

The changing city: Granny flats and corner stores

2012...

Housing vacancy rate drops substantially

Why American Express got more bailout help then all homeowners in trouble

ACLU sues JP Morgan for treatment of black homeowners

The importance of the Federal Housing Administration

Student debt crisis hurting housing market

Time to go back to small housing?

Planning an eco-friendly house

One in ten reverse mortgagaged senior in deep financial trouble

Shiller: Maybe no housing rebound for a generation

Why we can't deal rationally with the housing crisis

Some Fed economists wanted major different approach to mortgages

Developers betting on apartments as their construction soars

U.S. cities violate UN standards in dealing with homelessness

Urban accessory housing is catching on

How house purchase tax credit ended up costing buyers

The best & worst counties in which to hold a mortgage

The median new house size in America has dropped ten percent in three years. . .And front porches are back

2010

More state judges getting tough with banks

But not in Florida where high speed rubber stamping of foreclosure is underway.

LOCAL JUDGES LOCAL HEROES IN FORECLOSURE CASES

OVERSIGHT PANEL PANS OBAMA'S HOUSING EFFORTS
 
SOME MCSECTION 8 HOUSING INCLUDES SWIMMING POOLS AND GRILLS
 
THE ELEPHANT IN THE FORECLOSURE ROOM: SECOND LIENS
 
TIME TO FILE CRIMINAL CHARGES IN FORECLOSURE SCANDAL

NEARLY 50% LEAVE OBAMA FORECLOSURE PROGRAM

FHA TO HELP ECONOMY MAKE IT HARDER TO BUY A HOUSE

THE SCAM THAT CREATED THE FORECLOSURE CRISIS

LOCAL HEROES: A STATE ATTORNEY GENERAL SHOWS THE FEDS HOW TO TAKE ON WALL STREET

FORECLOSURE SCANDAL FAR MORE SERIOUS THAN MEDIA IS LETTING ON

BANKS MAY HAVE FORGED A HUGE NUMBER OF FORECLOSURE DOCUMENTS

BANKS SUSPEND FORECLOSURES AS HOMEOWNERS SUE OVER PROCEDURES

BANKS IGNORING LAW ON FORECLOSURES

ONE THIRD OF HOMEOWNERS SAY HOUSE IS WORTH LESS THEN THEIR DEBT ON IT

WALL STREET'S VICIOUS BACK DOOR ATTACK ON HOME BUYERS

HOMEOWNERS SET RECORD FOR BEING BEHIND ON MORTGAGE

HOME LOAN MODIFICATION PROGRAM A HUGE FLOP

OBAMA'S FORECLOSURE PLAN HELPS BANKS MORE THAN HOMEOWNERS

HOW TO DEAL WITH THE FORECLOSURE DISASTER

RECORD NUMBER OF FORECLOSURES PREDICTED IN 2010 AS GOVERNMENT RENEGOTIATES ONLY ONE PERCENT OF PROBLEM CASES

2009

ABOUT A QUARTER OF MODIFIED HOME LOANS STILL FALLING BEHIND

ANOTHER HUD SCANDAL: DEPARTMENT TURNED FORECLOSURE WORKOUTS OVER TO WALL STREET PREDATORS

HOMEOWNERS FORCED INTO BEING LANDLORDS

LOCAL HEROES: SOMEONE IN GOVERNMENT WHO ACTUALLY CARES ABOUT FORECLOSURES

OBAMA'S FORECLOSURE PROGRAM SUBSIDIZING SUBPRIME LENDERS

OBAMA'S PLAN TO HELP HOMEOWNERS IS A BUST

THE HOUSING BUBBLE TOLD IN THE TALE OF ONE HOUSE

THE ULTIMATE FORECLOSURE: CITY BOARDS MAN UP IN HOUSE HE LOST

COURT OKAYS FORECLOSURE ON GOTTI ESTATE . . . BUT NOT UNTIL DELINQUENCY HIT $650K

SIGNS OF THE TIMES

HOMELESSNESS UP A THIRD

FBI WARNED OF MORTGAGE FRAUD EPIDEMIC FIVE YEARS AGO

WHAT A REAL STIMULUS MIGHT LOOK LIKE

Sam Smith

- Reduce credit card interest. As one politician once put it, "I'd frankly like to see credit cards rates down. I believe that would help stimulate the consumer and get consumer confidence moving again.'' Another politician responded by offering a bill in the Senate to cap credit card interest at 14%. The Senate voted for it 74-19. The first politician was that radical president, George Bush, in 1991. The other politician was that well known progressive, Alfonze D'Amato. Why are Obama and the Democrats more conservative than Daddy Bush and D'Amato?

- Start a movement to nationalize banks. Progressives led by Robert LaFollette did this in the 1930s, giving FDR cover for his more moderate solutions. Today, all the political pressure is coming from Wall Street, which tilts policies in that direction.

- All measures must put the interest of the ordinary citizen first. Neither the GOP nor the Democrats are doing that.

- Deemphasize tax cuts. They are far less effective than many think.

- Emphasize programs that will cheer people up and where they can see things changing for the better. Among the Wall Street bailout scam's many faults was that no one could tell what was happening as a result. Good economies need optimism.

- Use revenue sharing. It's a quick way to get money down to the states and cities and to the people who live there. Sure, some of it will get corrupted but far less than is already happening with the phony stimulus packages. The upside is that citizens have a better idea of what is being done on their behalf and have some say in how it is done.

- Fund public works project that have large spin-off benefits and which will be heavy in blue collar employment. These would include new mass transit service and a massive growth of America's rail system. It would deemphasize fixing up existing systems because the spin off benefits are far less. Would it include the much discussed new energy projects? We haven't seen any serious discussion of this. What is the blue collar employment potential of such projects?

- Institute a shared equity program for homeowners in distress under which the federal government buys a portion of the mortgage, renegotiates interest rates with the lenders and then gets its part of the equity back when the house is sold. A similar program could be used for building new homes.

- Decentralize decisions and negotiations on foreclosures and real estate interest rates, using local courts and similar bodies as was done in the 1930s.

- Give the government preferred stock in companies it aids. At one point in the New Deal, the Reconstruction Finance Corporation owned bank shares that would be worth at least $20 billion today.

2008

WHAT'S HAPPENING TO THE MIDDLE CLASS

Americans have been slowly transferring ownership of their homes to the banking system over the last 50+ years. These figures would look much worse if the roughly 1/3 of homes owned "free and clear" (mostly by seniors) were removed from the data, but you can see the trend is toward less equity and more debt. This is not a sign of a prospering middle-class.

ETHICAL SUBPRIME LENDING

WHY YOU CAN'T BLAME THE HOUSING CRISIS ON POOR HOMEOWNERS

TRASHING OUT ON FORECLOSURE ALLEY

NEARLY ONE THIRD OF HOME OWNERS OWE MORE THAN HOUSE IS WORTH

CLINTON-BUSH HOUSING BUBBLE BIGGEST IN A CENTURY

Sam Smith, Progressive Review - According to a study by Yale economist Robert J Shiller cited in his book, "Irrational Exuberance," between 1890 and 1990 the sale of the average existing house (not new construction) rose no more that 25% over the inflation corrected value for 1890. In the 1990s, beginning in the Clinton years, that changed dramatically. Between 1997 and 2006 the typical house doubled in value of over the 1890 average. In other words, the Clinton-Bush housing bubble was greatest in over a hundred years. The bright side is that if the average house drops by 50% we'll be right back where we were in 1997.

Throughout the preceding century, houses varied from 85-125 percent of the 1890 average value with the exception of the depression, which for housing actually began during World War I. By 1920,housing prices were down to about 65% of 1890 levels and then began to slowly rise. By 1940 they were back to the 1890 figure. In other words, housing devaluation can be a harbinger of worse to come

FACING THE HOUSING CRISIS

HOUSING CRASH DISASTROUS FOR RETIREMENT SAVINGS

CALIFORNIA FORECLOSURES UP 327%

THE NEW AMERICA

IMF SAYS MORTGAGE CRISIS IS LARGEST FINANCIAL SHOCK SINCE THE GREAT DEPRESSION

OREGONIAN FINDS JPMORGAN CHASE MEMO ON HOW TO SNEAK IN SUBPRIME LOANS

HOME EQUITY LOANS NEXT CRISIS?

BEN BERNANKE THREE YEARS AGO: HOUSING MARKET NO PROBLEM

SUBPRIME SCANDAL AN OLD STORY IN STOCKTON, CA

SUBPRIME LENDERS TARGETED BLACKS & LATINOS

SUBPRIME CRISIS HELPED BY SUBPRIME POLITICS. . . AND WHAT TO DO ABOUT IT

MORTGAGE LENDERS PREFER FORECLOSURE TO HELPING HOME BUYERS PAY OFF LOAN

PRIMING THE SUBPRIME CRISIS

JAMES MCCUSKER, EVERETT HERALD, WA - In the wake of the 1929 stock market crash and the subsequent global economic depression, Congress, among other actions, passed the Glass-Steagall Act which prohibited banks from engaging in securities underwriting. There was money to be made in securities, though, and after a suitable period of penance for their contributions to the crash and depression banks began to agitate for relief from this restrictive law.

The banking industry's whining about Glass-Steagall eventually paid off. . . Few people spoke out against the idea, which was endorsed by America's top banking regulator, Federal Reserve Chairman Alan Greenspan. It is tempting to say that his enthusiasm for the idea, and Congress' action, made sense at the time, but that was not so. In fact, it made no sense then, and makes none now. . .

Banks eagerly bought up low-quality mortgage loans, packaged them up and sold them as securities -- all the while using "three-card Monte" accounting constructs to keep the transactions off their balance sheets. . .

The Federal Reserve, the president and Congress have their hands full at this time. Their first priority is damage control, and that is as it should be. Eventually, though, the economy will right itself, with or without Washington's help, and the president, the Federal Reserve and Congress will have time to consider what got us into this fix in the first place.

If we had to pick a single event that set off this economic stink bomb, it would have to be Alan Greenspan's decision to support the expansion of bank activities into securities underwriting. While the Congress has a mind of its own, it is extremely doubtful that they would have approved this expansion in the face of his objections. He was at the height of his powers then, and his support for the idea made it bullet-proof, politically.

As soon as possible, Congress should extend its damage control operations to put banking back on solid ground, and reconstruct the wall between banking and stock-market gaming.

2006

43% OF FIRST TIME HOMEOWNERS LAST YEAR PUT NO MONEY DOWN

NOELLE KNOX, USA TODAY - As housing prices soared last year, an eye-popping 43% of first-time home buyers purchased their homes with no-money-down loans, according to a study released Tuesday by the National Association of Realtors. The trend is potentially ominous. The real estate market is cooling in some areas, and rates on adjustable-rate loans are creeping up. As a result, some no-money-down buyers could owe more than their homes are worth. The median first-time home buyer scraped together a down payment of only 2% on a $150,000 home in 2005, the NAR found. Already, home prices in many areas are declining, and the "For Sale" signs are hanging in front yards longer. There's now at least a 50% risk that prices will decline within two years in 11 major metro areas, including San Diego; Boston; Long Island, N.Y.; Los Angeles; and San Francisco, according to PMI Mortgage Insurance's latest U.S. Market Risk Index. . .

Dean Baker of the Center for Economic and Policy Research says that if housing prices fall at least 10%, it could be even more damaging than the collapse of the high-tech stock bubble in 2000. . . Baker and other economists are concerned that many lenders have pushed a series of creative but potentially dangerous loans to help more Americans afford a home.