Items Tagged with 'Equity stripping'


  • House Passes Foreclosure Rental Bill

    The House of Representatives this week passed a bill that would authorize federally-insured depository institutions and banks to lease real estate-owned homes for a limited period of time -- up to five years. The House approved HR 2529, the Neighborhood Preservation Act, in a voice vote Wednesday. The bill's language allows banks covered through the Federal Deposit Insurance Corp. to lease back houses it owns through foreclosure.
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  • Foreclosed Homes Catching the Buyer Eye

    Foreclosed homes may become an increasingly hot-ticket item in real estate, according to joint data from and RealtyTrac, which shows a notable gain in consumers' willingness to buy such properties. 55% of survey participants indicate they are at least somewhat likely to consider purchasing a foreclosed home in the near future, compared to the 47% who said the same in November 2008.
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  • Florida AG Likens Mortgage Fraud to "State of Emergency"

    Florida Attorney General Bill McCollum is calling on several state agencies and associations -- including the Florida Department of Law Enforcement, the Office of Financial Regulation, the Department of Business and Professional Regulation and the Florida Bar -- to develop what he called "a cooperative approach" to the state’s widepsread mortgage fraud crisis.
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  • California's Foreclosure Activity Lives On: Report

    After an across the board drop in California's foreclosure activity in January, Notices of Default, Sales at Auction and negative equity at foreclosure surged once again in February, according to Foreclosure Radar's California Foreclosure Report released Friday. Notices of default increased 21.3 percent from January, nearly returning to peak levels reached in April 2008 -- despite the President's Day holiday and February being a short month.
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  • Connecticut AG Seeks an End to Foreclosure Rescue Scams

    Connecticut Attorney General Richard Blumenthal is the latest regulator to crackdown on foreclosure "rescue" scams -- an increasingly troublesome issue among servicers who specialize in managing troubled mortgages, according to a number of HousingWire's sources -- through proposed legislation announced Tuesday at a press conference, where he also said he is investigating several debt reduction entities for misleading consumers.
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  • Texas AG Wants Crackdown on Foreclosure Rescue Scams

    It was bound to happen: as the number of troubled homeowners has increased exponentially, so too have the number of profiteers looking to prey on a homeowner's desire to avoid foreclosure. Foreclosure rescue scams -- always a threat in long-depressed areas in Ohio and Michigan -- are now among the fastest-growing areas of problems for servicers who specialize in managing troubled mortgages, according to various sources in the market that have spoken with HousingWire.
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