In response to his measures against organized and state labor, and to prevent a vote on a measure of the new state budget that would remove the right of state workers to collectively bargain, Democratic legislators fled Wisconsin. The 15 state senators were plainly refusing to take part when bullied by Governor Scott Walker and republican majorities. Protestors descended on the state house and the Wisconsin government ground to a halt. The protests went on and on with sympathy from neighboring states and amnesty for the simultaneously lauded and hated Democratic pioneers.

The protests didn’t end at night as people dug in for their workers’ rights and stayed overnight. At once, it was the focus of the national and local news. The main problem for some industries was that the state budget was in limbo. Job growth still stayed steady and thousands of jobs were added, even while the state workers’ jobs and the lawmakers’ hung in the balance. Even little measures enacted like forcing the absentee Senators to pick up their paychecks in person didn’t actually solve anything, especially as the vitriol and rhetoric were exacerbated by frustration and personal attacks. State and federal foreclosure prevention measures were not the focus as chaos and political divisions took center stage. Wisconsin foreclosures still decreased across the board, and significantly from the beginning of February to the beginning of March 2011, showing the mortgage industry is ready for strength and growth regardless of what the rest of the state is up to. In a very good sign that something people are doing in Wisconsin is working, no major cities or counties recorded increases in the number of foreclosure sales in February of this year.

But there was movement in the other way, as all major areas reported decreases in their defaulted mortgages, foreclosures notices and foreclosures or sheriff’s sales. Janesville foreclosures lead the pack with a decrease in filings by an excellent 23.53%. Milwaukee foreclosures and Madison foreclosures also did their job staying strong at the top of the pack with decreases of 11.92% and 11.54% respectively. Still strong were Kenosha foreclosures, down by 10.71%, and Racine foreclosures, down 11.34%.  Not to be forgotten with a decrease in numbers better than most of the country, Green Bay foreclosures were down a full 8%.

Wisconsin may have had a volatile start to the year politically, but financially, jobs grew and some speculate even more out of all of the controversy. Retail sales were strong and Wisconsin foreclosures as a whole were down significantly. Not all news out of the state was bad, as Green Bay made another successful run at the Superbowl and, regardless of political division, the people celebrated that victory together in the streets. A stay was put on the collective bargaining law that started so much controversy, which the state’s Justice Department has now appealed. There is no end in sight to the persistent schisms between and within the branches of government and the conservatives and liberals in this behemoth of a state. But for now, their economy is standing strong and providing well for the common citizens who are just happy to be holding on tightly to their homes and jobs.

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Only one major city in New Jersey resisted the positive financial developments of late 2010 and early 2011. It is the same city that has been repeatedly through political scandals and criminal notoriety. Even with the successful waterfront and boat traffic between it and Pennsylvania, Camden has been able to deflect any and all attempts at improvement, and has maintained its battle with Newark for the embarrassment of the state. Camden foreclosures are no exception and they increased by 2.91% from the beginning of February to the start of March. Efforts have been successful at least in  reducing the rate at which the defaulting mortgages and foreclosure sales grew, but they are still the least successful in the state for curbing the phenomenon altogether.

Most cities in New Jersey saw the number of foreclosures go down in February, keeping the positive economic tide in the state moving onward and upward. The federal loan modification program finally gaining its footing, along with the HUD counselors and mediators, saw great success. New Jersey lenders are also some of the most able to afford their own traditional loan modifications, with some of the most successful counseling and loss mitigation departments in the east. New Jersey has also enjoyed a strong housing industry with new construction as well as steady sales that boost the income of the big home lenders, and with it, their willingness to invest in new homebuyers. Paterson foreclosures saw the biggest decrease with an impressive 36.9% drop. East Orange foreclosures and Newark foreclosures were right behind Paterson’s success with 30.05% and 30.37% decreases respectively. Millville foreclosures were still encouraging with the number going down 26.4%, and Irvington foreclosures were also still down a respectable 16.79%.

New Jersey’s nearly trillion dollar economy is largely affected by its tourism industry, its Atlantic Ocean ports and its location between two of the largest metropolitan areas on the Eastern Seaboard, situated as the route from New York to Philadelphia. Many wealthy expatriates from the two cities flee to the garden state for its cheaper and greener properties. But the state taxes are no break for anyone from New York or Pennsylvania, as they are some of the highest in the country. New Jersey has also been a hub for reality franchises and the ensuing entertainment industries that they bring with them. The high income, busy and varied economy, and consistently high population have made its economy one of the most resilient. Even so, it was not immune to the national mortgage crisis. But the job growth of the last few quarters and insistent programs from the state and federal government in the form of loan modifications and knowledgeable free or low-cost counselors and mediators made a big difference. New Jersey foreclosures have been some of the most successfully remedied in the country.

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Everything that a client could want to know about Freddie Mac foreclosures can be found on their website. They have a section called The Learning Centre and it covers the following topics. Underwriting, selling and delivery, servicing, mortgage products, training events and community outreach. Clients will have a Loan Prospector® User ID and Password when they start.

For underwriting, there are courses on Freddie Mac refinancing programs. Topics covered are underwriting income and employment as well as improving loan quality through quality control and training events. There are also links to many other topics that will help with the day to day work of those in the mortgage industry. Selling and delivery covers new customer training, the selling system and post settlement.

It seems that there is a section to cover eveything that clients could possibly want to know. They even cover a section for housing counselors and give advice as to how they can be more effective when they are in the community. There is also a glossary that covers every single term that a client can imagine. Once the website has been browsed sufficiently, they will be so well informed that they will undoubtedly be an asset to their employers.
Apart from the information that can be learned at the center, the rest of the site still aims to help the clients. Whether it is helping them to sign up to be a Freddie Mac servicer/seller or encouraging prospective, yet undecided buyers, to find out enough to help them make that final decision.

While there is the obvious advantage for the clients to have all of this free information at their fingertips, where is the advantage for Freddie Mac? The simple answer to this is the time it saves them when dealing with clients. The clients who have been in the industry a long time will already have the knowledge, but newer clients will need help. If everything they need to know is in one place, Freddie Mac employees will spend much less time helping new clients along. It should also go a long way to help them redeem a reputation that took a dive over the last few years.

If their own website is not enough of a testament to the fact that Freddie Mac is a company that is professional and easy to work with, then read up on many of the online testimonials from clients.

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The name “Black Friday” can elicit a variety of emotional responses among American holiday shoppers. For some, it’s a day to avoid shopping malls at all costs, a nightmare of normal consumer behavior transforming into mob mentality at its worst. For others, it is a day- long event that has been planned months in advance, a commando raid meant to score the biggest bargains and walk away after a single day with all the holiday shopping complete. The term itself is believed to have originated in Philadelphia, and was used to describe the significant pedestrian and vehicle traffic that occurred there the day after Thanksgiving.

Broader use of the term to denote a day of profligate shopping was common after 1975. It has also been suggested that the term derives from the merchants themselves. Turning a hefty profit on that day, their ledgers were said to be “in the black.” Whatever the history of the term might be, what remains is that Black Friday is an important day for American consumers. Retailers nationwide open their doors earlier than normal, sometimes as early as three a.m. For the stores that employ normal business hours, it is not uncommon to find shoppers bundled in sleeping bags outside the front door, having spent the night in front of the store to ensure that they are the first shoppers to get inside. This might seem a bit extreme, but there have been numerous reports of stampedes at popular retail locations, resulting in physical assaults, serious injury, and even deaths.

For saner consumers, Black Friday offers a variety of bargains and perks not seen throughout the rest of the year. Many business offer refreshment stations, where shoppers are offered seating, free food and beverages, and in some locations, live entertainment. As an alternative to Black Friday, the internet age has introduced to the American consumer the concept of “Cyber Monday.” The term “Cyber Monday was introduced in 2005, after an article appearing in the website shop.org. By 2009, comScore.com was reporting that internet retailers collectively earned approximately $887 million dollars, making it the second highest spending day of 2009. This trend seems to increase every year, and as of this year, thousands of online retailers offer substantial discounts on all their products and services.

For some, online shopping is vastly preferable to physically visiting retail locations, and the spending habits of the American consumer reflect this trend. Although the mad shopping rush of Black Friday certainly shows no signs of slowing, many see Cyber Monday as a viable alternative to battling crowds, parking, and the other associated nuisances that come along with the busiest shopping day of the year. This year 2010 is poised to be an interesting year for American retailers, however. With unemployment rates continuing to climb and foreclosures at an all time high, shoppers have less money to spend than they may have five years ago, or even last year. In response to this we are offering great discounts on our subscription plans, don’t miss this opportunity, visit our Cyber Monday page!

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This last week has shown significant increases in both home loans and home loan refinances both in seasonally adjusted numbers as well as the non-adjusted numbers.  Home loans actually increased by 5.8% in this last week going by the adjusted numbers, while refinances increased with seasonally adjustments by 5.5% over the course of the last week.  What has caused this significant increase?  What factors are at work and most importantly will these factors continue to work toward continued improvement?

There are several factors that have come into play to create this increased interest and demand for home loans and refinancing of existing loans.  Several things happened within a few days of each other, and while each in its own right was of minor importance they worked together to increase confidence enough to spark some to seek a new home loan or refinance.  October’s employment numbers were released, and they were better than previously anticipated.  This not only increases confidence for potential home owners, but it also means that people are returning to the work place putting them also in a position to perhaps seek that refinance that they have been looking for.

When the Federal Reserve announced its intention to purchase 600 billion dollars in Treasury Bonds, the interest rates dropped.  The drops were small, but they were enough to work with the enthusiasm over the better than expected employment reports.  This week’s increase in home loans and refinances is not an isolated incident.  The increase has been steady over the course of the last four weeks, and it can be anticipated that while the growth will remain slight it will be present over the course of the coming months.

There are some factors at work which will keep the increase from being too dramatic.  The increasingly strict requirements to obtain a new loan or refinance is going to keep a great number of people from even attempting to enter the market at the present time.  The stricter standards do prevent the fiasco of the sub-prime lending that helped create the recession, but it does make it significantly more difficult for most people to enter the market.

The sharp drop in property values has left many home owners in the unenviable position of owing more on their homes than their homes are now worth.  This negative equity creates an ugly situation for these home owners.  They do not qualify to take advantage of these lower rates with a refinance, nor can they actually sell the home that they are in to remove themselves from the loan obligation.  This will, of course, prevent these people from entering the market for new loans or refinances.

It can be anticipated that while many things are indeed working together to improve the home loan market the growth will remain slow and steady.  The factors working together have not, yet, managed to completely overshadow the obstacles facing potential home owners and lenders.  The increase seen in this last week is not a fluke; it has actually been going on for at least four weeks.  It should manage to continue on its current path so long as the various factors continue to work together as they have been.

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Foreclosures are largely responsible for the economic downturn, which has caused many homeowners in give away pets. Unfortunately, it is often a heart rending decision.

One of these animal victims is Julie-a pit-bull terrier. She had to be removed from a home in Orange County because her owner could not look after her anymore when indifferent health and huge medical bills took over the homeowner’s life. Julie had to go on languishing for months in the kennel as the breed due to the fact that pit-bulls are considered dangerous.

This same story, with variations, is being enacted all over the country. Unfortunately, the financial downturn is forcing many to part with their beloved pets, which can leave a profound psychological mark on children.

Experts advise that one should think in terms of a pet’s long-term welfare. As soon as one begins to descend into financial troubles, it is better to hunt for a good home while there is time. There are also many other reasons that may cause this decision to be taken – allergies, illnesses in the family or any other personal trauma.

When deciding on where to give your pet away to, consult your friends or family first. The Society for the Prevention of Cruelty estimates that about 1 million dogs and cats are facing potential danger of becoming homeless. If the animals are given away well ahead of time, then children will not worry about what has happened to their beloved pet. The ideal situation would be to give your pet to someone you know and allow the family to visit it in order to ease the pain of separation for both parties.

Riverside County is one of the worst affected regions. The Riverside County Department fervently requests that evicted foreclosure victims either somehow keep their pets or find someone who will house them for the time being. However, abandoned cats pose more of a problem than abandoned dogs. The shelter has made a list of all the apartment units where dogs will not be refused. As long as the dog has space to be taken a walk in, keeping a dog in a apartment unit should not be a problem.

Alan Entin, formerly of the American Psychological Association said, “Giving up a pet may be the worst thing. They really help reduce stress,” he says. Losing a pet when life is already stressful may just make things worse.”

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The ten were charged on over 150 felony counts. The office of the District Attorney said that the crimes were discovered in 2008 following complaints lodged by the house owners – most of whom were Hispanics.

The charges were that the victims were made to pay fees to these scammers posing as foreclosure consultants. In reality they did nothing to prevent the borrowers from losing their homes. Some of those who complained had hardly a working knowledge of English said Stephen Robinson, the Deputy District Attorney.

In May last year five of the suspects had been arrested. The Superior Court brought charges of grand theft, conspiracy, rent skimming as well as deceitful practices against the ten persons. They were William Hutchings (62), his wife Xiaoke Li (43) Edgar Martinez (30), Diego Gil (38), Shawna Landis (29), Octavio Escatel (29), Joel Garcia (26), Stephen Mauer (54) Rose Napoli (34) and Alex Olmos (39). The accused put up attorneys for their defense who said that the indictments would be challenged.

Peter Liss the legal representative of Diego Gil said that his hope was that both sides would sit down and try to resolve the case. He added, “There are homeowners who clearly lost substantial sums of money here and the sooner we can reach a resolution, the sooner these homeowners will get their money back.”

The kingpins of the gang are Robinson and Hutchings – the organizers and the brain behind the move. Gregory Turner, the attorney for Hutchings insisted on his client’s innocence saying that the latter had only tried to help the house owners. He clarified, “These homeowners were already victims of predator lending by the mortgage industry. They were already late on their mortgages, in default and on the brink of foreclosure.” The attorney of the married couple Gerald Bank said that there was no ground to believe that neither husband nor wife had committed any fraud.

If found guilty, they might have to serve jail terms ranging from three to twenty five years. The authorities froze their bank accounts so as to keep funds for repaying back to the victims.

Via

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In Marion County the Society of St. Vincent de Paul has brought hope with help to many families for the last four decades. Recently the demand for assistance has shot up. But many of these real life stories have got lost in the hype about stock markets, bailouts and unemployment figures.

The organization of Indianapolis St. Vincent de Paul comprises of over 1,400 sincere and dedicated volunteers. There is no paid staff in the body.

They have noticed that workload had noticeably increased throughout 2008. Many have suffered because of the foreclosure crisis and job losses but there is a vast majority of help seekers who have never come anywhere near owning a house.

The food kitchen of the organization caters to the requirements of over 3,000 families each week today. In January the number was 2,000. It is the biggest food panty in Indiana and most probably in the entire Midwest.

The food is varied and they depend on National Food Bank Network as well as the generosity of Kroger, Second Helpings and Colonial Bakeries.

There are also private donations responding to food drive operations. Even with this massive support they still need over $250,000 to address the rapidly growing number of needy for 2009. The current level of help calculates to the families each getting $45 to %55 value of food per week.

The organization is not helped by any governmental funding. Neither does it get direct help from the Catholic Church although the name is that of a Catholic saint. It is does not have the membership of United Way because the body does not have any paid executive director – all the workers are volunteers.

The volunteers from Catholic parishes and the community in general registers the families, collects the food, stores them and then sees to the distribution. They take personal care of the items and have them delivered to those who cannot go out of their homes.

Those interested can log on to its website and come forward to stand beside the needy who are in acute condition thanks to the foreclosure crisis.

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When Peter was asked what role these exotic mortgages played in the foreclosure crisis of today he promptly replied, “They were essential. They were necessary. Without the Alt A or option ARM mortgage, this boom never would’ve occurred.” Nothing could be more true. Without these fancy super mortgages many of the borrowers would never have qualified for a mortgage loan. The lenders and brokers took their share of fees and commissions and were eager to ink more loans. What happened to the borrowers and the nation later on was none of their concern. The killers did not bother to check if the income was real or not. They agreed to ‘liar loans’ where no down payment was required. Jokingly these were termed ‘ninja loans’ – no income, no jobs and no assets. Just a pulse was sufficient for a loan to be sanctioned.

The key reasoning behind this mad behaviour was the belief that the price of houses would go on increasing. It was a fact that since the Great Depression real estate curve had steadily kept going upwards – it was a steady progress.
People had a heady feeling of climbing up the socio-economic ladder in leaps and bounds. Rula Giosmas was an acupuncturist. Soon she became a real estate speculator investing in six properties paying only 20% down on each being financed by option ARM. Today she is being foreclosed upon and losing on each unit.

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As a definite step towards curbing foreclosures, Bair had suggested the use of money collected from the taxpayers. This did not go well with the government and the resulting displeasure led to the formation of measures and strategies that have proved unable to stem the rapid rise in foreclosures. Over ten million people will be victims of foreclosure in another five years time.
Mrs. Blair’s fight to prevent foreclosure is seen as an effort to advertise herself, by the White House and the Treasury. This, they feel is aimed at projecting them as unfeeling persons towards the plight of the millions suffering from foreclosure. She is now precluded from most of the meetings regarding foreclosures.
As part of a rescue programme, Mrs. Blair, put into action certain measures, to help about 65000 house owners. These were people who were two months behind with their dues. Though not all, but nearly 7200 people have benefited so far. So too Congress proceeded to help the people and ended up with problems. Till now only 200 owners have applied for relief and there has been no modification of loans.
There are families with ailing members who could easily pay up only if the rate if interest was a trifle low. They fail to understand why there is no help for them when banks are being aided. Bair in her attempt to help the people had estimated a total of 24 billion dollars that would be required. The Treasury observed that it would take at least 70 billion dollars for the purpose and that the F.D.I.C. has not looked into the possibility of defaulters once the rates are reduced.

Severe criticism has bee leveled at the FDIC and the Congress for their plans seem to be overlooking the loss that the economy will, incur. They are also wary about who the genuine loaners at risk are. There are those who become defaulters willingly in order to claim a modification.

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ForeclosureListings.com has a comprehensive, searchable database of foreclosures in areas like Columbus, Bronx, Derry, Missoula and in the whole country. Try to search foreclosures by state today! FDIC Chairperson Expresses Her Concern About Steps To Mitigage Foreclosure Related Crisis