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Foreclosures

New Jersey News

Report: Foreclosures Cost City of Newark $56 Million

Thursday, April 18, 2013

WNYC

Foreclosures in Newark cost taxpayers $56 million over the last four years, according to a report by the activist group New Jersey Communities United.

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The Leonard Lopate Show

Details of the Government Foreclosure Deal

Monday, April 15, 2013

As the government's largest effort to compensate victims of the banks' foreclosure practices comes to a close, ProPublica's Paul Kiel reports that it won't be much of an ending: roughly 3 million borrowers will receive no more than $500. He goes into the history of robo-signing and other aggressive practices that caused homeowners who weren’t behind on their mortgage payments to face foreclosure. His latest article is "For Most Homeowners, Gov’t Foreclosure Deal Brings A Few Hundred Bucks."

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WNYC News

Sandy Victims Face Relocating, Repairs and Now ... Foreclosure

Thursday, February 28, 2013

While many families whose homes were damaged by Sandy are receiving some mortgage relief from banks, advocates say the measures will only postpone a rash of foreclosures, not prevent them.

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WNYC News

Money Runs Out for Legal Help for Homeowners in Foreclosure

Wednesday, January 18, 2012

Federal Stimulus funds have run out for the more than 100 non-profits providing counseling and legal representation to homeowners facing foreclosure across the state, and the governor's recently released budget does not replace the lost federal monies.

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The Empire

Bronx State Senator pushes for continued foreclosure relief

Tuesday, November 22, 2011

Courtesy of Sen. Klein's office.

Governor Andrew Cuomo may be talking about as much as a $3.5 billion budget gap next year, but that didn't stop State Senator Jeff Klein, the leader of the Independent Democratic Caucus, from arguing that the state needs to continue partially funding foreclosure services programs.

"We know that many programs and agencies faced similar circumstances in last year’s budget as everyone worked with Governor Cuomo to balance the finances of New York and put our great state back on track. We also know that each of these programs and agencies did important work all of our communities," said a report put out by Klein's office yesterday. "But we argue that the benefits of legal services and foreclosure counseling for struggling homeowners in New York is too great to ignore and the chance of not funding them for a second budget cycle in a row is too risky."

The reported said that a $50 million program to prevent foreclosures assisted 80,000 homeowners and saved at least 14,000 homes. With 250,000 homes in danger of, or going through the process of foreclosure, the report argues, the math makes the case: the loss of these homes would cost an estimated $61 billion in reduced property value and lost taxes.

“Preventing foreclosures not only keeps hard-working New Yorkers in their homes now, but saves our neighborhoods from devastating ripple effects later,” Senator Klein said in a statement. “We know that this will be another tough budget year - that's why we're starting this discussion early in order to help protect our neighborhoods and preserve the American dream across New York.”

As the Times-Union's Jimmy Vielkind noted on this yesterday, Klein managed to bring some interesting support to the press conference on this yesterday:

It’s also interesting to me that Klein, ringleader of the Independent Democratic Conference, is uniting in this way with Senate Democrats, some of whom are open in their disdain for his renegade klatch.

Perhaps this portends a coming soothing. Or at least courtship.

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It's A Free Country ®

Vicious Foreclosure Cycle Threatens as Home Prices Fall

Tuesday, October 25, 2011

We could be in a vicious cycle where more foreclosures means prices go down, more prices going down means more people are underwater and if they can't get jobs, if they can't make their mortgage payments, then they become foreclosures and the cycle feeds on itself.

Nick Timiraos, Wall Street Journal real estate reporter, on The Brian Lehrer Show.

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The Takeaway

Steep Increase in August Foreclosure Filings

Friday, September 16, 2011

report by RealtyTrac on Thursday revealed default notices filed by banks — which represent the first step in the foreclosure process —were up 33 percent in August from July. Many analysts believe this is due to banks beginning to clear backlogged filings caused by the robo-signing controversy of 2010, which created a de facto moratorium on foreclosures around the country. In California, filings were up even more than the average at 55 percent, and in New Jersey levels of default notices reached 42 percent.

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The Brian Lehrer Show

When No One Wants to Own a Place

Tuesday, August 16, 2011

WNYC senior reporter Bob Hennelly talks about the upkeep of thousands of foreclosed residential properties in New York State and the efforts to encourage owners to take responsibility.

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WNYC News

What Happens When No One Wants to Own a Place

Monday, August 15, 2011

Throughout New York state, local governments are trying to figure out who to hold responsible for the upkeep of thousands of foreclosed residential properties.

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The Brian Lehrer Show

Did It Work? Foreclosure Modification

Wednesday, July 13, 2011

Roben Farzad, a senior writer for Bloomberg Businessweek, continues a weekly series this month looking at Obama administration economic stimulus programs. This week: Helping Families Save Their Homes Act.

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WNYC News

New Court Rule Drives Down Foreclosures in NYC

Monday, June 13, 2011

WNYC

Housing advocates say foreclosure actions have fallen dramatically in New York City, primarily because state courts now require loan servicers and banks to verify the accuracy of their documents in foreclosure cases.

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WNYC News

Financial 411: The Future of Rent in New York City

Tuesday, April 12, 2011

NYU Report: More Foreclosures for Multi-Family Rentals

The last two years saw more foreclosure notices for multi-family rental buildings in New York City than at any time since the early 90s. According to a report from NYU's Furman Center for Real Estate and Urban Policy, nearly 1,400 multi-family buildings went into foreclosure. The report also looked at commuting patterns in the city, and particularly, which neighborhoods bring in more workers each day than they have living there.

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The Takeaway

Bank of America Settles with Freddie and Fannie Over Mortgage Dispute

Tuesday, January 04, 2011

Bank of America announced a $2.8 billion settlement with Freddie Mac and Fannie Mae on Monday. The American-owned firms demanded that Bank of America buy back mortgages whose quality was misrepresented by Countrywide, which is owned by Bank of America. Louise Story, Wall Street and finance reporter for The New York Times analyzes the implications of the settlement.

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It's A Free Blog

Stucknation: After the Blizzard, Let's Look at Our Weakened Foundations

Monday, January 03, 2011

Even as the giant snow piles melt into memory, the inadequate response to the blizzard of 2010 presages some of the great trials ahead for many Americans, their local town halls and their state capitals.

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WNYC News

Foreclosures Fall in November

Thursday, December 16, 2010

Foreclosure activity fell to an eight month low as fewer than 300,000 homes received a foreclosure notice in November. According to the online foreclosure tracking firm RealtyTrac, 262,339 properties received a foreclosure filing last month, a 21 percent drop from October and a 14 percent drop from a year ago. Both of these declines were the largest percent decreases since RealtyTrac began collecting foreclosure date in January of 2005.

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WNYC News

Banks Investigations of Foreclosure Practices Leads to Drop in Filings

Thursday, November 11, 2010

The number of homeowners receiving foreclosure notices in October fell slightly from the previous month as a result of temporary halts in foreclosures by lenders after revelations of possible failures to comply with legal requirements. Online foreclosure tracking firm RealtyTrac reports that 332,172 homes received a foreclosure notice last month, 4 percent lower compared to the previous month but unchanged from a year ago.

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WNYC News

September Home Sales Jump, But Still a Buyer's Market

Monday, October 25, 2010

Sales of existing homes shot up in September, but are still below levels economists consider indicative of a healthy economy.

According to the National Association of Realtors, existing homes sold at an annual rate of 4.53 million in September.  That’s an increase of 10 percent from August but down more than 19 percent from a year ago. August sales were revised downward slightly.

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The Takeaway

Banks Feeling the Heat on Foreclosure Problems

Friday, October 15, 2010

Shares of financial companies dropped yesterday on concerns about how reviews of home-foreclosure practices will affect their balance sheets. Louise Story, Wall Street and finance reporter for our partner, The New York Times, has been looking at analyses of how hard the blow may be for banks, and how long it might last.

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WNYC News

Foreclosures Continue to Rise Nationwide

Thursday, October 14, 2010

On the heels of the announcement of a nationwide investigation by state Attorneys General of foreclosure proceedings, foreclosure filings in September increased by nearly 3 percent compared to August. Compared to a year ago, foreclosure filings were up 1 percent. And for the first time, a record 102,134 homes were seized by banks in September. 

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WNYC News

New York, New Jersey Join Investigation into Foreclosures

Wednesday, October 13, 2010

The Attorneys General of New York and New Jersey have joined a coordinated investigation of improper foreclosures procedings that could have violated state laws.

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