Real Estate News – June 8, 2011

Foreclosure can mean more than just a blemish to borrowers’ credit record–it can jeopardize their job too.

Federal contractors and employees are finding a foreclosure can cost them their federal security clearance and ultimately their job. It can take years to restore a security clearance so they can work again too (via REALTORMag): http://bit.ly/lsQY5q

Foreclosure settlement divides state attorneys general (via WashingtonPost.com): http://wapo.st/lsKRNE

A committee of the Ingham County, Michigan Board of Commissioners unanimously approved a plan to fund an attorney that will be dedicated to helping homeowners battle the growing number of foreclosures based on faulty documents (via michiganmessenger.com): http://bit.ly/jpBTEN

Proposed rules sparked by the financial industry meltdown of 2008 could have the effect of clamping down credit so hard that lower-income buyers and many others would be shut out of the mortgage market, critics say (via today.msnbc.com): http://on.today.com/lYFvGC

Homeowner Asked To Pay $0.00 In Order To Avoid Foreclosure (via HuffingtonPost.com): http://huff.to/mlBfos

An NYPD cop who said he joined a violent robbery crew targeting drug dealers to pay his mortgage was slammed yesterday with 20 years in prison by an outraged judge (via nydailynews.com): http://nydn.us/j1kKtb