Real Estate News – November 11, 2011
Long-Term Foreclosure Backlogs To Blame for Homes with Underwater Mortgage (via GoBankingRates.com):
A dozen corporate executives and Maryland officials wielding sledgehammers broke a row of windows at a downtown Bethesda office building yesterday. The noisy operation was part of a ceremony commemorating the start of redevelopment at 7550 Wisconsin Avenue, a joint venture of Washington commercial real estate developer Akridge and Rockwood Capital, LLC, who bought the vacant property from the General Services Administration last spring (via MarketWatch.com): http://bit.ly/rzLS0B
Goldman Sachs Group Inc faces lawsuits over $15.8 billion worth of mortgage securities, the bank said in a regulatory filing on Wednesday, a more than 30-fold increase from the amount disclosed three months earlier (via Reuters.com): http://reut.rs/vie3IQ
Ginnie Mae Passing Freddie Mac as Second-Biggest Mortgage Funder (via Businessweek.com): http://buswk.co/tk3JOm
After Walking Away from a Mortgage, No Regrets—Not Many Consequences Either (via monelyand.time.com): http://ti.me/s1On76
In the latest in a series of such lawsuits, the Aliante planned community’s homeowners association in North Las Vegas is accused of gouging buyers of foreclosed homes (via lasvegasinc.com): http://bit.ly/rV0E49
Ally, which become a bank in 2008 with the help of bailout money, is considering putting ResCap, its residential mortgage unit, into bankruptcy. What does this mean for the bank as a whole? (via csmonitor.com): http://bit.ly/uzJQG5
Lehman Brothers Holdings Inc , which hopes next month to win court approval of its bankruptcy reorganization, agreed to a $40 million settlement of investor lawsuits claiming $7.7 billion of damages from mortgage debt (via Reuters.com): http://reut.rs/s2jX9Q
The federal government is trying to unload some real estate, and your buyers can now start the bidding in online auctions on various government properties, including residential homes in sought-after areas (via REALTORMag): http://bit.ly/szB1uq
A tenth person has pleaded guilty to a Las Vegas condominium homeowner association fraud scheme (via Fox5Vegas.com): http://bit.ly/w0osk3