Real Estate News – October 3, 2011
Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday (via CNBC.com):
California Attorney General Kamala D. Harris pulled out of settlement negotiations with the nation’s biggest banks over alleged foreclosure abuses, calling the proposed deal “inadequate for California homeowners” (via online.wsj.com): http://on.wsj.com/nFsYlf
Raffling homes is a growing trend among nonprofits. But if they’re offered in Minnesota, buyer beware (via StarTribune.com): http://bit.ly/pbPdDv
Deputies investigate explosion of HOA president’s mailbox (via wtsp.com): http://bit.ly/rjDpVM
Bank of America Corp.’s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007 (via news.businessweek.com): http://bit.ly/oJvSkK
Federal prosecutors say 20 people have been charged in South Florida in a $40 million bank and mortgage fraud scheme (via Businessweek.com): http://buswk.co/oi5F6H
Grandmother nearly loses condo to foreclosure after $4.70 fee balloons to nearly $3,000 (via floridatoday.com): http://bit.ly/mPBf2D
A White Bear Township, Minnesota couple say it’s unfair that they are legally bound to cover a homeowner association’s losses from foreclosures, delinquent dues and other expenses (via StarTribune.com): http://bit.ly/qeodRX
Banks are increasingly pursuing deficiency judgments against former homeowners who lost their homes in foreclosures (via abajournal.com): http://bit.ly/prWOSN