United States of America

Banks make progress on mortgage settlement

Published in Wednesday February 27th, 2013 In In the media

A year has passed since state and federal authorities reached a $25 billion settlement with five of the nation’s largest banks over fraudulent foreclosure practices that were commonplace after the housing bust.
On Thursday, the court-appointed monitor of the settlement issued a report showing that more than half a million homeowners have received about $46 billion worth of loan modifications, short sales, refinancings and forbearance. The activity spans from March through December and was self-reported by the banks involved in the agreement: Wells Fargo, Bank of America, JPMorgan Chase, Ally Financial and Citigroup.

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What Mortgage Relief?

Published in Monday February 25th, 2013 In Opinion

A year ago, when the nation’s biggest banks settled with state and federal officials over claims of foreclosure abuses, the public was led to believe that the deal would allow millions of hard-pressed borrowers to escape the threat of foreclosure. It still hasn’t happened.

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Routed by Katrina, Stuck in Quagmire of Rules

Published in Friday February 22nd, 2013 In In the media

As people in the Northeast set off on the road back from Hurricane Sandy, there are those here who are keen to offer warnings that recovery can be far more difficult than they imagine. Mr. Joseph sees his own story as a cautionary tale, though he admits he is unsure what he would have, or should have, done differently.

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Despite Aid, Borrowers Still Face Foreclosure in the US

Published in Friday February 22nd, 2013 In In the media

A year after five of the nation’s biggest banks reached a pact with state and federal officials over claims of vast foreclosure abuses, the banks are taking credit for giving more than half a million struggling homeowners roughly $45.8 billion in relief.
But despite the banner numbers released on Thursday in a report by Joseph A. Smith, the independent overseer of the settlement, thousands of homeowners are still not getting the help they need to save their homes from foreclosure, according to interviews with housing advocates and homeowners facing foreclosure.

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In NY, Hoboken Mayor Seeks Storm Protection More Suitable for High-Rise Buildings

Published in Thursday February 14th, 2013 In In the media

Places long accustomed to the routine beatings of hurricanes have shaped this country’s traditional response to them: evacuate during the storm, then elevate the buildings or retreat inland to protect against the next onslaught.

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A Time to Fight

Published in Wednesday January 23rd, 2013

Faced with the foreclosure of her home, Detroit resident LaKeisha Tuggle devised creative solutions to weather economic hardship. Click here to watch.

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Recovery Remains Spotty 3 Months After Hurricane in the US

Published in Tuesday January 22nd, 2013 In In the media

Hurricane Sandy slammed into New York and New Jersey nearly three months ago, and the grueling recovery effort continues with work being done to repair, rebuild and reopen shattered homes and businesses. But the process has been uneven, and there is ample evidence that many people are still struggling in the aftermath of one of the most vicious storms to hit the region. Following are snapshots of how some people and places are faring on the road back.

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In Wyoming, US, Many Jobs but No Place to Call Home

Published in Tuesday January 15th, 2013 In In the media

As in any other place in the country, many homeless people in Wyoming have lived on the streets for years or suffer from mental illness or drug and alcohol addictions. But social service workers say they have seen a growing number of economic migrants from Florida and Michigan, Wisconsin and California, with nowhere to settle.

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Don’t Skimp on Sandy Aid

Published in Tuesday January 15th, 2013 In Opinion

New York Times Editorial
Gov. Chris Christie of New Jersey made an impassioned pitch on Monday to his fellow Republicans in the House of Representatives to vote on Tuesday for almost $50 billion in Hurricane Sandy disaster relief. “New Jersey does not expect anything more than what was done for Louisiana and Alabama and Mississippi in Katrina, and what was done in Joplin, Mo., what was done in the floods in Iowa. We don’t expect anything more than that, but we will not accept anything less,” Mr. Christie said.
It is now more than 11 weeks after the hurricane severely damaged a huge swath of New Jersey, New York and Connecticut, yet these states are still waiting for enough federal aid to repair and rebuild housing, businesses and transportation systems that were destroyed by the storm.

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The Foreclosure Fiasco

Published in Tuesday January 15th, 2013 In Opinion

It’s been five days since Jessica Silver-Greenberg’s article on the latest bank settlement was posted on The New York Times’s Web site. I’m still shaking my head. Her “story behind the story” of the $8.5 billion settlement between federal bank regulators and 10 banks over their foreclosure misdeeds illustrates just about everything that is wrong with the way the government has handled the Great Foreclosure Crisis. Shall we count the ways?

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