The Multi-State Settlement Part 3 of 3: What Should Nevadans Do
So where does the Multi-State Settlement (“MSS”) leave Nevadans? Essentially, in a slightly better position IF, and only IF, we manage our expectations, pay attention and do our homework. If we do these things we may be able to collect all the money allocated to us, pursue the “banksters” criminally and pursue our individual remedies […]
The Multi-State Settlement Part 2 of 3: What it Really Means to Nevadans
The big “winners” in the Multi-State Settlement (“MSS”) are Florida and California who have exacted approximately half of all MSS monies between them. Regardless of these two goliath states, Nevada captured a decent amount. On any given day, Nevada ranks number one for bankruptcy filings and percentage of unemployed individuals. Furthermore, for the last five […]
The Multi-State Settlement Part 1 of 3: What Has Happened
Wall Street knew all of the mortgages were bad when they created or bought and sold them. Furthermore, they knew the warranties of quality they made regarding the caliber of the loans, whether to the certificate purchasers of the Residential Mortgage Backed Securities (“RMBS”) pools or the Government Sponsored Entities (“GSE”), were meaningless when they […]
Two Federal Housing Programs on the Chopping Block
On Thursday, March 3, 2011, the House Financial Services Committee voted to end two Federal Housing programs. The two seemingly unmanageable programs sought to be eliminated include the FHA (Federal Housing Administration) Short Refi Program and the program initiated through the Dodd-Frank Reform Act last summer which provided a “bridge loan” for those who lost […]
Tisha Black Chernine, Esq., featured speaker at NBI Seminar
Tisha Black Chernine, Esq., will be a featured speaker at the National Business Institute Seminar: Advanced Issues in Foreclosure, taking place on April 4, 2011 at the Gold Coast Hotel & Casino. She will address various options for loss mitigation, how current market conditions are affecting the financial industry’s loss mitigation policies, as well as how […]
Report Indicates Nevadans are “Walking Away” From Distressed Properties
The Nevada Association of Realtors (hereinafter “NVAR”) recently released a report entitled “Face of Foreclosure.” This report paints a rather grim picture. It reports that more than 20% of Nevada homeowners have strategically defaulted and allowed a foreclosure to occur rather than pursuing other alternatives. The NVAR report explored the reason that people went to […]
Default Servicers, Foreclosure and the Securitization Debacle
On November 16, 2010, the Senate Committee on Banking Housing and Urban Affairs held a hearing on Mortgage Services and Foreclosure Practices which included, Bank of America, among other lending institutions, along with consumer advocates and academics. Coincidentally, the Congressional Oversight Panel has recently produced a 127-page report, “Examining the Consequences of Mortgage Irregularities for Financial […]
Obama to Veto Notary Bill
According to the latest developments, President Obama will pocket-veto a piece of legislation that critics say would make it easier for banks to process foreclosures and make it more difficult for borrowers to challenge foreclosure documentation. The bill in question, HR 3808, passed the Senate on September 27th by unanimous consent. The House passed the […]
Fannie Mae: Friend or Foe?
Fannie Mae has unleashed a new website purporting to give consumers a new opportunity to explore options regarding their home loans including, but not limited to, information regarding short sales and foreclosures. The website, http://www.knowyouroptions.com/, is available in both English and Spanish and is designed to be a “one-stop-shop” for those seeking foreclosure alternatives. It […]
June HAMP Numbers Look Gloomy
The Treasury Department recently released figures that indicate approximately 91,000 borrowers dropped out of the Home Affordable Modification Program (HAMP) in June, putting the total number of dropped-out borrowers to 530,000. Meanwhile approximately 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000. Therefore, more than forty […]
