by iwd Tina | Jun 21, 2011 | Housing News
The number of foreclosures initiated in Massachusetts during the month of November fell below 2,000 for the first time since January, according to a new report by The Warren Group, publisher of Banker & Tradesman. Still, petitions to foreclose, which mark the start of the foreclosure process, remain at a relatively high level and were 45 percent higher than last November.
Please click here for the full article.
by iwd Tina | Jun 21, 2011 | Housing News
Please click here to read Senator Brown’s letter.
by iwd Tina | Jun 21, 2011 | Housing News
MHP Foreclosure Monitor: How 2nd wave may impact economic recovery
In-depth look at data shows size of shadow inventory, possible trouble spots
By Tim H. Davis, Feb. 28, 2010
Despite reports that the real estate market is rebounding, local and national real estate watchers worry that bank-owned homes and homes on the brink of foreclosure will flood the market, slowing the recovery. Mortgage researcher First American CoreLogic estimates that this so-called “shadow inventory” has risen nationally to 1.7 million as of September, 2009, up from 1.1 million the year before.
This month’s Foreclosure Monitor attempts to estimate the potential impact on Massachusetts by analyzing properties that comprise this shadow inventory:
· Delinquencies: the owner is late on the mortgage, but not in foreclosure
· Petitions: one has been filed but the foreclosure has not been resolved
· Bank-owned: A real-estate owned property (REO) that’s not on the market.
For more details at MHP’s website, please click the above link.
by iwd Tina | Jun 21, 2011 | Housing News
On November 10, 2009, Senate Banking Committee Chairman Chris Dodd and fellow Banking Committee members unveiled a tough, bold bill to reform the way that our financial system is regulated. The full press release can be read here.
Read a summary of the discussion draft by clicking here: http://banking.senate.gov/public/_files/FinancialReformDiscussionDraft111009.pdf
Read the full text of the discussion draft by clicking here: http://banking.senate.gov/public/_files/AYO09D44_xml.pdf
by iwd Tina | Jun 21, 2011 | Housing News
On July 28, 2010, the Legislature enacted S. 2407, An Act to Stabilize Neighborhoods. S. 2407 is a set of focused and practical tools that addresses various aspects of the foreclosure crisis. This legislation accomplishes the following:
1) Refines the existing right to cure a default to incentivize good faith efforts to modify loans and prevent foreclosures;
2) Provides equitable protections for tenants in foreclosed properties until the lender sells the property;
3) Criminalizes mortgage fraud;
4) Creates a new local option to relieve property taxes while nonprofits rehabilitate foreclosed properties; and
5) Requires in-person reverse mortgage counseling for low income seniors beginning in 2012.
CHAPA would like to thank the entire Legislature, especially Speaker Robert DeLeo, Senate President Therese Murray, Chairman Kevin Honan, and Chairwoman Sue Tucker for their leadership and support. We would also like to thank the dozens of organizations, leaders of faith, local elected officials and others that worked together to advocate for the legislation.
by iwd Tina | Jun 21, 2011 | Housing News
Washington Post – The Senate voted Wednesday to renew the government’s $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.
For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.
Please click here to read the full article.
