No surprise as to the direction, down, but single family home prices had their biggest month over month decline in October. Declining home prices further accelerate the sub-prime mortgage crisis by making it more difficult to re-finance or sell, to pay off existing mortgages. The states that had the speculative boom, like Florida and California, [...]
2007
All cases filed in Hampden, Hampshire, and Franklin Counties have trustee meetings at 1441 Main Street, Room 515, in Springfield. Chapter 13 cases from Berkshire County also have their trustee meetings there. Chapter 7 cases from Berkshire County are held in the first floor hearing room of the Pittsfield Courthouse. The Chapter 13 trustee is [...]
Money moves faster than the paper. Wall Street securitized trusts have “agreements” for the transfer of mortgages, but the mortgages have not been actually transferred to the trusts. The trusts have no rights under the mortgages but, never you mind, they’ve gone ahead with foreclosures. Rules? Laws? Who cares. They got the money. A judgment [...]
I hate to sound like a broken record, especially at holiday time, but, those with more expertise than I are voicing the same opinion, the sub-prime mortgage crisis has started the dominoes falling toward recession, which always brings more bankruptcies. The sub-prime mortgage crisis has spread, throughout the world financial system. The Federal Reserve [...]
I took a holiday today, and stayed home to build and decorate a gingerbread house with my seven-year-old (which I highly recommend, by the way, but be warned–royal icing really is like cement). I got a phone call from my assistant, to update me on office matters, and she told me about a phone call [...]
Proposed new bankruptcy legislation designed to help troubled homeowners will benefit consumers without hurting the industry. It would allow consumers with bad home loans to get help from the bankruptcy court. Lobbyists for big banks argue that granting bankruptcy courts the ability to modify home mortgage terms will increase interest rates. Adam Levitin, a Georgetown law professor, [...]
