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Foreclosure

May 21, 2009 By Leave a Comment

As a state task force labors to develop a uniform statewide approach to the onslaught of foreclosure cases, Broward and Palm Beach counties are rolling out new programs of their own.

Palm Beach Chief Circuit Judge Kathleen Kroll will launch a pilot program next month allowing homeowners to confer with law clerks and court interns to get help understanding the paperwork and see if they’re eligible to rework their loan. Kroll also plans to assign newly appointed Circuit Judge Meenu Sasser, who takes the bench next month, to all foreclosure cases. Also in June, all civil circuit judges will dedicate one day to hearing nothing but summary judgments in foreclosure cases setting between seven and 10 cases every 30 minutes. They have 888 cases set for June. Read more about foreclosure help…

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The Bad Guys of Subprime Lending Are Raking in Bailout Billions

May 20, 2009 By Leave a Comment

The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or bankrolled by banks now collecting billions of dollars in bailout money — including several that have paid huge fines to settle predatory lending charges.

These big institutions were not only unwitting victims of an unforeseen financial collapse, as they have sometimes portrayed themselves, but enablers that bankrolled the type of lending that has threatened the financial system.

These are among the findings of a Center for Public Integrity analysis of government data on nearly 7.2 million “high-interest” or subprime loans made from 2005 through 2007, a period that marks the peak and collapse of the subprime boom. Read more about subprime lending…

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Idea of Consumer Financial Products Watchdog Gaining Traction

May 20, 2009 By Leave a Comment

Elizabeth Warren, head of the Congressional Oversight Panel for the TARP, has been a vocal advocate for the need for a financial product safety commission. The notion, which seemed quixotic a few weeks ago, is getting consideration by the Obama Administration.

Given how industry friendly Team Obama’s financial services industry measures have been, it runs the risk of (correctly) being seen as captured. Read more about the proposed financial product safety commission…

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Obama Signs Anti-Foreclosure Measure

May 20, 2009 By Leave a Comment

President Obama on Wednesday signed into law legislation that encourages banks to spare homeowners from foreclosure.
He said it protects homeowners and cracks down on lenders who take advantage of them. The law expands an existing $300 billion program. Read more about the anti-foreclosure law…

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