With New York foreclosures in the mix of the robo-signing foreclosure controversy, there seems to be alarming rhetoric that seems to shift responsibility away from the banks and towards homeowners. A typical example is the taunting post by Halah Touryalai on Forbes.com titled, “Foreclosure Proble Won’t Get Your House Back,” she notes that “[B]anks are
New Yorkers facing foreclosure just got an extra bit of breathing room, thanks to Attorney General Andrew Cuomo (who also just happens to be running for governor). Amidst the robo-signing controversy and the announcement by Bank of America, GMAC, JPMorgan Chase and others that they will now delay foreclosures in all 50 states (up from
The Wall Street Journal editorial page, defenders of capitalism and rule of law, along with the mortgage industry’s spinmeisters would have you believe that this bank foreclosure fiasco and the robo-signing controversy is just a matter of some paperwork filing errors. What they underestimate (or intentionally misrepresent, depending on who you think they’re working for)
More New York bankruptcy on the way? A New York State Comptroller’s report indicates that the income of New Yorkers has fallen by 3.1 percent, the first decline in 70 years for New York residents. The primary cause of the decline is the drop in Wall Street earnings (remember the financial crisis?) and resulting layoffs
A revealing study titled Kids and Foreclosures: New York City was released yesterday by New York University’s Institute for Education and Social Policy and NYU’s Furman Center for Real Estate and Urban Policy. The study demonstrates that students living in homes subject to foreclosure suffered lower reading and math scores. The study also notes that
In case you haven’t seen the news, several major banks–Bank of America, JP Morgan and GMAC–have declared a moratorium on foreclosures in 23 states, including New York. Why? Because they’ve been so sloppy in processing foreclosures that they face a wave of class action lawsuits and actions by state attorney generals. Specifically, a Bank of
Are things getting better or worse? Is it more likely that you’ll need to file for bankruptcy in the future, or less likely? It’s hard to know the answer to these questions. But below are some articles that may serve as indicators of which way the wind is blowing. 1. “The ugly reality of lowering
There’s a thoughtful article by Gene Turnwald (a Lansing, MI attorney) about how Americans 65 and older view bankruptcy differently than the younger generation of 30 and 40-somethings. He notes how the younger generation views bankruptcy as a calculated business transaction. Those 65 and older, on the other hand, tend to take it more personally
You may have recently heard that student loan debt now exceeds credit card debt. And that there’s a proposal in Congress that would make student loan debt dischargeable in bankruptcy just like any other debts. (This is not the first time such a proposal has been bandied about. Read my post from a year ago
Are debt collectors as bad as you think they are? Martha C. White of WalletPop.com has a great article about a Wall Street Journal reporter who spent time working for a debt collection agency to see what really goes on. And Fred Williams learned that, yes, it’s pretty much that bad. He’s documented his experiences
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