This Week’s Headlines:
NEW YORK CNNMoney — Homeowners who were victims of foreclosure abuses during 2009 and 2010 could receive more than $125,000 from lenders as part of an Independent Foreclosure Review that is being overseen by two government agencies.The Office of the Comptroller of the Currency OCC and the Federal Reserve laid out the framework in which borrowers will receive compensation for a wide range of foreclosure abuses and errors that occurred as a result of robo-signing.
Hall’s plans call for seven condo units priced at $2 million each, and, the report says, they will be the only homes in America that can survive a direct nuclear attack.
See companion article, “Anonymous Survival Guide for Citizens in a Revolution” – Ed.
Yet the market we currently have is really a large benefit to investment banks and the government with a smaller impact on the rest of Americans. At this point the banks and government are largely fused into one. The typical American is simply squeezed in the middle.
Our society is obsessed with the “monthly nut” like a squirrel running out onto the highway to get food only to miss the big rig barreling down on it.
This is what $549K looks like in Culver City. – Ed.
For the vast majority of American’s QE has been a dismal failure. Stock gains for the average guy were offset by losses in real estate. There was no wealth affect there.
The major kink in the housing market’s recovery, and for the macro economy overall, is the work left to be done on homes currently in the foreclosure process, those about to enter it and the amount of repossessed homes the banks must shed. Striking a proper balance on how to mange this shadow inventory of foreclosures is vital for the banks to show a healthy balance sheet while not dumping too many distressed properties onto the market, further dragging down home prices and values.
Thanks to Victoria Kuo for bringing this article to our attention- Ed.
Dispatches From The Front 