Continue Reading Add comment May 13th, 2009
Staffers at the Securities and Exchange Commission are recommending that the agency file civil fraud charges against Countrywide co-founder Angelo Mozilo, according to a published report. Read more »
Continue Reading Add comment May 13th, 2009
City News Service is reporting that a 42-year-old man in Riverside, Calif, east of Los Angeles, was arrested for allegedly putting pipe bombs around his home, which had been foreclosed on. A representative of the bank found the bombs.
Police used a bomb disabling robot and an armor plated vehicle to defuse the devices. Nine surrounding homes had to be evacuated. Another ugly episode in the housing bust.
Continue Reading Add comment May 13th, 2009
National Short Sale Center, which helps homeowners negotiate the sale of their homes for less than what they owe their bank, says the country is due to experience record-setting amounts of foreclosures in the second quarter of 2009. The company is predicting a first-ever quarter with more than one million foreclosure filings, up from the first quarter’s 803,489 filings.
Federal legislation implemented a temporary moratorium on foreclosures and many banks agreed to their own foreclosure freezes for the holidays, but those are being lifted and the continued economic slump means that many Americans continue to struggle with their mortgages. After a 10 percent decrease in foreclosures for January, foreclosure activity across the nation increased 6 percent in February.
Foreclosure filings the first quarter of 2009—default notices, auction sale notices, and bank repossessions—increased 9% over the previous quarter and almost 24% increase over the first quarter of 2008. “A tsunami of foreclosures and bank-owned properties are hitting the market in the second quarter.”,” said Matt McCabe, chief operating officer of National Short Sale Center.
Continue Reading Add comment May 13th, 2009
The New York City office market has taken its hits with the tanking of the economy, but accounting firm Marcum & Kliegman L.L.P.’s new lease agreement for nearly 67,200 square feet at 750 Third Ave., the largest tenant relocation lease in Midtown Manhattan this year, is sparking hope that the worst will be over sooner rather than later.
Continue Reading Add comment May 13th, 2009
Foreclosures in April exceeded even March’s blistering pace with a record 342,038 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report. Read more »
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