User: demo Topic: Housing
Category: Foreclosure Impacts on Renters
Last updated: Aug 11 2017 23:39 IST RSS 2.0
 
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N Carolina speaker blames lawyers’ zeal for legal aid cuts 11.8.2017 Seattle Times: Nation & World

RALEIGH, N.C. (AP) — North Carolina’s House speaker wouldn’t say at first why the Republican-led General Assembly cut much of the state funding legal aid groups use to help low-income clients facing evictions and other legal trouble in civil court. The $1.6 million cut in the final state budget in June was approved with little […]
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Major rental-home companies to merge as U.S. house prices recover 11.8.2017 Seattle Times: Business & Technology

The acquisition of foreclosed homes has slowed in recent years as real estate prices have recovered in many markets that were a focus of big rental-home companies. Lately, there has been a wave of consolidation in the business.
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Business News Roundup, Aug. 11 11.8.2017 SFGate: Business & Technology
Wells Fargo Chairman Stephen Sanger will probably step down before the company’s next shareholder meeting early next year as part of a shakeup of the board of directors, the Wall Street Journal reported, citing people familiar with the matter. Wells Fargo said last week that the board is reviewing its own “structure, composition and practices,” which will lead to actions that will be announced by the end of September. Calls for changes on the board intensified last month after the bank said 500,000 clients might have unwittingly paid for protection against vehicle loss or damage while making monthly loan payments, even though many drivers already had their own insurance policies. The disclosure follows a scandal last year in which the company acknowledged that it may have opened millions of unauthorized deposit and credit-card accounts. Ryan Graves told staff in an email Thursday that he will move out of his role as senior vice president of global operations in mid-September. Consumer Reports is ...
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Single-family rental rivals Invitation Homes and Starwood Waypoint Homes to merge 10.8.2017 LA Times: Business

Invitation Homes and Starwood Waypoint Homes — two of the nation’s largest owners of single-family rental houses — announced Thursday they are merging, creating a behemoth rental company as the country’s home ownership rate remains depressed.

The deal comes as home prices have risen across the...

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Racked by her bad credit history, mom wonders whether to buy home in 17-year-old son's name 9.8.2017 Washington Post
Racked by her bad credit history, mom wonders whether to buy home in 17-year-old son's name
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Freddie Mac may help fill need for affordable rental homes 29.7.2017 Seattle Times: Business & Technology

Finance company Freddie Mac plans to provide tens of millions of dollars in financing or loan guarantees to smaller firms that buy single-family homes and operate them as what it considers affordable-housing rentals.
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Bakersfield votes to end controversial program that funds home solar panels 21.7.2017 LA Times: Commentary

As home improvement projects to increase energy efficiency have exploded in California, so has the controversy over a property tax-based financing program that’s helped spur the growth.

So-called PACE loans — which pay for solar panels, efficient appliances and other improvements — have been blamed...

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The California Renters’ Revolt 12.7.2017 American Prospect
Sasha Abramsky Richmond City Councilmember and ACCE activist Melvin Willis Capital & Main  is an award-winning publication that reports from California on economic, political and social issues. The American Prospect is co-publishing this piece. Nearly a decade after the housing market’s collapse, California’s real-estate market has bounced back—and then some. The median price for a two-bedroom rental in San Francisco, depending on what report is used, ranges from roughly $3,000 a month to well over $4,000. The median home-sale price in the state, says the California Association of Realtors, is over $536,000. In regions with particularly buoyant markets—Silicon Valley, the greater Bay Area, Los Angeles, Orange County, San Diego, and other, mainly coastal areas—increasing numbers of people are finding themselves utterly priced out of their communities. Investors have flocked to cities such as San Francisco and Oakland, to purchase homes that they know they can rent out for a fortune. And in tourist ...
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Private Equity: The New Neighborhood Loan Sharks 12.7.2017 American Prospect
This article appears in the Summer 2017 issue of The American Prospect magazine. Subscribe here .  Mike Gallagher double-checks the address on his smartphone and walks up the cement steps of the brick two-story house on Detroit’s west side. He rings the doorbell, and after waiting a minute knocks loudly on the door. A dog barks and a shirtless black man in his mid-thirties cracks open the door. “Good afternoon. I’m Mike from the Home Savers group. We’re talking to people who have a land contract from Harbour Portfolio. Is that your situation?” “Yes,” says the man, whom the visitor may have just woken up. He cautiously looks at Mike, who is white with unruly short white hair. “A lot of people are finding these rent-to-buy loans may not be such a good deal. Sometimes they’re worse than being a tenant, since you have to pay for all repairs and maintenance. But you don’t build any wealth until you make the last payment. How long is your contract loan?” “Thirty years.” Gallagher learns the man’s name is ...
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Fickleness of the housing market pushes some owners to become landlords 10.7.2017 Washington Post
Fickleness of the housing market pushes some owners to become landlords
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Black homeowners struggle as US housing market recovers 9.7.2017 Salt Lake Tribune
San Francisco • Yul Dorn and his wife raised their son and daughter in a three-bedroom home crammed with family photos, one they bought in a historically African-American neighborhood in San Francisco more than two decades ago. Today, the couple is living in a motel after they were evicted last year, having lost a foreclosure battle. A second home they inherited is also in default. The Dorns expect to join the growing ranks of African-Americans who do not own their homes, a rate that was nearly ...
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Black homeowners struggle as US housing market recovers 9.7.2017 AP Top News
SAN FRANCISCO (AP) -- Yul Dorn and his wife raised their son and daughter in a three-bedroom home crammed with family photos, one they bought in a historically African-American neighborhood in San Francisco more than two decades ago....
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Black homeowners struggle as US housing market recovers 9.7.2017 Seattle Times: Business & Technology

The disparity in homeownership is the highest it’s been in seven decades, as African-American households rebound more slowly from the damage of the Great Recession and the subprime mortgages that disproportionately targeted minorities.
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Puerto Rico families fight, flee a surge in foreclosures 21.6.2017 Washington Post: World
Elvis Guzman opened the letter, saw it was in English and took it to his lawyer for translation.
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Puerto Rico families fight, flee a surge in foreclosures 21.6.2017 Seattle Times: Nation & World

SAN JUAN, Puerto Rico (AP) — Elvis Guzman opened the letter, saw it was in English and took it to his lawyer for translation. The 59-year-old who sells recycled metal for a living figured it was another letter from the bank warning his family that they were behind on their mortgage payments. But the news […]
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Protect yourself as soon as possible if renting during a foreclosure 9.6.2017 Washington Post
Protect yourself as soon as possible if renting during a foreclosure
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These loans were created to help homeowners, but for some they did the opposite 4.6.2017 LA Times: Business

After nearly half a century at the house on South Sierra Bonita Avenue in Los Angeles, Ossie Hill wanted to spruce up the two-bedroom home she and her late husband purchased in the early 1970s.

But the 86-year-old didn’t have the money.

Then her daughter, Cassina Edwards, had an idea, recalling...

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With some borrowers struggling with a new kind of home-improvement loan, reforms are on the table 4.6.2017 LA Times: Commentary

Business has been good for contractors whose home-improvement jobs are financed by a new program known as PACE.

Lenders eager to fund the energy-efficiency projects that the financing pays for offer contractors online tools to manage their business and sign up customers.

For example, type in an...

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3 Northern California men convicted in massive bid-rigging scheme to buy foreclosed properties 3.6.2017 LA Times: Commentary

Three Northern California men, including one of Oakland’s largest landlords, were convicted Friday of creating a massive bid-rigging scheme to scoop up hundreds of foreclosed properties at suppressed prices, U.S. Department of Justice officials said.

A federal jury convicted Michael Marr, Javier...

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After complaints, Fannie Mae will stop selling homes to firm in rent-to-own business 25.5.2017 Seattle Times: Business & Technology
The government-controlled mortgage-finance giant said it had stopped selling properties to Vision Property Management after conducting a review of the firm’s rent-to-own program.
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