(Source: By Christopher Quinn, The Atlanta Journal-Constitution (MCT) A company providing services to lenders and home buyers says a recent Georgia court case that tightened the enforcement of foreclosure laws will raise questions about the ownership of thousands of homes, create uncertainty in the housing market and result in many lawsuits.
The July court ruling says foreclosure documents and public foreclosure notices need clear identification of the loan owner or those legally able to negotiate for the owner, which many recent documents lacked because of the complex ways in which loans were created and sold to investors.
“…the Court of Appeals’ decision will cause great uncertainty in Georgia foreclosures as to the validity of a foreclosure, particularly those foreclosures that have occurred since 2008…” said attorney William Brown in a brief filed to encourage the Georgia Supreme Court to review the ruling.
On July 14, they moved all of their belongings from their hotel room to the home and continued fixing up the place.
“I had people pull up in the front yard telling me ‘You’re doing such a good job,’ ” Benjamin Spence said. “They told me that it was such an eyesore before and to keep up the good work.”
Last Tuesday, the couple was at home when a city inspector and Spartanburg Public Safety Department officers came knocking on their front door.
The inspector told them that the property’s owner wanted them out of the house, and they had two weeks to vacate.
“We were like ‘what?’ ” Railynn Spence said. “We said, ‘We’re the owners. We bought it out of an FLC sale.’ ”
The Spences said they went up to the county’s Delinquent Tax Office. There, an official showed them that the parcel number for the home at 777 Hayne St. ended in the digits 156.00, and paperwork showed that the Spences had made their bid on a parcel ending in 157.00, which was the empty lot.
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Citigroup ($29.78 0.44%) will pay $590 million to settle a class-action lawsuit from stockholders, who claimed the bank made misleading statements about its exposure to several collateralized debt obligations tied to risky mortgages.
Investors in the class action bought Citi stock between Feb. 26, 2007, and April 18, 2008, just as housing began to collapse and credit markets froze. The average stock price fell by 46% from a $56.41 high during this period.
“This fall caused billions of dollars in shareholder losses and made Citigroup common stock the worst performing stock in the Dow Jones Industrial Average for 2007,” according to a statement Wednesday from Kirby McInerney, the firm representing the investors.
Citi admits no guilt under the settlement and will pay investors from its existing litigation reserves.
Bank of America hasn’t modified any mortgages so far under settlement.
Bank of America Corp hasn’t completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday.
Five financial institutions that are part of the settlement have provided $10.6 billion in consumer relief from March 1 to June 30, with $8.7 billion in the form of short sales in which customers sell their homes for less than the mortgage’s value. Bank of America produced $4.8 billion in short sales, the most of the five banks, according to the first report by settlement monitor Joseph Smith.
JPMorgan Chase & Co completed $367 million in first lien modifications in which borrowers had their loan balances reduced, about half of all modifications.
Pols, Lobbyists Schmooze at Lavish Convention Parties – The Corruption of Congress.
TAMPA — The Republican National Convention, which got into full swing here Tuesday, and next week’s Democratic version in Charlotte, will be the two most expensive, extravagant pairs of political conventions in U.S. history. And most of the fun is paid for by the big corporations, lobbyists and superrich superdonors who began arriving in Tampa on their private jets this weekend. This is a system where there’s no shame, said Harvard Law professor Lawrence Lessig, an expert on the role of money in politics. Instead, said Lessig, There’s pride.