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HOMEOWNERS NEWS

ForeclosureGate.org Is A Public Service Homeowner Coalition and Cooperative, Created To Exchange News And Information And To Advance Justice For American Homeowners

White House Skeptical of Plan to Seize Mortgages by Eminent Domain The eminent-domain gambit is being advocated by Steven Gluckstern, the chairman of Mortgage Resolution Partners, a San Francisco-based venture capital firm that has been the guiding force behind three California municipalities that are considering the approach.Mr. Gluckstern, an entrepreneur and former insurance executive, took an early role as a major fundraiser for President Barack Obama. U.S. Consumer Watchdog to Oversee Credit Bureaus The Consumer Financial Protection Bureau announced on Monday that it would begin supervising the leading credit bureaus, the companies that collect financial details of everyones life. The bureau will oversee and make rules covering about 30 credit reporting companies, representing 94 percent of the $4 billion credit reporting market.. ATTENTION Homeowner Advocacy Groups: Urge Local Officials Across America To Implement Similar Fraud Prevention Measures Ingham County officials won a temporary restraining order this week against a debt collection agency attempting to foreclose on a Meridian Twp. homeowner. This is the second time Ingham County officials have intervened to save the home from what they say is a wrongful foreclosure.

Noah Lamaide Saves Grandma's Home from Foreclosure One day this past January, Noah Lamaide of Stevens Point, Wisc., heard crying as he crept down his basement stairs. His grandmother, Janice Sparhawk, 72, was tearfully explaining to his mom, Jill, that illness had caused her to fall behind on the mortgage on the white 100-yearold cottage that had been in her family for generations.

Foreclosure reform takes effect Among the measures, homeowners will have the right to meet face-to-face with a neutral mediator and the bank or institution that owns their mortgage before foreclosure can take place. Many consumers have complained that it's difficult to reach the bank that ultimately owns their home because mortgages are often bundled and sold on the secondary market.

Maryland court limits chain of title challenges post-foreclosure A new opinion from the Maryland Court of Appeals limits the amount of time homeowners have to challenge chain of title defects when dealing with a foreclosure. The ruling essentially prohibits homeowners from raising title defect issues in court after a foreclosure sale is already complete.

California foreclosure overhaul signed into law A major overhaul of foreclosure laws in the Golden State has been signed into law by Gov. Jerry Brown. Last week, California lawmakers passed the legislation that would provide homeowners with some of the nation's strongest protections from foreclosure and aggressive bank practices.

Foreclosure fraud combatant eyes clerk of court role in Florida Florida has been ground zero for foreclosure fraud, but even with multibillion-dollar settlements and federal consent orders, the state's financial services industry may face new scrutiny from a community activist who's taken a critical look at the industry and its practices. Lisa Epstein, who's running for clerk of court.

Mortgage Demand Wanes Despite Historically Low Interest Rates Despite the historically low rate of interest, and the seemingly available supply of credit, applications for mortgages are not increasing, as one might expect, but actually are continuing to decline. According to the MBA, as of the week ending June 3, 2011, mortgage loan applications.

SIFMA Statement On the JPAs Proposed Use of Eminent Domain to Take Mortgage Loans First. The use of eminent domain will do more harm than good. The worst harm will be felt by San Bernardino residents themselves, as they find it harder or impossible to obtain credit. If performing mortgage loans are taken from their holders, this will cause significant losses to those holders, and cause those who fund mortgage loans to act very cautiously.