We need to focus on keeping families in their homes, providing children stability, and restoring trust and respect between families and banks, law enforcement, and our government. "Hands Up. Don't Foreclose."
It's now widely known that the foreclosure crisis and the resulting recession have been devastating to homeowners and neighborhoods across New York State. Sadly, the foreclosure crisis has also generated a second wave of hardship for homeowners: foreclosure rescue fraud.
Recently released mortgage disclosure data findings indicate that a majority of future U.S. households could face significant challenges in achieving homeownership.
Amid all the recent reporting about income inequality in America, one fact has remained remarkably well hidden: Washington, D.C. has a higher level of inequality than any of the 50 states.
Get used to hearing the title The Imitation Game because, between the filmmaking of Morten Tyldum and the acting of Benedict Cumberbatch, this is the film they'll be talking about at the end of the year.
Released in July 2014, FHFA Brief 14-02, '"First Time Homebuyer Share and House Price Growth", arrives at a statistically supported conclusion that is at the very least predictable, if not painfully obvious.
I doubt many American know anything about this group composed mainly of business and real estate lawyers and now engaged in drafting something called the Home Foreclosure Procedures Act.
The housing crisis is now concentrated in many of America's more modest communities, where payday lenders, "no credit needed" used car dealers and Rent-A-Centers dot the main thoroughfares.
Statistics don't reveal the faces behind the numbers. While trillions were lost in housing values the human cost, measured in lost dreams, dislocation, divorce, depression, suicide, addiction, is incalculable.
From the Bronx to Buffalo, cities and towns in New York have been plagued by what are commonly called zombie properties. These are homes that residents abandon -- often after they have received a foreclosure notice -- which then languish, uncared-for, until the foreclosure process is complete.
The housing finance system -- as well as other national housing policies -- needs to serve a country where local home prices in some markets are 10 times as high as in others, and where local and state laws affect how much new construction is allowed, how long foreclosures take, and more.
Instead of expanding homeownership opportunities, the Johnson-Crapo proposal tells working and middle-class families that homeownership will be reserved for the fortunate few. That is simply wrong, and we can do better.
So, what does a family do when their lender denies a loan modification and instead insists on foreclosure? File bankruptcy. What happens a few months later when the lender has court permission to reschedule the foreclosure sale? The homeowner files bankruptcy again.
A beautiful actress, model and single mother of three sons, Angela had been making ends meet with odd jobs. When the mortgage payment on her Teaneck, N.J., house was due, she used her grandmother's recipe for a cake filled with Red Delicious and Gala apples iced with cream cheese frosting to raise the funds.
I worked for 30 years as a cardiologist in Richmond, and I have always seen the city's problems through the health lens. What can a focus on health teach us about Richmond's foreclosure crisis? What is the impact on the health of families and neighborhoods?
When foreclosure actions due to predatory lending are fought from a Civil Rights perspective, the rights and interests of the homeowner who was wronged becomes the focus. It's about fairness and an even playing field. That's all anyone ever wanted.