Archive June 2012
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Calif Assoc of Realtors on Wrong Side of SB900/AB278
www.HOFJ.orgFollow [at]HOFJholmes
Blog Category: Home Owners For Justice
FALLACIES from the Calif Assoc of Realtors (CAR):
C.A.R. is OPPOSING a conference report, AB 278 [and SB900], containing anti-foreclosure legislation sponsored by the state Attorney General. C.A.R. opposes provisions in this measure which will allow anyone to stop the foreclosure process by filing a lawsuit, merited or not. C.A.R. agrees that careful and balanced reforms to the foreclosure process are necessary. However, C.A.R. opposes this conference report because it will further delay the housing recovery by inviting bad-faith lawsuits and defaults, and making it difficult for even well qualified borrowers to obtain financing.
1. DELAY HOUSING RECOVERY: Not. SB900 will not delay housing recovery. In fact, it will have the opposite effect. Without this bill we can expect home prices to CONTINUE TO FALL as the banks ramp up foreclosures with little any owner can do about it. In California, another 135,812 homes are scheduled for foreclosure in the next 3.5 months. THIS foreclosure epidemic is what has devastated prices and will continue to do so until foreclosures stop.
This bill will help stop foreclosures, and should force servicers to get more serious about loan mods with principal reduction. Loan mods with principal reduction would allow the market to return to normal with sellers being able to sell without having to sell short or just fall into foreclosure.
2. INSPIRE BAD FAITH LAWSUITS: Not. Owners have to pay for these lawsuits up front, which will greatly inhibit bad faith ones. However, this law will give owners some modest recourse when the servicer jacks them around as they typically do these days - dual tracking, lying to the owners about foreclosure while they're theoretically working on a loan mod, tossing owners from department to department, everybody saying something different. Ideally, with this law in place, servicers will be forced to deal honestly and professionally with owners.
3. DIFFICULTY IN OBTAINING FINANCING: Not. Are you kidding? If anything would have stopped lenders from lending, it would have been last year's law about NO LENDER RECOURSE in a short sale no matter how the loan was obtained - refinance, investment - instead of just purchase money loans being protected. That hasn't make a particle of difference in lending. SB900/AB278 won't make any lending difference either. It is just too lucrative to lend on Californian homes. Period.
4. FINANCING IS DIFFICULT TO GET: Yep. But not because of foreclosures or a lack of foreclosures, and financing difficulty has nothing to do with SB900/AB278 at all. Foreclosures are a completely different department than the lending side of these institutions.
If anything, it's greedy servicers wanting to securitize home loans that makes financing harder to get. All home financing is now going through several levels of underwriting to ensure the loan follows FHA guidelines, so the servicer can be SURE to sell it to investors in mortgage backed securities, whether that is Fannie/Freddie, or the market (Fannie/Freddie are ramping up their securitization investments instead of being "wound down" as congress wants). This is where the pressure for financing quality and difficulty comes from. This difficulty has NOTHING to do with foreclosures or these bills.
As a member of CAR myself, I was horrified to discover CAR was against Owners on this issue. All owners, realtors, and agents need to contact their CAR representatives and let them know this is NOT the side to be on.
As more and more owners discover the truth that bank fraud is required to foreclose and that bank fraud and lies have caused this entire foreclosure debacle, they will remember CAR being on the side of the banks..... CAR beware.
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to markets nationwide. She recently founded Home Owners For Justice and can be contacted at (707) 578-5727, cjholmes@cjholmes.com, www.cjholmes.com, or www.HOFJ.org
Floor Vote July 2: Call CA Legislators to pass SB900 (AB278 in house)
www.HOFJ.orgFollow [at]HOFJholmes
Blog Category: Home Owners For Justice
[CJ's 5 minutes at the State Capitol, Foreclosure Moratorium Rally, June 25th]
SB900, Home Owner Bill of Rights addressing foreclosure regulation, passed out of conference committee this morning (June 27th) with most provisions intact despite last minute effort by a committee member to delay and kill it.
This measure, the best Californian home owners can hope for at this time, will be voted on the floor this coming Monday, July 2.
Please call your legislators urging their positive support. After that, please call as many of these legislators as you can. Now is the time to step up our efforts.
Charles Calderon, dist 58, 562-692-5858
Ron Calderon, district 13, 323-890-2790
Lou Correa, dist 34, 714-558-4400
Mike Gatto, dist 43, 818-558-3043
Ed Hernandez, dist 24, 626-430-2499
Roger Hernandez, dist 57, 626-960-4457
Ricardo Lara, dist 50, 562-529-3250
Kevin Leon, dist 22, 213-612-9566
Negrete McLeod, dist 32, 909-621-2783
Juan Vargas, dist 40, 619-409-7690, 760-398-6442
Rod Wright, dist 25, 310-412-0393
Here are complete lists of California State Senators & Representatives:
http://www.leginfo.ca.gov/sen-addresses.html
http://www.leginfo.ca.gov/asm-addresses.html
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to markets nationwide. She recently founded Home Owners For Justice and can be contacted at (707) 578-5727, cjholmes@cjholmes.com, www.cjholmes.com, or www.HOFJ.org
Legislators are VOTING on foreclosure bills Wednesday, 27th - Call them NOW
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Blog Category: Home Owners For Justice
Legislators are swayed by constituents calling. Let's show them we care!
If you are a constituent in any of these specific districts below, many of which have been devastated by foreclosures, CALL YOUR REP NOW to support the passage of SB900/AB278, supporting slowing down foreclosures and keeping banks in check. The vote is to be held Wednesday, June 27th, 2012.
Evidently, bills in support of homeowners and reining in banks have been held back for the last three years which one reason we’re in such a world of hurt now.
We must not let another year go by. Please call them to help get these legislators on board in support of these bills. These bills are the best we can get at this time. And definitely something is better than nothing.
Charles Calderon, dist 58, 562-692-5858
Ron Calderon, district 13, 323-890-2790
Lou Correa, dist 34, 714-558-4400
Mike Gatto, dist 43, 818-558-3043
Ed Hernandez, dist 24, 626-430-2499
Roger Hernandez, dist 57, 626-960-4457
Ricardo Lara, dist 50, 562-529-3250
Kevin Leon, dist 22, 213-612-9566
Negrete McLoeod, dist 32, 909-621-2783
Juan Vargas, dist 40, 619-409-7690, 760-398-6442
Rod Wright, dist 25, 310-412-0393
Here are the lists of California State Senators & Representatives:
http://www.leginfo.ca.gov/sen-addresses.html
http://www.leginfo.ca.gov/asm-addresses.html
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to markets nationwide. She recently founded Home Owners For Justice and can be contacted at (707) 578-5727, cjholmes@cjholmes.com, www.cjholmes.com, or www.HOFJ.org
6/14/12: Foreclosure Updates from Home Owners For Justice, CJ Holmes
www.HOFJ.orgFollow [at]HOFJholmes
Blog Category: Home Owners For Justice
FORECLOSURE PANDEMIC CONTINUES:
Foreclosure Auctions Scheduled for the rest of June 2012 (from ForeclosureRadar):
California auctions: 55,037 – 2,752/day
Arizona auctions: 12,726 – 636/day
Nevada auctions: 2,481 – 124/day
Oregon auctions: 1,783 – 89/day
Washington auctions: 2,431 – 121/day
Total auctions for the rest of June, 2012: 74,458 - 3,722/day (just in these 5 states)
ARE BANKS SKIPPING OUT ON US??
5/14: GMAC puts mortgage unit (ResCap) in bankruptcy. One of the 5 banks in the AG Settlement and paid $212M as a fine, ResCap still owes taxpayers $12B of $17.2B bailout. Buyers of subprime loans sued GMAC demanding they buy back toxic assets. Does this mean ResCap is defaulting on the bailout payback??
5/30: Aurora bankruptcy to be completed by June 30, 2012: Aurora’s portfolio is being transferred to a new servicer, NationStar, on July 1, 2012 as part of their bankruptcy… so who picks up the lawsuit tabs?
FIGHTING BACK BY DEMANDING FORECLOSURE FEES, TEMP HALT TO FORECLOSURES, OR DA ACTION BASED ON RECORDED FRAUDULENT DOCS:
6/5: SF: Supervisor Avalos And Recorder Phil Ting are sponsoring Foreclosure Protection Tax legislation requiring banks to pay transfer tax on foreclosures in San Francisco. Surely counties can get on board with this revenue enhancing proposition. Michigan won a lawsuit against Fannie/Freddie to make them pay transfer taxes.
6/6: SF, others seek temp halt to foreclosures. Until $25B AG settlement is to be enacted July 1, 2012. Remember “robosigning” is just plain fraud. And that fraud is on record at our county recorder offices. That they aren’t in prison for this fraud is beyond me. We’re encouraging county DAs to file charges.
6/6: Foreclosure fighters met with Butte county DA today and myself on the phone. I was greatly encouraged to hear that all the DAs and the AG are meeting in 3 weeks to discuss this pandemic which is the major topic at hand. Let’s do a big push in contacting our county DAs to let them know we need foreclosures to stop.
6/6: Foreclosure CFI volunteers checking records in Santa Cruz and Butte County right now. Check out our CFI Training page, to learn how to find fraud filed by the banks in your county records.
WHAT PEOPLE CAN DO TO HELP THEMSELVES – NEW STUFF AT WWW.HOFJ.ORG:
HOFJ web page: 5. Restitution, Reform page: Independent foreclosure review: [form] 2009-2010 foreclosed owners must file by 7/31/12. if an owner feels they’ve suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. Servicers required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.
HOFJ web page: 2a. Free loan modification info page. handy links to info with explanations. includes CA DRE cease and desist orders and enforcement against loan mod scammers links.
HOFJ web page: Legal Action by State page: Check out the AG Settlement, Facts and Executive Summary
CJ & HOFJ COMING EVENTS:
6/14: TV production went very well, and should be loaded up to Youtube soon and broadcast on Public TV, channel 3 in Mendocino county.
6/22: Monterey County Foreclosure Teach-in at 1364 Fremont Bl, Seaside, from 6p-9p.
6/25: March on Sacramento for Foreclosure Moratorium June 25th 10a-3p. I’ll be speaking. We need thousands of owners to show up for this. Foreclosures hurt everyone. Rally for Homes.
9/8: Santa Clara Foreclosure Summit – CJ will be speaking at event
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to markets nationwide. She recently founded Home Owners For Justice and can be contacted at (707) 578-5727, cjholmes@cjholmes.com, www.cjholmes.com, or www.HOFJ.org.
5/30/12: Foreclosure Updates from Home Owners For Justice, CJ Holmes
www.HOFJ.orgFollow [at]HOFJholmes
Blog Category: Home Owners For Justice
5/30/12: FORECLOSURE UPDATES
5/16: man commits suicide in despair due to wells fargo treatment and illegal foreclosure in Newbury Park, CA.
5/22: CAR claims responsibility for the death of AGs HOBOR (home owner bill of rights) AB1470 that had legislation similar to Nevada Foreclosure law changes because “it goes too far”. This was told to me in person at a meeting I attended with CAR/NAR legislative representatives. The bill CAR supports (AB1745) is to “stop dual-tracking for short sales”. That’s it. CAR seems focused on business for themselves… and have forgotten about owners. In the meeting when I objected because owners want to KEEP their homes – they want loan modifications not short sales – you could have cut the silence with a knife. Owners need to call their realtors to insist CAR support a well-written Affidavit of Foreclosure Authority (AFA) legislation (executive summary of AFA law example).
5/23: California has 64,640 home auctions scheduled for June, 2012, equaling 3078 auctions per week day. (From ForeclosureRadar software)
5/24: Gov Brown has decided to raid the AG foreclosure victim settlement to balance the budget instead.
5/24: I’ve heard governor Brown will veto any bill requiring any “Affidavit of Foreclosure Authority” type legislation. Told to me by San Francisco foreclosure fighters who heard this in the capital.
5/26: SF Supervisor Avalos And Recorder Phil Ting are sponsoring Foreclosure Protection Tax legislation requiring banks to pay transfer tax on foreclosures in San Francisco. We need to get every county to do this. Make the banks pay. Surely counties can get on board with this revenue enhancing proposition.
6/25: March on Sacramento for Foreclosure Moratorium June 25th 10a-1:30p. I’ll be speaking. We need thousands of owners to show up for this. Foreclosures hurt everyone.
Thank you everyone for your support. May we save our country. cj
CJ Holmes, real estate investor since 1977, broker since 2005, and market analyst since 2007, has personally handled hundreds of transactions, viewed thousands of properties, and dealt with countless agents. She also owns a portfolio of income producing properties, and has developed unique market analyses to determine and predict price trends, which principles apply to markets nationwide. She recently founded Home Owners for Justice, and can be contacted at (707) 578-5727, cjholmes@cjholmes.com, www.cjholmes.com, or www.HOFJ.org.
