Archive for the ‘International News’ Category
Tuesday, June 14th, 2011
‘Hope’ stands as a fleeting memory for most Americans as unemployment stagnates, housing prices fall and economic growth looms as a lofty promise unfulfilled. And as we get closer to the 2012 Presidential Election, it’s becoming clear that the ideological political landscape that dominated the 2008 election cycle will be eclipsed by a menacing elephant in the room: the economy.
The President is well aware of the uphill battle he faces when it comes to convincing voters and campaign financers that his economic policies and regulations have not only been what we needed the past three years, but also what we need in the next four. According to The New York Times, President Obama has already started reaching out to the skeptical financial industry on Wall Street, hoping to win back one of his most vital sources of campaign cash.
While many on Wall Street view the President’s financial rhetoric as unfair to their industry, his apparent goal is to prove that his fiscal policies have helped to bring the banks and financial markets back to health and toward sustained growth.
The argument goes that the economy would have been dramatically worse at this stage had the Obama administration not taken the action it did in the wake of the real estate and financial crisis.
But how do you prove a negative? You can’t.
Historically, recessions have been ended by a wave of homeowner refinancing that predictably follows a lowering of interest rates. The President faces a number of obstacles to accomplishing a refinancing boom, however.
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Tags: 2012 Election, economic news, Florida real estate, Hope, housing, load modifications, Obama, Oppenheim Law, political news, politics, presidential election, Roy Oppenheim, The New York Times, underwater homeowners, unemployment
Posted in Florida foreclosures, Florida Law News, Florida real estate, Foreclosure Fraud, International News, Loan Modification, Roy Oppenheim, The New York Times, Underwater Mortgage | 3 Comments »
Saturday, June 11th, 2011
Mortgage Rates Set Fresh 2011 Low After Jobs Report
Fixed rate home mortgage loans dropped for the eighth straight week to a new low for 2011 amid concerns of another economic slowdown this year, according to data from Freddie Mac and a report by The Wall Street Journal.
The 30-year fixed-rate mortgage averaged 4.49%, down from 4.55% last week and 2010’s 4.72% average. Rates on 15-year fixed-rate mortgages fell from 3.74% to 3.68%. 15-year fixed-rate mortgages averaged 4.17% in 2010.
Lawyers Get More Time to Finish Foreclosures
Florida foreclosure defense is translating into more time for plantiff bank attorneys to complete a foreclosure, according to an article in the Palm Beach Post.
Due to the reality of Florida’s overloaded court system and swirling questions surrounding the validity of foreclosure paperwork, Fannie Mae is now allowing bank attorneys up to 450 days (about 15 months) for lawyers to complete a foreclosure before fines are levied. The previous time limit was 185 days, or about six months.
The increased time needed to complete a foreclosure legally and correctly against a homeowner is due in large part to Florida foreclosure defense attorneys working to protect the rights of South Florida homeowners, according to Roy Oppenheim.
Obama Blames Wells Fargo, Bank of America, Chase for Modification Failures
The three largest U.S. mortgage lenders are getting some heat from the Obama administration for the failures of the federal foreclosure-prevention program, according to The Associated Press.
The lackluster performance of Wells Fargo, Bank of America and Chase with helping homeowners lower their mortgage payments has led the Obama administration to remove financial incentives it had given these lenders.
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Tags: AP, Associated Press, Bank of America, chase, economic slow down, Florida foreclosure news, Foreclosure News, Freddie Mac, HAMP, homeowners foreclose on banks, mortgage modifications, Obama, Obama Administration, real estate headline review, real estate headlines, The New York Times, The Palm Beach Post, The Wall Street Journal, Wells Fargo
Posted in Associated Press, Florida foreclosures, Florida Law News, Florida real estate, Foreclosure Defense, International News, Loan Modification, Palm Beach Post, Roy Oppenheim, Short Sales, The New York Times, The Wall Street Journal | 3 Comments »
Wednesday, June 8th, 2011
Nearly 40% of homeowners who took out a second mortgage are underwater on their loans, but the news surrounding second mortgages isn’t all doom and gloom for Floridians, says Florida foreclosure defense attorney Roy Oppenheim.
Second mortgages refer to any loan taken out on a property that is subordinate to the first mortgage, and include home-equity loans or lines of credit.
According to data from CoreLogic and The New York Times, homeowners with a second mortgage are two times more likely to be underwater on their property. CoreLogic’s data also shows that homeowners with second mortgages are facing deeper levels of negative equity in their homes – $83,000 compared with $52,000 – than borrowers without second mortgages.
The bright side is that Oppenheim Law is seeing massive principal reduction on second mortgages through loan modifications, according to Oppenheim. It’s becoming common for the Florida foreclosure defense law firm to negotiate up to 80% in principal reductions of second mortgages, a far greater percentage than first mortgages.
A vast majority of first mortgages were cut up, bundled and sold to investors as mortgage backed securities, the process that played such an enormous role in the Florida real estate crisis. On the other hand, nearly three-quarters of second mortgages are still held by the banks that made the original loans.
The good news for Florida homeowners is that these banks are beginning to treat second mortgages similarly to consumer credit card debt, accepting minimal “pay offs” to settle up with homeowners.
Homeowners who are willing to negotiate a “short payoff” can have tremendous success reducing their second mortgage principal by 50% to 80% and then paying off the remaining balance in cash. Banks are even starting to solicit Florida homeowners with second mortgages to make initial offers for 40% to 50% reductions, which Oppenheim Law is then able to negotiate to as much as 80%.
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Tags: CoreLogic, Florida Foreclosure Defense, Florida Foreclosure Defense Attorney, Florida short sale, Loan Modification, Oppenheim Law, Roy Oppenheim, second mortgages, short sale, south florida real estate, The New York Times, underwater homeowners
Posted in Florida foreclosures, Florida Law News, Florida real estate, Florida short sales, Foreclosure Defense, International News, Roy Oppenheim, Short Sales, strategic default, The New York Times | 2 Comments »
Wednesday, June 1st, 2011
The good:
All we can say is, you never know!
When the real estate market collapsed, Miami’s downtown epitomized the worst excesses of the building boom. Glittering new towers sat mostly vacant. Today Miami’s downtown real estate is booming and bustling with life and commerce thanks to foreign investors and renters.
A report by the Miami Downtown Development Authority indicates that 85 percent of new condo units are occupied. Downtown Miami’s population now numbers about 70,000 compared to 40,000 ten years ago. In spite of Miami-Dade’s 13.2% unemployment rate, downtown bars, shops and restaurants buzz with activity at the end of the workday. Sales at the swank Icon Brickell average 47 units a month.
The bad:
Clearing the backlog of foreclosures slows again as some delinquent homeowners successfully maintain that their mortgage companies can’t prove they own the loans, therefore forfeiting their right to foreclose. After last fall’s robo-signing debacle, many homeowners are waking up and realizing their banks are guilty of sloppy practices at best and forgery at worst. Oppenheim Law continues to see banks dismiss foreclosures.
And the ugly:
Double Dip Housing is no Ameri-cone Dream
As South Florida housing prices hit a new low, the The New York Times and Wall Street Journal chime in unison with a cherry on top: Goodbye, American Dream. It seems renting is the new ‘black’ in real estate fashion as desperate sellers watch not-so-desperate buyers sit on the sidelines waiting for the bottom to hit; while they rent in Miami luxury.
The S&P/Case-Shiller National Index, released today, indicated prices nationwide fell 4.2% in the first quarter after declining 3.6% in the fourth quarter of 2010, in spite of increases in 2009 after the home buyer tax credit and early 2011.
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Tags: Brickell, foreclosures stall, how to defend against foreclosure, Miami, Miami Condo Market, Oppenheim Law, Real Estate, real estate recovery, RealtyTrac, Roy Oppenheim, The New York Times, The Wall Street Journal, Trulia
Posted in Bank Fraud, Florida foreclosures, Florida real estate, Foreclosure Defense, Foreclosure Fraud, International News, Roy Oppenheim, The New York Times, The Wall Street Journal | 3 Comments »
Saturday, May 28th, 2011
Florida real estate finally makes the #1 list for something positive.
With the real estate market in recovery mode, owning a home is more affordable than renting in 72 percent of major U.S. cities. Miami, Las Vegas and Arlington, Texas round out the top three cities where buying is a safer bet.
Renting is more affordable than buying in only eight percent of America’s largest cities, including New York City, Seattle, and Kansas City. The Offices of Weston Title and Oppenheim Law continue to help homeowners navigate through the waters (and under waters) of Florida real estate buying, selling and investing.
Tags: Arlington, buying vs. renting, economy, Florida real estate, Las Vegas, Miami, Oppenheim Law, Real Estate, real estate crisis, real estate outlook, RealtyTrac, Roy Oppenheim, Trulia, Weston Title
Posted in Florida real estate, Infographic, International News, Weston Title & Escrow | No Comments »
Wednesday, May 25th, 2011
The South Florida Law Blog believes it will be at least 2016 before Florida’s housing market fully recovers, but a new study shows many Americans are far more optimistic.
The results are in, and it appears the majority of those surveyed believe 2012 will be the magic year for the housing market. Trulia and RealtyTrac recently polled 2,034 U.S. adults aged 18 years and older to find out when most Americans think the housing market will recover. A mere 10 percent thought a recovery would happen this year, while nearly a quarter of those surveyed predicted a bumpy road until 2015 and beyond.
Despite recent reports that foreclosures have slowed and sales in Broward and Miami-Dade are trending up, Florida is not out of the woods yet. As special guest and Florida real estate developer, Pat Sessions, pointed out during our talk show From The Trenches, the market has yet to bottom out here in Florida.
As always, the South Florida Law Blog continues to share and comment on the latest in real estate news.
Tags: Broward sales trending upward, foreclosures, foreclosures slowed, from the trenches, housing market, housing market recovery, Oppenheim Law, Pat Sessions, RealtyTrac, recovery, Roy Oppenheim, south florida real estate, Trulia, when will the housing market recover
Posted in Foreclosure Defense, From The Trenches, Infographic, International News, Roy Oppenheim | 6 Comments »
Tuesday, May 17th, 2011
Wall Street corruption blurs the lines between good guys and bad guys as this week’s headlines bubble to the top.
Government's Long Enforcement Slumber is Over, says Roy Oppenheim
Unbelievably guilty in the court of public opinion. Now ultimately guilty in a court of law.
The conviction of Galleon hedge fund billionaire Raj Rajaratnam on all 14 counts of conspiracy and securities fraud is a prime example of rampant Wall Street greed and conspiracy.
It’s become clear that bankers took advantage of us all through the tricks and frauds of petty crooks. Ironically, these crooks bankers are now being brought down by the same investigatory wiretap techniques once used only in drug and mob cases. Perhaps “Bankster” is now the appropriate moniker.
Rajaratnam, formerly viewed as a skilled investor and stock market genius, should have stuck to “counting cards.” It’s one thing to make informed, intelligent investments by counting cards through legitimate research and public knowledge. It’s another matter entirely to “mark the cards” through insider secrets, privileged tips and paid informants.
Now, after a mosaic of insider trading and deception has been uncovered, the billionaire Rajaratnam is exposed as a card marker. Consequently, he faces the prospect of spending the rest of his life in federal prison.
Not surprisingly, this card marking culture is closely tied to the banks and mortgage-baked securities (MBS) industry that brought down the American real estate market. Banks simply were playing a game they new they couldn’t lose.
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Tags: Deutsche Bank, Florida real estate, foreclosure mills, How to stop a foreclosure, Oppenheim Law, Raj Rajaratnam, real estate crisis, Roy Oppenheim, wall street
Posted in Bank Fraud, Bernie Madoff, Florida foreclosures, Florida real estate, Foreclosure Fraud, From The Trenches, International News, Roy Oppenheim | 4 Comments »
