We’ve all heard the old saying “once a cheater always a cheater.” Now thanks to Wall Street we’ve been given a new variation: “once Wall Street, always Wall Street.” In other words; once you cause the largest financial crisis since the Great Depression due to bad behavior and wrongdoing, you will continue to engage in that bad behavior and wrongdoing since you won’t have to face any consequences as some habits are hard to break. Continue reading
Part 1: Burning Issues Regarding the Foreclosure Five Year Statute of Limitations and Who it Affects
In part one of his two part video series Roy Oppenheim discusses the burning issue regarding the foreclosure five year statute of limitations rule and who it affects. Continue reading
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‘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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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.