Category Archives: subprime

Illinois Foreclosure Statistics

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Illinois foreclosures down …

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… but still in the national top 10, meaning that 1 in 550 housing units in Illinois is now in foreclosure. That in turn translates to roughly 1 out of every 10 residential homes.

But the real scourge of the real estate market is that is has hollowed out entire blocks and permanently affected the ability of homeowners to move, sell, divorce, or refinance. Most are stuck, and many are stuck paying for more house than they actually have.

Satan’s Credit Cards

This article in CNNMoney identifies 9 credit cards industry experts told CNNMoney were among the worst in America for nose-bleed interest rates and ridiculous fees. Here’s the list:

  1. Applied Bank Unsecured Visa Gold Card
  2. First Premier Bank MasterCard
  3. Baby Phat Prepaid Visa RushCard
  4. Hooters MasterCard
  5. The Shack Credit Card
  6. Shell Select Member Card
  7. Visa Black Card
  8. JCPenney Rewards Credit Card
  9. Household Bank Premium Platinum MasterCard

 

New Report: Default Mortgages and Foreclosures on 7.3 Million Homes

Mortgages in default and foreclosed homes now account for just over 7.3-million homes. The report for April released by Lender Processing Services shows that there is at least some sign of an improvement in the foreclosure crisis with the number of loans 90 days or more delinquent declining from March. However, there are more than 4-million homes in default nationwide and deterioration levels remain excessively high with two loans rolling to a “worse” status for every single loan that has improved. The overall volume of mortgages moving from delinquent to current status declined to a three-month low supported primarily by “artificial cures” associated with the Obama administration’s housing relief program known as HAMP.

Read the full article from Housing Predictor

Miller v. LaSalle Bank (7th Cir.)

Amendment to Indiana recording statute applied to all mortgages, whenever filed. IC 32-21-4- 2(c) amends the Indiana recording act so that mortgages with certain technical defects are still considered to provide constructive notice. The 7th Circuit Court of Appeals held that the amended statute applied to all mortgages regardless of when they had filed. The statute’s use of the phrase “is recorded” was ambiguous, the Court of Appeals found. Applying the statute retroactively would not upset vested substantive rights, as debtors did not have vested rights to the effect of technical defects at the time their mortgage was recorded. Importantly, the same legislative session enacted, within ten months, a subsequent amendment clarifying the subject amendment which stated that the subsection “applies regardless of when a mortgage was recorded.”

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New Home Sales Hit Record Low

By Martin Crutsinger of the Associated Press

WASHINGTON — According to the Commerce Department’s report released Wednesday, sales of new homes plunged to a record low in January; underscoring formidable challenges facing the housing industry as it recovers from the worst slump in decades. New-home sales dropped 11.2% to a seasonally adjusted annual pace of 309,000 units, the lowest level on record. In fact it fell to the lowest in nearly a half century. And the drop was a surprise to economists who were expecting a slight increase over December’s pace. While winter storms were partly to blame, sales have fallen for 3 consecutive months despite sweeping and often heavy-handed government support.

Read the Full Article

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Disproportionality Even in Bankruptcy

Bankruptcy Claims More Female Victims

An editorial by Rafia Khader, Law Clerk, M. Hedayat & Associates, P.C.

Bankruptcy is a trying situation for any individual. But for women it seems as if the laws yet again disproportionately burden them. I came across an interview with Harvard Law Professor Elizabeth Warren a while ago that was both shocking and predictable. In it she said that changes to the bankruptcy law made in 2005 (oh those again!) made it much harder for women to make ends meet.

Before 2005 women dependent on domestic support from their ex-husbands were able to collect such payments with full confidence because declaring bankruptcy meant that the ex-husband’s debts, excluding domestic support obligations of course, would be wiped out. But no, the credit card companies didn’t like that! Why should ex-wives be able to collect the ex-husband’s money and not they! The injustice!  So in 2005, they had the laws changed. Today, discharge of credit card debt is not necessarily guaranteed and women are, as Warren says,  in ‘direct competition’ for the ex-husband’s resources. Thanks, credit card companies!

But perhaps what is most truly startling are the statistics from theU.S. Women’s Chamber of Commerce. A study found that women were 32% more likely to have received supbrime mortgages than men. And that’s irrespective of income! Women were also 41% more likely have received higher cost subprime loans for their businesses. And we all know what suprime means. Thanks, Wall Street!

Sure, these statistics don’t establish any type of causal relationship and you can’t really blame credit card companies for ruining women’s lives (there are other institutions in places that have contributed to that), but the bottom line is this: women definitely do have it tougher. But of course I am a woman and I would say that.

But I am also right.

RK