The astute reader will notice that this blog has not been updated in many months. As of now this site is officially closed, and will no longer be updated. For information on consumer protection law please check out www.NewYorkConsumerLitigation.com. For consumer bankruptcy information please go to www.NewYorkBankruptcyLitigation.com

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This article in the Washington Post discusses ways to avoid foreclosure. The on-line version’s teaser says: “There are plenty of ways to avoid foreclosure: Refinancing, persuading the lender to modify the terms of the loan, selling the house or filing for bankruptcy protection, to name some. But there are also plenty of pitfalls.”

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Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing. Citigroup Inc said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest’s parent, ACC Capital Holdings, for an undisclosed price.
Ameriquest was the first major subprime lender to downsize in the current housing cycle, [...]

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H&R Block Inc. said yesterday that continued problems in credit markets were forcing it to renegotiate the sale of its Option One Mortgage Corp. arm to a subsidiary of Cerberus Capital Management.
In a conference call with analysts, chief executive Mark Ernst stated the obvious by saying that the mortgage origination market was in the midst [...]

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An interesting side product to the housing market slump is that so many people who were previously unable to afford to purchase a home are now in a better position.
From Los Angeles, this article about people looking at the depressed real estate market in a new way.

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Alphonso Jackson, secretary of Housing and Urban Development, urged Congress on June 4, 2007 to quickly enact legislation that he said could help stave off future distress for homeowners with high-risk mortgages without spending government money.
Nearly 2 million adjustable-rate mortgages are resetting to higher rates this year and next, setting up a potential wave of [...]

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An interesting investigation of North Carolina foreclosures conducted by The Fayetteville Observer covering 2001 to 2005 showed that 1,770 out of 4,979 foreclosure auctions in Cumberland County involved loans guaranteed by the U.S. Department of Veterans Affairs. In those cases, borrowers were active-duty military families or retired veterans.
Experts have blamed a surge in foreclosures across [...]

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On March 8, 2007 the Federal Deposit Insurance Corporation (FDIC) issued a cease and desist order against Fremont Investment & Loan, Brea, California (”Bank”), and its parent corporations, Fremont General Corporation and Fremont General Credit Corporation. The FDIC found that the bank was operating without effective risk management policies and procedures in place in [...]

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