Loading...
Symbols:
Authors:

Foreclosed Families Turn Against Wachovia SF Branch [Housing Tracker]

by: SA Editor Judy Weil September 05, 2008 | about stocks: OCN / WB    
Judy-Weil

SA Editor
Judy Weil

About this author:
Become a Contributor Submit an Article
  • Font Size:
  • Print

Foreclosure Data

Ray of Hope in Subprime Crisis;Leading Mortgage Loan Servicing Company Sees Delinquencies Flatten or Decline.  “Leading subprime mortgage servicer Ocwen Financial Corp. (OCN): Delinquency rates in every category (60, 90 and 90+ days) have either declined or remained flat over the last three months. This is the first sign of stability in Ocwen-serviced loans since the inception of the subprime crisis in 2007. Ocwen's portfolio covers a significant portion of the subprime market - through its subsidiary, Ocwen Loan Servicing, LLC, the company services approximately 350,000 mortgages, about 85% of which are subprime… Ocwen's [says its] success is due in large part to a sophisticated approach to modifying loans and a commitment to loss mitigation.” (Press Release, Sept. 4) 

HUD Enacts Foreclosure Moratorium In 7 Cenla Parishes. “U.S. Housing and Urban Development Secretary Steve Preston Wednesday announced a foreclosure moratorium in 34 parishes in Southern and Central Louisiana… HUD also offered support to homeowners and low-income renters forced from their homes following Hurricane Gustav. This foreclosure relief will help families living in presidentially declared disaster areas whose damaged homes are insured through the Federal Housing Administration. The seven Cenla parishes included in the assistance – as declared by a disaster declaration by President Bush -- are Allen, Avoyelles, Beauregard, Evangeline, Rapides, Sabine and Vernon parishes.” (Town Talk, Sept. 4)

County Not Immune To Rising Foreclosures. Maryland: “Howard County might be one of the wealthiest counties in the country, but it is also home to a growing number of mortgage foreclosures. The number of foreclosures in Howard has climbed every year since 2004, with 674 cases filed last year. There have been 433 foreclosures filed this year as of Aug. 25, and if foreclosures continue at the current pace, the number for the year will again top 600.” (Howard County Times, Sept. 4)

SF Bank Under Siege By People Facing Foreclosure. California: “A San Francisco Wachovia branch was under siege Wednesday afternoon by people on the verge of losing their homes. Those people accuse the bank of giving them mortgages that the bank knew they couldn't afford. Wachovia (WB) is the owner of the former Oakland-based World Savings… The bank is one of the Bay Area's largest, but one that advocates say repeatedly refuses to modify loans and help keep customers in their homes. A CBS5 investigation revealed a pattern of loans to elderly minority homeowners in Oakland and other cities, loans many now say they didn't understand, and could never afford.” (CBS5, Sept. 4)

What Life Is Like After Foreclosure. “Most foreclosure victims will eventually become homeowners again, says Jay Zagorsky, a research scientist at Ohio State University. Still, that won't happen anytime soon, especially since mortgage rule maker Fannie Mae has recently lengthened the time that must lapse between a foreclosure and approval for a new mortgage.” (Scripps News, Sept. 4)

Foreclosure Rates in Sherman-Denison Increase. Texas: “First American CoreLogic: Foreclosure rates in Sherman-Denison have increased for the month of June over June 2007… The rate of foreclosures among outstanding mortgage loans is 1.1% for the month of June, an increase of 0.3 percentage points compared to June of 2007 when the rate was 0.8%. Foreclosure activity in Sherman-Denison is lower than the national foreclosure rate which was 1.6% for June 2008, representing a 0.5 percentage point difference… [Also,] 3.5% of mortgage loans were 90 days or more delinquent for June 2008 compared to 2.8% June 2007, representing an increase of 0.7 percentage points.” (KTEN, Sept. 4)

Record Number Of Homes Go To Foreclosure Auctions. “Tuesday was a record-breaking day for foreclosures in Santa Cruz County. The fate of about three dozen properties scheduled for foreclosure sales was announced on the steps of the county building… Compared to this time last year, foreclosure sales are up more than 300%, topping 600… Tuesday's large number of foreclosure auctions was due in part to Labor Day, and partly because there is no slowdown in the number of people with adjustable-rate mortgages falling behind on payments… The homes sold Tuesday had asking prices ranging from $240,500… to $563,125.” (Mercury News, Sept. 3)

Wisconsin Foreclosures Up In August.  “ForeclosuresWI.com: Foreclosures in the state have been on a steady decline since January, but increased in August by 5% to 1,848. In January, the state had 2,443 foreclosures. In July, the state had 1,762 foreclosures. Year-to-date, Wisconsin has had 16,139 foreclosures, which is about 25% higher than the first eight months of 2007. Despite the decline since January, the average monthly foreclosure rate in 2008 has been 2,017, up significantly compared to the average monthly foreclosure rate of 965 in 2003 for the state.” (Business Times, Sept. 3)

August Foreclosure Rates Show Mixed Results. “PropertyShark.com: Foreclosure rates in New York City reached a three-year high in August, while rates in Los Angeles, Miami and Seattle fell slightly from July. In the one month period, Los Angeles improved the most with a decrease of 18% to 4,907 foreclosures. Miami’s rate declined 10% to 994 foreclosures, while Seattle’s declined 8% to 175. New York City’s rate increased 13% to 383 foreclosures from July to August… Rates for all four cities were up from August 2007. In Los Angeles, the foreclosure rate went up 159% over August 2007. Miami’s rate went up 72%, while New York City’s and Seattle’s rates increased by 53% and 27%, respectively.” (WSJ Blogs, Sept. 3)

Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below.

Get Seeking Alpha's housing market coverage by email -- it's free and takes only seconds to sign up.

Related Articles

This article has 7 comments:

  •  
    Sep 05 10:35 AM
    this country is getting nuttier & nuttier. if you are too fat blame the fast food restaurant.if you signed a mortgage you cant afford blame the outfit that gave you the cash,if you are over your head in debt to the credit card(s) blame the folks who gave you the card,if you spill hot coffee on yourself & get burned blame the person whosold you the coffee.on & on it goes.i saw a tape of a guy grabbing a womans purse in the parking lot as she entered her car.he pleaded not guilty.whats happenin g to this once great country?
    Reply
  •  
    Sep 05 12:38 PM
    notsosmart....you are a genius!!! I could not have said it better!

    I am so tired of the "poor me", I didn't understand what I was signing, and I am too stupid to get a lawyer to explain it to me. Sheesh!
    Reply
  •  
    Sep 05 02:42 PM
    the real sad part of it is as you say sumosama-dumb-dumber amaricans.just laziness & stupidity & when in trouble-blame someone else.i heard just now that unemploymnt may go to 8-9%.whom are they going to blame?
    Reply
  •  
    Sep 06 08:28 AM
    Why.. George Bush of course.
    Reply
  •  
    Sep 07 09:45 PM
    The title of this blog is 'foreclosed families turn against Wachova ' and the article goes to discuss numbers. A short story to tell how 'dumb' people can be. Several years ago I wanted to refinance and over a few months the paperwork was finished, I went to the lawyer office to close. The lawyer repeatedly stated everything was just how I requested the figures to be. The lawyer pushed one sheet after the other for my signature, telling me what each said and I didn't really need to read them. I got puzzled at his speed and said, Whoa!! I picked up the sheet I had in hand and read ARM. I had specified fixed rate even though it was a point higher. The lawyer said with my credit I'd be able to refin. in a couple years and enjoy the lower rates for two years. I said no deal, pushed away the paperwork and walked out. I did refin. 8 months later with the fixed rate, at the time I had no justification for not signing because I really didn't know the facts behind possible ARM soaring rates. No one spoke of those possibilities at the time. In hindsight I can say I was one of the lucky ones, but even then the lawyers were not protecting consumer interest, they were most interested in lining their pockets. I caculated what I could be paying today, possibly twice my present rate. So, it not that people are so dumb, it is that many of us are guided by deceitful liars and modern day con artist who prey on the working class man and women who place their trust in what once were respected lawyers and businessmen. How unfortunate for us that we now need an MBA to buy a house, manage savings and investments and still have to deal with a crooked government, fed reserve, banks and anyone we could openly trust in the 'good ole days'. God Help Us
    No one else will !!!
    Reply
  •  
    Sep 07 10:23 PM
    In addition I must add that those three a holes above must indeed be among the lawyers we can now thank for the trouble we are in. They certainly sound like they have lined their pockets thick on the sweat and dreams of the American working man. Thankfully we rarely hear the deep hatred and bias spread by that group and they can continue to keep it close to their teeny tiny heart.
    Reply
  •  
    Sep 07 11:45 PM
    Those who go through foreclosure are out of the housing market for quite a while. So where are the new buyers going to come from for the next up leg of the housing market?
    Reply
More Comments on WB ยป
More by SA Editor Judy Weil
Investment Resources
Money Managment
Research
Seeking Alpha provides these ads as a service to its leading contributors
Articles on related themes
Real Estate and REITs
Bonds
Housing & Real Estate
Housing Bubble and Real Estate Market Tracker