March

HUD Releases Landmark Homeless StudyFor the first time since 1984, the U.S. Department of Housing and Urban Development is releasing a report on the scope of homelessness in America. HUD’s first-ever Annual Homeless Assessment Report to Congress concludes that an estimated 754,000 persons are homeless on any given night. March 2, 2007
New Orleans Residents Rush to Join LawsuitNew Orleans residents who were hurt or whose homes were damaged by Hurricane Katrina are scrambling to beat a deadline Thursday to file claims against the Army Corps of Engineers. March 1, 2007
Same Town, Different CommunitiesAsk older residents of historic North Brentwood their recollections of the town, and they go into a reverie about kids playing house-to-house and about how the town was self-contained with businesses and shops. Mostly, it was black, and the generations who had lived there gave the place its essence. March 1, 2007
New Orleans Colleges have ‘Long Way to Go’Xavier University, mired in up to 5 feet of water after Hurricane Katrina, looks more like a campus than a disaster area these days, and that is nothing short of a “miracle,” says president Norman Francis. March 1, 2007
Davis, CA: Feb. 26 to Mar. 2 Recognized as Hunger and Homelessness Awareness WeekOrganizations such as the Sexual Assault and Domestic Violence Center, Habitat for Humanity, Davis Community Meals, the Yolo County Food Bank, … March 1, 2007
Winona, MN: County on Pace for Record Increase in ForeclosuresIt isn’t clear yet whether the proposals will have broad support; legislators will likely seek a balance between cracking down on predatory lending and … March 1, 2007
Affordable Housing is Mayor’s AimAbramson said he is asking the Louisville Metro Council to pass an ordinance creating a commission to oversee the affordable-housing fund and to set rules … March 1, 2007
Memphis: Disabled Win Suit over Apartment AccessThe center sued in 2001 saying the owners, architects and engineers violated the Fair Housing Act and Americans with Disabilities Act in designing and … March 1, 2007
OH: New Idea Could Help Fight Predatory Lending“Predatory lending is a countywide problem, and I believe government should be proactive in solving it,” Blackshear said. … March 1, 2007
N.J. Apartment Owner and Property Manager Agree to Settle a Disability Discrimination ComplaintThe U.S. Department of Housing and Urban Development today announced that a judge has ordered the owner and property manager of a Fort Lee, N.J., cooperative apartment building to pay $10,000 to a resident with a disability who alleged that his request for an indoor parking space within a short distance of his apartment was refused. March 2, 2007
HUD Blocks Proposed Sale of Starrett CityThe federal housing secretary has rejected the proposed $1.3 billion sale of Starrett City, a working-class enclave of 46 apartment buildings in Brooklyn, because the prospective buyer has failed to supply adequate financial information or a plan for how the complex would remain “a viable community for New Yorkers of modest means.” March 2, 2007
Home Prices Leveling OffThe rate of increase in U.S. home prices remained steady in the fourth quarter of 2006, extending the slowing trend that began earlier in the year, federal regulators reported yesterday. March 2, 2007
New-home Sales Take Steep TumbleSales of new homes fell last month by the sharpest amount in 13 years — 16.6% — pointing to further weakness in home construction, the Commerce Department reported Wednesday March 2, 2007
Justice Department Reaches Fair Housing Act Settlement with Owners of Arlington Park RacecourseThe Justice Department today reached a settlement with the owners of the Arlington Park Racecourse in Arlington Heights, Ill., resolving claims that the owners violated the provisions of the federal Fair Housing Act that prohibit discrimination on the basis of familial status. The racecourse owners, Arlington Park LLC and Churchill Downs Inc., were sued by the Justice Department in September 2005. March 2, 2007
Widow Battles Her Retirement Home… the more than 5 million Americans living in senior housing such as retirement communities, continuing care communities and assisted-living facilities. March 2, 2007
Beneficiaries, Officials Cheer Dottie’s House ExpansionBut Cosenza said, for women and children escaping domestic violence, Dottie’s House helps them rebuild their lives. “My daughter is now 6 years old and has … March 2, 2007
Rochester, NY: Groups Urge Crackdown on Predatory LendingThe Assembly is working on legislation to crack down on predatory lending, said its Consumer Protection Committee Chairwoman Audrey Pheffer, D-Queens March 2, 2007
Mayors Back Bill to Boost Affordable Housing“Affordable housing is increasingly a crisis in South Carolina and will ever more be so because of the scarcity of land,” he said. March 2, 2007
Almost No Affordable Housing Left in CityA quarterly study that tracks affordable housing needs in Grand Junction found the area is in serious need of more units, evidenced by alarmingly low … March 2, 2007
CA: Bond Issue OK’d for Affordable Victorville Housing“In past years, we have built affordable housing projects in several areas, including residential complexes off Interstate 15 near Stoddard Wells Road and … March 2, 2007
College Park, MD: Students Sue City for DiscriminationThe suit accuses seven council members who voted for the ordinance of violating several state and county statutes and the federal Fair Housing Act, … March 2, 2007
Legal Victory for Domestic-Violence VictimsIt claimed that the denial of Blackwell’s transfer request constituted housing discrimination on the basis of sex, with lawyers saying that her request “was … March 2, 2007
Trying to Maintain a Way of Life Before it Disappears“Gentrification is a natural product of market forces,” Doctoroff continues. However, as opposed to what the mayor and his deputy mayor say, those who make … March 2, 2007
Affordable Housing Remains a Matter of SurvivalDespite these promising starts, Chinatown struggles with a critical problem: how to preserve and build on its stock of affordable housing. March 2, 2007
Affordable-housing Vacancies SteadyVacancy rates and rent levels for affordable housing units remained fairly steady during the fourth quarter of 2006 throughout most of Colorado and the … March 2, 2007
Some Wards Push Developers Harder to Provide Affordable HousingTwo wards are standing above the fray stirred by Mayor Richard M. Daley’s proposal to broaden affordable housing set asides required of developers who buy … March 2, 2007
LAST CHANCE: The Fight to Save a Disappearing CoastIt took the Mississippi River 6,000 years to build the La. coast. It took man 75 years to wash away a third of it. Experts agree we have 10 years or less to act before the loss becomes irreversible. A special two-part report from the Times-Picayune. March 5, 2007
Agents’ Costly Referrals Spark Class-Action SuitA recent class-action lawsuit focuses attention on a long-festering consumer issue in real estate: Alleged steering of home buyers to affiliated title, settlement and mortgage companies by large real estate brokerage firms, a practice that could cost consumers hundreds of dollars, compared with fees and services offered by non-affiliated competitors. March 5, 2007
Homeowners Stuck as Lenders Cinch StandardsEdward Booker is one of nearly 3 million homeowners with adjustable-rate mortgages who’ve had trouble paying their bills. And, like Booker, many of them won’t be able to refinance their loans once the interest rates start rising. March 5, 2007
NY: Long ‘Abate’ Wait is Taxing a Logjam of BuildersAt the same time that Mayor Bloomberg is promoting his ambitious affordable-housing plan, the city agency that oversees one of the largest housing-tax-abatement programs is struggling with a backlog of more than 1,000 applications. March 5, 2007
CalHFA Changes Loan Price Limits for Resale HomesBuying a resale home using a low-interest rate loan potentially got a bit easier in the Bay Area this week, as new loan guidelines were announced by the state’s affordable housing agency. March 5, 2007
NY: Closing the Door on Open HousesIn the frenzied real estate market of recent years, the cries of “Enough!” from building residents won out, resulting in bans on open houses across the city. And although the market slowed a bit last year, open houses are once again attracting as many as a hundred people in an hour, giving the anti-open-house forces fodder for keeping, and perhaps even expanding, restrictions. March 5, 2007
Groups Launch Credit Awareness CampaignA coalition of consumer and civil rights groups says it plans to launch a national campaign Tuesday to highlight what they consider abusive and predatory lending practices in the banking, credit card and mortgage industries. March 6, 2007
Laying the GroundworkThe river’s natural land-building ability contrasts sharply with the Mississippi River, which politicians and engineers long ago confined inside levees and jetties. That prevented the inundation of the cities, towns and industrial infrastructure along the river, but it also stifled the annual floods that had nourished the wetlands with fresh sediment. Third and final installment in a series from The Times-Picayune. March 6, 2007
Chinese Premier Focuses on Pollution and the PoorHe warned that illegal land confiscation had to be stopped. He praised the real estate industry as an essential part of the national economy, but he called on developers, who have built expensive projects all over China, to also focus on building affordable housing and not to threaten “primary farmland.” March 6, 2007
Real Estate Mail Bag: Don’t Be Afraid to Use ‘Bargaining Power’You can always raise your purchase offer, but you can’t lower it. Make a low offer with the repair conditions you want. If the renovator says no, you can then either raise your offer or choose not to buy. March 6, 2007
More Room at the Inn? Affordable Housing Number Rises because of …The problem is that at HUD, in particular, there are multiple offices that do different kinds of affordable housing. When we get a list from HUD we assume … March 6, 2007
UK: Planning Gain Supplement Hits Affordable Housing in Rural Areas …A new tax being proposed by the Treasury will strangle enterprise and further constrain the provision of affordable housing in the countryside, … March 6, 2007
CO: Survey Looks at Area HousingA new survey of housing affordability and vacancy rates shows what most Fort Collins residents already know: There’s little affordable housing available in the city despite a high demand. March 6, 2007
Homeless Families Blame Domestic Violence, Utilities CostsAmong homeless families with children, domestic violence and utility costs were two of the most commonly cited factors that people gave while describing how they became homeless. March 6, 2007
As Housing Goes Bust, Lenders Become Predators?:Congress is gearing up for hearings on predatory lending, the latest chapter in its long history of barn-door-closings on already-departed horses. March 6, 2007
Editorial: Affordable HousingAs the Florida Legislature convenes for the 2007 session, there are mixed emotions about the absence of what should be a key matter. Affordable housing is missing from the short to-do list of most legislators. March 6, 2007
Low Income Housing Complex Breaks Ground in San Luis Obispo“There’s really no difference between someone who is making $35,000 or $60,000 to $70,000, but the one thing they have in common is everybody needs a place to live,” said Peter Brown, the SLO Housing Programs Manager. March 6, 2007
Los Angeles: Valley Sites to House HomelessMayor Antonio Villaraigosa announced plans Monday to spend a record $137 million to build six affordable-housing projects in the east San Fernando Valley and 15 more citywide, but said the city needs a permanent source of funding to solve its homeless problem. March 6, 2007
White Plains, NY: Senior Housing at Former St. Agnes Hospital OK’dThe Common Council voted 5-2 last night to rezone the former St. Agnes Hospital property on North Street to allow 112 assisted-living units and 335 condominium apartments for seniors after hearing a last round of protests from neighbors that the project is too dense for the 23-acre site. March 6, 2007
The Horror — Discriminatory Advertising on the Internet!Most housing sellers don’t turn away prospective customers. Instead of attempting to stamp out “discrimination” — the pejorative term for having a preference in contracting — why not use the remarkable facility of the Internet to bypass it? If one landlord says that he would prefer a white, Catholic family, what’s so hard about searching a little longer to find one who cares only about getting paid each month? March 6, 2007
Plaintiff in suit against HUD stabs boyfriend to deathYolanda Anderson, 43, stabbed her boyfriend in the chest on Sunday and was booked with manslaughter, police said. Anderson is one of 17 public housing residents who sued to stop the U.S. Department of Housing and Urban Development and the Housing Authority of New Orleans from demolishing four sprawling public housing projects in New Orleans and replace them with mixed-income neighborhoods. March 6, 2007
Affordable Housing at The Domain all Snatched UpFor the first phase, the affordable housing clause applies to 39 apartments — which were all rented within a few days of going on the market. March 6, 2007
Sacramento Most Affordable Housing Market in the StateAbout two of every five first-time homebuyers could afford a home during the fourth quarter in Sacramento County, a slight increase from the third quarter — and a much better rate than home-shoppers statewide. March 6, 2007
Build a Solution to the Affordable-Housing CrunchToni Willingham and Robert Messick’s slide into homelessness mirrors the federal government’s shrinking commitment to affordable housing. March 6, 2007
Deaf Housing Must be Open to AllIn an interesting twist on anti-discrimination policies, fair-housing laws require that housing such as Oak Gardens be open to all seniors. March 6, 2007
Baton Rouge: Insurance Commissioner says Allstate Policies Must be ReinstatedInsurance Commissioner Jim Donelon ordered Allstate Insurance Co. Tuesday to reinstate all 4,772 homeowners insurance policies that were involuntarily canceled and launch a new inspection process — this time offering proof that homes were inspected and reasons why their coverage should be terminated. March 7, 2007
No. 1 Fraud Suspect Booked: Fla. Contractor Faces 39 Counts in Jefferson Parish AloneDana Abboud, who is accused of stealing from several New Orleans-area residents who had hired him to restore their Katrina-ruined homes, was booked with 17 counts of felony theft and 22 counts of forgery Friday, according to Jefferson Parish Sheriff’s Office arrest reports. March 7, 2007
Bernanke Backs Limits on Fannie Mae and Freddie MacFederal Reserve Chairman Ben Bernanke urged Congress on Tuesday to bolster regulation of mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy. March 7, 2007
Foreclosed Properties Abound, and So Do the RisksThe number of homes in or nearing foreclosure is growing, and some investors are taking advantage of the bargains being created. But even with a steady stream of distressed properties coming on the market, jumping into foreclosure investing is dangerous, especially if you are not familiar with the process or are new to real estate investing. March 7, 2007
Bill would Block Demolition of Public Housing in N.O.The bill would block the demolition of public housing developments in New Orleans until the Department of Housing and Urban Development develops plans to replace the units. HUD would be required to open enough housing to accommodate former public housing tenants who want to return to the city by Aug. 1. March 7, 2007
In Cooling Market, Subprime Lenders Feeling The HeatThis week, a House Financial Services subcommittee will hold hearings to looking into charges of predatory lending practices by some lenders who cater to March 7, 2007
Australia: Indigenous Violence Getting Worse, Author FindsYou see, I’m a working-class boy brought up in a Housing Commission estate, so I was brought up with domestic violence. March 7, 2007
Morial Urges ‘Bill of Rights’ for Home BuyersNational Urban League President Marc Morial on Tuesday called on Congress to adopt a home buyers’ bill of rights to protect consumers from a system that steers “too many people,” including a disproportionate number of black and Hispanic people, into subprime mortgages with escalating and often “unaffordable interest rates.” March 7, 2007
Two Wards Push for Affordable HousingTwo wards are standing above the fray stirred by Mayor Richard Daley’s proposal to require developers who purchase discounted city land to set aside a certain amount for affordable housing. March 7, 2007
Maryland: 2 Firms Plan Sites for SeniorsAt least two retirement community companies are looking to expand in Anne Arundel County to capitalize on a new law that encourages the construction of “continuing care” facilities. March 7, 2007
Measures Would Reimburse Houston Landlords, Extend Housing VouchersWith billions of dollars of federal aid for the hurricane-battered Gulf Coast still tied up in red tape, the House Financial Services Committee on Tuesday approved measures designed to give more leeway for federal, state and local agencies to spend the money. March 7, 2007
Tenants in Low-income Housing Left out of the LoopBut the notice apparently didn’t include tenants in what is considered to be low-income senior housing, said longtime tenant Judy Miller. March 7, 2007
HUD: Sec. Jackson Approves Alabama’s $21.2 Million Disaster Recovery PlanHousing and Urban Development Secretary Alphonso Jackson today announced HUD’s approval of a $21.2 million plan to support the State of Alabama’s long-term recovery in the wake of Hurricane Katrina. Specifically, Alabama’s plan will use Community Development Block Grant (CDBG) disaster funding to stimulate the production of affordable rental housing and restore vital infrastructure in the most distressed areas of the State. March 8, 2007
A Second Migration: Arlington’s Once-Bustling Latino Community Shrinks as Rents Push Residents OutFor decades, Arlington County was one of the first stops for newly arrived immigrants in the Washington area, forging the county’s reputation as a diverse, welcoming community. In the 1980s and 1990s, with its cheap housing and proximity to downtown Washington, Arlington became a magnet for Latinos, especially Salvadorans fleeing their country’s violent civil war. March 8, 2007
FEMA Taking Hit on Sale of Surplus TrailersThe Federal Emergency Management Agency hurriedly bought 145,000 trailers and mobile homes just before and after Katrina hit, spending $2.7 billion largely through no-bid contracts. Now, it is selling off as many as 41,000 of the homes, netting, so far, about 40 cents on each dollar spent by taxpayers. March 8, 2007
Effort Under Way to Slow Apartment Building in Eastern New OrleansA City Council moratorium and other plans are afoot to harness the growth of multi-family housing in eastern New Orleans and Gentilly, as middle-class homeowners flex political muscle to head off past housing conditions they detested. March 8, 2007
Homeless Families in City Shelters Hit Record, Despite the Mayor’s EffortsThe number of homeless families living in New York City shelters reached a record high last month, halfway into the Bloomberg administration’s five-year plan to reduce homelessness by two-thirds, according to a report released yesterday by an advocacy group using city figures. March 8, 2007
NY: This Woman was BuggedA Windsor Terrace woman is suing her landlord after bedbugs allegedly drove her out of the apartment where she lived for nearly 25 years. March 8, 2007
Houseboat Owners are Looking for Their Road HomeWalter Leger, the LRA’s housing chairman, had told the boat owners’ attorney that the LRA had forgotten about displaced boat residents when it drew up the program’s rules. Leger agreed that if the LRA could change its rules to include mobile homes — which, like boats, are owner-occupied structures that sit on rented space — it was only fair to include waterbound homes too. March 8, 2007
MAGIC IN B’KLYN: Hoops Great Throws Weight Behind Condo DevelopmentMagic Johnson figures Brooklyn real estate will be a slam-dunk in his business portfolio. The NBA Hall of Famer and his partners are putting $12.4 million into a 130-unit condo project to go up later this year in Greenpoint - one of a number of real-estate and business ventures Johnson has undertaken in the borough. March 8, 2007
Big Home Builders say Most Consumers Won’t Pay for ‘Green’ HomesThe major home builders, who account for 80% of homebuilding activity in the nation, face a unique challenge in implementing green building on a widespread scale. Many have added energy-saving features and experimented with environmentally friendly materials, but they have not yet been able to sign on a critical mass of buyers willing to pay more for them. March 8, 2007
Housing Group Takes Protest of Apartment Size to StateA local housing group is taking the unusual step of asking the state to rule that a proposed apartment complex in Belmont violates fair-housing laws because of what it calls an attempt to “child-proof” the project. March 8, 2007
Wide-ranging Strategy Best Response to State’s Housing CrisisIn 1975, the state Supreme Court mandated that affordable housing had to be available in every community. Since then, the Council on Affordable Housing has … March 8, 2007
UK: Mayor Calls for More Affordable and Better Quality HomesMayor of London Ken Livingstone today insisted that boroughs need to do more to help Londoners into housing and that new housing must meet the challenge of climate change. March 8, 2007
MD: Weldon Mulls Withdrawing Fair-housing BillMembers of a General Assembly House of Delegates committee were left wondering Wednesday why a county bill excludes sexual orientation in its list of protected groups covered by county code. March 8, 2007
Affordable Housing a Threat To Boom, Developers SayCity and state efforts to create more affordable housing represent a threat to the high times of New York developers, a top industry representative said … March 8, 2007
Frederick, MD: Affordable Housing Progress Concerns MayorMore than four years later, the new mayor and Board of Aldermen are voicing concern about the progress of the affordable housing project. March 8, 2007
WA: Area Expanded for Employer Assisted Housing ProgramFor the past 10 years, the University’s Employer Assisted Housing Program has helped qualified employees secure housing in areas near the University through … March 8, 2007
Lender Stops Accepting Mortgage ApplicationsNew Century Financial, the troubled mortgage company, said yesterday it had stopped accepting new loan applications as it tried to negotiate terms with banks that had cut off its access to billions of dollars in funds. March 9, 2007
NY: 60G Fixup Plan, Permit for Sprinklers, Metal Staircase SoughtThe Bronx building where two families were devastated by fire was about to get a major upgrade - including a sprinkler system that could have saved lives, according to city building records obtained by the Daily News. March 9, 2007
How do Mortgage Lenders Get in Trouble? They Take Big RisksHow do mortgage companies like New Century Financial lose money since they require 20% down from borrowers? March 9, 2007
Housejacked: An Unsettling Tale: For D.C. Couple, Structural Makeover Was a Costly Lesson in Home BuyingRecently our 67-year-old brick house was accosted by men armed with hydraulics. No one was seriously hurt, but our bank account took a good beating. March 9, 2007
About real estate: What’s behind reports on home prices?With all the conflicting reports on housing prices and the direction of the market, you might ask: What’s really going on out there? If, as the National Association of Realtors reported last month, the median price of an existing home nationwide fell by 3.1 percent in 2006, does that mean your house lost value as well? March 9, 2007
What is Meant by the Term `Right of First Refusal’?Could you give me some insight on what a right of first refusal consists of? My father-in-law wants to give us a piece of property that he owns. His daughter has a right of first refusal. There has never been a discussion about us purchasing this land. March 9, 2007
Eighteen Months After Katrina: By Bill QuigleyWhy do thousands of people need food, and why are people living in gutted-out houses with no electricity? Look at New Orleans eighteen months after Katrina, and you will realize why it is so difficult for people to exercise the human right to return to their homes. Half of the homes in New Orleans still do not have electricity. Eighteen months after Katrina, a third of a million people in the New Orleans metro area have not returned. March 9, 2007
500 ACORN Members to Lobby and Rally in DCForeclosures/Predatory Lending — As foreclosures become a national crisis, ACORN is calling for a federal predatory lending standard that addresses the … March 9, 2007
Official: Housing can be AffordableWhen it comes to the government’s role in helping to develop affordable housing, Shaun Donovan believes power trumps money any day of the week. March 9, 2007
A Lawyer who Fought Discrimination and MoreWill Maslow illustrated how fair employment or fair-housing laws, designed to assure equal rights to all irrespective of race or religion, could change how people … March 9, 2007
Developer Asks to Isolate Affordable Housing UnitsA spokesman for the state Division of Community Affairs, which administers the state Council on Affordable Housing or COAH program, said such separate units … March 9, 2007
An Impending Disaster in the Mortgage Market?One of the nation’s biggest and most respected advocates for fair housing, the National Community Reinvestment Coalition, conducts a timely conference on … March 9, 2007
‘We Called It Hurricane FEMA’: Trailer Park Was Quickly EmptiedShortly after noon, FEMA agents began rapping on the trailer doors, their knocks resounding inside the tinny white homes. Everyone in the park, the agents announced without warning, would have to pack and leave within 48 hours. March 12, 2007
Loudon County, VA: Affordable Housing? Take a NumberBut in a year in which falling property values have intensified sparring over budget priorities, some supervisors have voiced a reluctance to infuse the county’s affordable-housing efforts with the funds needed to begin to make a major impact. March 11, 2007
Numbers Don’t Lie, But They Do ConfuseIf, as the National Association of Realtors reported last month, the median price of an existing home nationwide fell by 3.1 percent in 2006, does that mean that your house lost value as well? March 11, 2007
When Cosigning a Mortgage Goes WrongAbout two years ago, I helped my daughter buy a one-bedroom condo by cosigning her mortgage. She was just out of college with a good job at an accounting firm. About 18 months ago, she quit that job because she didn’t like her boss. March 11, 2007
Collect Rent, Not Worries: If Done Properly, Sharing Space With a Tenant Can Prove RewardingHe was “just a pain,” said Machol, a human resources director who lives in Northwest Washington and rented a downstairs room in her house to the tenant. She asked him not to smoke in the house but could smell his cigarettes from upstairs. He moved his construction materials into her garage without permission. And he rarely paid his rent on time. March 11, 2007
Will subprime mess ripple through economy? Q&A: Looking at the impact of the mortgage meltdownThe hangover from the lending spree that fed the real estate boom during the first half of this decade keeps getting worse, with the most acute pain tormenting the mortgage niche catering to high-risk, or “subprime,” borrowers. March 13, 2007
Bankruptcy, Investigations Loom for Mortgage Lender New CenturyMortgage lender New Century Financial said Tuesday that the Securities and Exchange Commission is investigating the company, one day after it said its lenders were cutting off financing because it didn’t have enough money, or prospects of new assistance, to cover billions of dollars in obligations. March 13, 2007
Rent Curbs Planned to Save Starrett City DealThe developer whose controversial $1.3 billion bid to buy Brooklyn’s Starrett City was rejected by federal housing officials is scrambling to salvage the deal with a new proposal aimed at keeping rents low. March 13, 2007
Key Congressman Optimistic on Fannie-Freddie BillThe chairman of a key House panel said yesterday that he was cautiously optimistic that, after years of failed attempts, the latest effort to revamp oversight of mortgage funding giants Fannie Mae and Freddie Mac will bear fruit. March 13, 2007
DC: Homeowner’s Web Gripe Draws Contractor LawsuitM onica Hammock and Edwin Castillo did not have the best experience with the contractor they hired in 2003 to work on their Mount Pleasant rowhouse. In fact, they said it was a year-long, $30,000 nightmare. Where once Monica might have voiced her dissatisfaction to her neighbors or in complaints to the Better Business Bureau, she decided to take a more modern approach: She joined Angie’s List, a nationwide Web site where consumers pay about $60 a year to read and post reviews of service providers. March 13, 2007
N.O.: Nagin Responds to Landfill ConcernsMayor Ray Nagin has chimed in on the most recent controversy surrounding the city-owned Old Gentilly Landfill, saying in a letter late last week to U.S. Sen. David Vitter that he believes Vitter’s concerns about the site are generally unfounded. March 13, 2007
LA: Kenner Housing Board ‘is a Mess’In recent weeks, members of the new authority appointed by Mayor Ed Muniz have contracted state Sen. Derrick Shepherd, D-Marrero, to be the authority’s attorney at what federal officials call an “excessive” rate of pay; voted to pay themselves $207 per meeting, drawing another reprimand from federal officials; hired as executive director a former politician who is the subject of a malfeasance investigation; and seen one member file a police report alleging that his signature stamp had been stolen. March 13, 2007
Columbia Officials Support Group’s PlanThe Columbia Board of Aldermen voted to support an environmental justice group’s plan to relocate about 120 families who live near a remediated superfund … March 13, 2007
Boston: Americans Deserve a Right to HousingUnder 40B, however, any profit in excess of 20 percent of total development costs must be returned to the towns for affordable housing purposes. March 13, 2007
USDA Increases Mortgage Limits for Rural Housing Loans“During the past year Rural Development assisted nearly 1300 Iowa families in buying their own home,” says Reisinger. “These increased mortgage limits will … March 13, 2007
St. Louis: Valley Park Loses in Court on Immigration OrdinanceIn September, nearly 20 attorneys sued the city, arguing that the ordinances would lead to racial profiling, promote housing discrimination and hurt … March 13, 2007
OR: A New Direction for White City?Reich said a committee has been formed to test the idea, particularly because an urban renewal district that began in 1991 will expire in 2010. March 13, 2007
Third World Aboriginal Dirt Camps to become SuburbsAborigines in the camps stagger around like zombies either drunk or high after sniffing petrol, many sleep in the dirt, and domestic and sexual violence … March 13, 2007
State, County Targets LendersState and local authorities are investigating predatory lending violations in Trumbull County, Attorney General Marc Dann said Monday. March 13, 2007
Scranton, PA: Mayor, Crime Prompted Immigrant LawU.S. District Judge James Munley also heard political science professor Marc R. Rosenblum — an expert witness for the plaintiffs — testify earlier Thursday how the Relief Act and a related landlord/tenant registration ordinance could lead to employment and housing discrimination in Hazleton. March 16, 2007
FHA Commissioner: Homeowners Need a Safer Alternative to Risky MortgagesConcerned that high-priced, high-risk mortgages are hurting low- to moderate-income borrowers, Assistant Secretary for Housing - Federal Housing Commissioner Brian Montgomery today reaffirmed the need to modernize the Federal Housing Administration (FHA) and give homeowners a better alternative to exotic high-cost mortgages. Speaking at a U.S. Senate Appropriations Subcommittee hearing, Montgomery urged Congress to pass legislation that enhances the FHA’s government-insured mortgage products and “provides lower-income families safe, secure homeownership opportunities.” March 16, 2007
Some Subprime Woes Linked to Hodgepodge of RegulatorsSobel, a community organizer for a non-profit, feels there was no regulation to protect him from the mortgage broker who got him a loan, then changed companies. Or from the lender who wouldn’t talk about renegotiating the loan until after the interest rate increased and Sobel had missed three payments. The bank agreed to let him sell the home at a loss to save the time and expense of foreclosing on him. March 16, 2007
The Market is WorkingResponsible lenders want to extend loans only to borrowers who are willing and able to make their mortgage payments. Nobody wins when a borrower goes into foreclosure — the homeowner is displaced and his credit is tarnished, and the lender and investor both lose money. When borrowers encounter trouble, lenders want to work with them to help them stay in their homes. March 16, 2007
Where the Wolf Comes Knocking: Areas Already in Economic Distress Feel Rise in Housing Foreclosures MostIn Mississippi and Louisiana, about 1 in 10 homeowners are failing to make their payments, fresh data show. Ohio, Michigan and Indiana, the nation’s industrial heartland and the states suffering the country’s highest unemployment, aren’t far behind. March 16, 2007
Fannie, Freddie Wary of Controls: Caution Urged Over MortgagesExecutives of Fannie Mae and Freddie Mac invoked the upheaval in the mortgage market yesterday as a reason for lawmakers to be cautious about subjecting them to stricter regulation. March 16, 2007
More Homeowners Are Unable to Make PaymentsThe percentage of home owners who were unable to make their mortgage payments increased noticeably in the fourth quarter and shot up significantly among people with weak, or subprime, credit, according to an industry report released today. March 16, 2007
NY: City Homes in on HousingThe city has secured funding for 55,000 units of affordable housing - reaching the one-third mark of Mayor Bloomberg’s plan to build 165,000 units by 2013. March 16, 2007
NY: Mortgage Disaster in the ClassroomThe pension fund serving New York State’s teachers has found itself caught up in the subprime mortgage debacle. The $91.5 billion New York State Teachers Retirement System has booked losses after making a bad bet on subprime mortgage lender New Century Financial. March 16, 2007
Proposal to Limit New Housing DroppedIn the face of strong community opposition and questions about the proposal’s legality, New Orleans City Councilwomen Cynthia Willard-Lewis and Cynthia Hedge-Morrell on Thursday dropped their effort to block construction of any new housing in their council districts except single-family and two-family homes. March 16, 2007
Americans Need Greater Control over their Homeownership DreamsJust a few years ago, black homeownership hit historic highs: nearly half, or 49.1 percent, of blacks in 2004 owned their own homes. Since then, rising foreclosure rates have threatened that progress, with homeownership slipping to 47.9 percent in 2006. March 16, 2007
Who Gets Hurt if Subprime Meltdown Worsens?But what has investors so unnerved these days is the sinking feeling that the unwinding of the housing boom could be part of a wider unraveling of the financial markets — one that ultimately brings on a recession. March 16, 2007
Chicago: Life on Mortgage Street Two Brothers Face Opposing RealitiesThe national home ownership rate among Latinos has grown substantially, from 47.3 percent in 2001 to 49.7 percent last year, according to the U.S. Census. The rising number of Latinos seeking homes in Chicago is even more telling. The Woodstock Institute reports that 27,868 home loans originated from Hispanics in 2004, the last year information is available — up from 15,893 in 2001. March 16, 2007
Minorities Getting Lion’s Share of Subprime Mortgage LoansMortgage lenders in the Chicago area made more high-cost, subprime home loans to African-American borrowers than they did to white borrowers, a survey of lenders in six cities found. March 16, 2007
Two Court Cases Tried Regarding Disclosure Under Section 22.1What happens if all the required information under Sections 22.1 or 18(g) of the Illinois Condo Act is not disclosed, or if some of it is incorrect, whether intentionally or inadvertently? March 16, 2007
Rents Going up Across NationRenters be warned: Landlords are expected to raise apartment rents for a third straight year in 2007, forcing tenants to turn over a growing chunk of their pay and making it harder for them to save for a home, according to a new report. March 16, 2007
Experts Condemn Many Cities’ fire CodesFire fatalities have steadily declined in the U.S. since the late 1970s, thanks partly to improved building codes requiring safety measures such as sprinkler systems, multiple fire exits and fire-resistant construction materials. March 16, 2007
FHA Comes to the Rescue Of the Credit-ChallengedWith the subprime mortgage industry in free fall, where do home buyers with less-than-perfect credit turn for financing? March 19, 2007
Panels Blast Coastal Master PlanWith an April 12 deadline fast approaching, the team developing the state’s master plan for coastal restoration and storm protection may be gaining scientific consensus in only one area: What it’s doing wrong. March 19, 2007
Direct Payout Idea Garners Praise, But Road Home Still has Bugs, Some SayEnthused about a new federal stance on Road Home rules, long-suffering storm victims expressed hope Saturday that they finally will land the sort of direct-compensation grants they always wanted. The reaction followed news that federal housing officials consider Louisiana in violation of federal rules in the way it has dictated how Road Home rebuilding grants are to be paid. March 19, 2007
72 Years and About 50 Heirs Later, Home Sale Is Labor of LawQ: My great-grandmother died in 1935 and left her heirs a plot of land with a house. Since then, family members who needed a place to live have been allowed to stay in the house, on the condition that they paid the real estate taxes and made whatever repairs were needed. March 19, 2007
Citibank Purchases From Fannie Mae a Portfolio Representing Approximately $676 Million in Low Income Housing Tax CreditsCitibank, N.A. and Fannie Mae (FNM/NYSE) today announced that Citibank purchased from Fannie Mae a portfolio of investments representing approximately $676 million in federal Low Income Housing Tax Credits (LIHTC) for cash plus the assumption of Fannie Mae’s capital obligations relating to the investments. March 19, 2007
Nagin Calls Diaspora Racial Plot: City’s Makeup Altered Intentionally, He saysThe slow pace of New Orleans’ post-Katrina recovery is part of a plan to change the city’s racial makeup, Mayor Ray Nagin told a national newspaper publishers’ group last week. March 19, 2007
A Well of Pain: Their Water Was Poisoned by Chemicals. Was Their Treatment Poisoned by Racism?Sheila Holt-Orsted sits on the edge of a sofa in her mother’s living room, digging through the large translucent plastic bins arrayed at her feet. The Holt family’s fight is in there — the contaminated water, the cancers, the allegations of racism, the lawsuit. A family’s seeming devastation, documented in those bins. March 20, 2007
Allstate to Reinstate Policies: Homeowners Will Have Chance to Prove They’re Making RepairsAllstate Insurance Co. will temporarily reinstate all 4,772 homeowners policies that were canceled following its controversial inspection process, and give property owners until April 30 to prove that they are rebuilding and should retain their coverage. The deal, reached with the Louisiana Department of Insurance, ends a dispute that occurred when Allstate defied Insurance Commissioner Jim Donelon’s March 6 order to scrap a “flawed” property-inspection process. March 20, 2007
Corps to Clear Out Debris from Hurricanes: Private Properties in Jefferson on AgendaThe sight of Army personnel trooping through back yards this week should not alarm Jefferson Parish residents, parish officials and the Army Corps of Engineers said Monday. The corps will start sweeping through unincorporated parts of the parish today as it expands a final effort to rid Jefferson of lingering debris left by Hurricanes Katrina and Rita. March 20, 2007
Insurance Regulator says State Farm Agrees to Re-examine Hurricane CasesState Farm Fire & Casualty has agreed to re-examine more than 35,000 policyholder claims filed following Hurricane Katrina and to “make millions of dollars available” for additional payments, Mississippi Insurance Commissioner George Dale said Monday. Dale said the agreement would cover homeowners, renters and commercial claims in Mississippi’s Harrison, Hancock and Jackson counties, including those that are in mediation and those that are the subject of pending litigation. March 20, 2007
First Time Renting? What to KnowOverflowing toilets, gorgonlike roommates, landlords from you-know-where: To many people, they’re an inescapable part of the rental experience. But that doesn’t have to be the case. March 20, 2007
Blacks Suffer Most in U.S. Foreclosure Surge: Blacks 3.8 times more likely than whites to receive a higher-cost home loanAcross the United States, blacks and Hispanics are more likely to get a high-cost, subprime mortgage when buying a home than whites, a major factor in a wave of foreclosures in poor, often black neighborhoods nationwide as a housing slowdown puts millions of “subprime” borrowers at risk of default. March 21, 2007
State May Cover Cost of Moving Home: Blanco proposes reimbursing travel expensesSome storm-scattered Louisiana residents could qualify for up to $4,000 in moving assistance to return to their homes under Gov. Kathleen Blanco’s proposed budget for fiscal year 2008. But the $270 million program still faces bureaucratic hurdles at the Federal Emergency Management Agency, leaving state and federal officials unsure of when reimbursement checks might find their way into applicants’ hands. March 21, 2007
Houses Hold up Katrina RecoveryAn ambitious effort to bulldoze more than 9,000 rotting houses still standing after Hurricane Katrina has slowed sharply this year, prolonging the city’s attempts to rebuild blighted neighborhoods, city and federal records show. March 21, 2007
Homeowner Groups’ Funds Missing in N.Va.At least $800,000 from homeowner associations in Northern Virginia may be missing and was probably embezzled by an employee of the Fairfax company hired to manage the money, state officials charge in court documents. March 21, 2007
GE Healthcare Finalizes $160 Million Mortgage for Senior HousingGE Healthcare Financial Services has structured a $160 million senior-secured, 10-year first mortgage for Wakefield Capital, a Maryland based investor in senior housing properties. The financing was used to acquire 28 independent and assisted living properties in seven states. March 21, 2007
Affordable Housing Can’t Find a HomeLocal leaders here are entangled in a debate that could have a critical impact on the city’s long-term recovery: affordable housing. March 21, 2007
MN: Bills on Predatory Lending Advance in House CommitteeOne of the House bills advanced Tuesday also would require lenders to disclose more expenses defined as lender fees, including third-party expenses. But Wade Abed, president of the Minnesota Association of Mortgage Brokers, said the provision would unfairly penalize brokers who “have no control over third-party fees.” March 21, 2007
ENVIRONMENTAL RACISM: IT’S THE REAL THINGShe reached out to environmental justice activists, including Robert Bullard, director of the Environmental Justice Resource Center at Clark Atlanta … March 21, 2007
Revised Predatory Lending Law NearThe State of Illinois, which shelved a controversial predatory-lending law requiring financial counseling for many home buyers in 10 Chicago neighborhoods, intends to revive the law and could expand it to apply to thousands of home buyers throughout Cook County, according to a document obtained Tuesday by the Tribune. March 21, 2007
Census Shows Katrina’s Effects on PopulationsHurricane Katrina drained nearly 300,000 people from coastal areas between Texas and the Florida Panhandle, according to new government population estimates that tally for the first time the storm’s devastating toll on the Gulf Coast. March 22, 2007
Counties Hit by Katrina Slow to RepopulateThe pace of rebuilding after Hurricane Katrina has slowed, leaving New Orleans and some other Gulf Coast areas with less than half the people they had before the storm. And some of the hardest hit might never regain their population, experts say. March 22, 2007
LA: Road Home Contractor Researched Wrong TitlesTrouble is, Road Home contractor ICF international and the title company have been working almost exclusively on separate cases — so 10,000 files ready for closing, the vast majority, don’t match the 26,000 title searches now completed.A spokeswoman described the apparent disconnect as an unlikely coincidence. March 22, 2007
‘Scammed,’ says Wife as Low-rate Mortgage Dream Shattered in BronxThe Rosados then entered the nightmare world of subprime lending - mortgages provided to high-risk individuals with poor credit histories, low incomes or high debts. For such loans, lenders customarily charge higher interest rates and fees, and rake bigger profits. March 22, 2007
Land-use Debate Ugly in ParadiseMolokai-style fights over growth are raging throughout Hawaii, an island state with 1.2 million people. On Oahu, a proposed subdivision at posh Turtle Bay is running into roadblocks. A lawsuit was recently filed to block 500 condominiums on Kauai. At Kona on the Big Island of Hawaii, says Hawaii County Police Maj. John Dawrs, resentment is growing against affluent “people from the mainland” whose purchases in new subdivisions have driven the median house price to $500,000, out of range for longtime residents. “There are questions about the quality of life,” Dawrs says. March 22, 2007
The Far Side of Rebirth: A forsaken neighborhood, near Capitol Hill and yet firmly apart, stands on shifting, strange ground, wiThe rubble stretches toward the horizon, a wasteland of broken bricks, chunks of concrete, upended trees and shrubbery yanked from the earth. This is the crushed vestige of a lost neighborhood where 1,200 public housing residents once lived, where 50 apartment buildings once stood. March 22, 2007
Convict Ban Attached to Gulf Coast Housing ActHouse Republicans yesterday forced through an amendment barring convicts from receiving taxpayer housing assistance, attaching it to a Gulf Coast recovery bill, which passed overwhelmingly. March 22, 2007
Gov Proposes New Rules for Predatory-lending LawGov. Rod Blagojevich proposed new rules Wednesday to protect homeowners from predatory lenders by requiring counseling for certain borrowers who are approved for nontraditional mortgages. The rules were filed as part of the Illinois Predatory Lending Database Pilot Program, or HB 4050, and were redesigned to focus on the loan instead of a borrower’s credit history. They could become permanent in as soon as 90 days. March 22, 2007
Congress Told of Cities Devastated by LendersPredatory mortgage lenders and payday loan shops are turning inner-city neighborhoods all over the nation into ghost towns and must be reined in by the federal government, a panel of urban experts told a House subcommittee on Wednesday. March 22, 2007
Ghana: Affordable Housing for Koforidua ResidentsA 106-acre piece of land is being cleared close to the Koforidua-Akwadum road for the construction of 64 blocks of affordable housing to help ease the accommodation problems in the New Juaben Municipality. March 22, 2007
Racial Discrimination in CzechRep also in Housing, say ActivistsDiscrimination, including its racial form, is often covertly present in housing in the Czech Republic, said representatives of NGOs that staged the Orange Ribbon campaign today. March 22, 2007
Group: Federal Budget Hurts Poor in WisconsinPresident Bush’s proposed 2008 budget will hurt Wisconsin’s poorest residents, advocates said Wednesday in La Crosse. Deb Hansen, executive director of New Horizons Women’s Shelter, said cutbacks in federal low-income housing programs have meant the shelter has had to turn away 100 victims of domestic violence last year because they had no place to put them. March 22, 2007
Affordable Housing a High Priority, According to New PollNine out of ten Americans cite affordable housing as a high priority according to a new Zogby America poll. The poll was commissioned by a coalition of public, private and non-profit industry groups, including the Mortgage Bankers Association (MBA), in conjunction with the commencement of a nationwide affordable housing awareness campaign, “Housing America 2007.” March 22, 2007
From Home to House of Cards: Subprime Bust Hammers FamiliesBut as the housing market cools, thousands of subprime borrowers are struggling to keep their homes. A number of subprime lenders, saddled by failed loans and a shortage of cash, have folded or staggered. In some particularly hard-hit neighborhoods in Denver’s suburbs — one of a few metropolitan areas where the problem is especially grave — home after home sits dark. March 25, 2007
Freddie Mac’s Timely Filing Reveals a LossFreddie Mac, still fixing weaknesses that came to light in 2003, yesterday issued its first timely annual report in five years, which showed that the giant mortgage funding company lost $480 million in the fourth quarter. That compared with a profit of $684 million in the comparable period a year earlier. March 25, 2007
Surprising Jump for Existing-Home SalesThe National Association of Realtors reported yesterday that nationwide, existing homes sold at a seasonally adjusted annual rate of 6.69 million units in February, up 3.9 percent from January. The last time sales rose by that amount was March 2004. March 25, 2007
Foreclosure Hurts Long after Home’s Gone, So Cut a Deal While You CanMore than 2.1 million Americans with home loans missed at least one payment last year, according to the Mortgage Bankers Association. Even more troubling, the rate of new foreclosures hit a record. March 25, 2007
A Dose of Negativity Could Help Balance Out the HypeBad mortgage selection has become a major problem with the explosion in the volume of complicated interest-only mortgages and option adjustable-rate mortgages. These instruments have often been marketed deceptively to borrowers who don’t understand them and are not prepared for the risks. March 25, 2007
The Danger in the Fine PrintIn New York’s construction boom of the last few years, many people have been buying apartments in buildings before they actually rise out of the ground. The buyers can’t see them, smell them or touch them. When they finally do, they are sometimes in for very big surprises, some of them infuriating. March 25, 2007
N.O. Lays Out $1.2 Billion Rebuilding ProjectOffering the most concise rebuilding blueprint to date to a city starved for signs of progress, New Orleans recovery czar Ed Blakely told more than 50 business, government and education leaders Friday that the city is poised to invest at least $1.2 billion in a massive citywide reconstruction slated to be under way as soon as next month. March 25, 2007
FTC Says It Can’t Protect Mortgage-Seekers From ‘Trigger Lists’When you apply for a mortgage and get a barrage of irritating and confusing phone calls from competing lenders before noon the next day, can you turn to the government for help? March 25, 2007
Judge Refuses to Allow Class Action Against State Farm over Katrina DamageA federal judge on Thursday refused to allow a class action against State Farm Insurance over the insurer’s denial of claims by policyholders on Mississippi’s Gulf Coast after Hurricane Katrina. March 25, 2007
D.C.: New Requirements Govern Seller’s Disclosure in the DistrictQ: I am a real estate broker in the District. I understand that effective Feb. 9, we have been required to provide potential home buyers with a new Seller’s Disclosure Statement, and that once a buyer gets that statement, they have the right to cancel their sales contract by giving written notice to the seller no later than five days after receipt of the form. March 25, 2007
A Developer Picks Up Where Others Leave OffWhile some other developers may be having second thoughts about New York City’s residential real estate market, Larry Korman seems to be making himself at home there. His Philadelphia-based company, Korman Communities, where he is co-president alongside his brother Bradley, is finding a new niche in turning former condominium projects into luxury extended-stay lodging. March 25, 2007
Baton Rouge: Program Gives Insurance Firms Cash to Cover Coastal PropertiesInsurance Commissioner Jim Donelon said Friday he will ask lawmakers to ante up $100 million at the upcoming session for a new program to lure more property insurance companies to the state and ease some homeowners out of the state-run insurance program. March 25, 2007
Corps May Speed Levee UpgradesThe Army Corps of Engineers has agreed to consider a faster schedule for improving several levees and levee walls on the Industrial Canal, Gulf Intracoastal Waterway and Mississippi River-Gulf Outlet in New Orleans and St. Bernard Parish that are believed to be too low to protect from hurricane storm surge, Lt. Col. Jeffrey Bedey confirmed Friday. March 25, 2007
Home Loans Reflect BiasVelma Vardiman had to quit her job as an administrative assistant in January 2005 after being diagnosed with cancer late in 2004. Soon the bills piled up, and she missed a payment on her home loan. Desperate, she refinanced her mortgage to get a lower monthly payment. But Vardiman’s payment is $163 higher than before, and she faces an imminent increase. She is suing the mortgage broker, claiming she is a victim of predatory lending. March 25, 2007
Indiana: Wishard Owner giving Millions for HousingThe Marion County Health and Hospital Corp., which owns Wishard Memorial Hospital, provided a major boost Friday to the city’s efforts to develop affordable housing, placing its first annual payment of $1 million into a housing trust fund. March 25, 2007
CO: Size counts, but worker housing is keyMidvalley residents generally urged Basalt officials Thursday night to go with a slow pace of growth, although some claimed the lack of affordable housing poses a greater threat to the town’s character than size. March 25, 2007
Religious Discrimination Suits Are on the RiseAcross the country, complaints alleging religious discrimination are up dramatically, with confrontations arising over how people publicly observe their faith, when and where they pray, how they dress, what hours they work - and generally what they believe March 25, 2007
Regulators take beating over defaults, foreclosuresRepublican and Democratic members of the Senate Banking Committee yesterday issued a withering rebuke to federal banking regulators and executives from several large mortgage lenders for permitting a wave of defaults and foreclosures in the sub-prime home loan market. March 25, 2007
Budget cash boosts affordable housingOne of the key planks in the province’s so-called Poverty budget, the $392-million affordable housing initiative includes: $80 million to build off-reserve … March 25, 2007
Ahead of the Bell: Mortgage MarketA U.S. House committee hosts a hearing Tuesday on subprime and predatory mortgage lending trends, following recent turmoil in the mortgage arena March 27, 2007
Residents Launch East N.O. Alliance: Commission Plans Review of ApartmentsA collection of residents from more than 15 neighborhood associations in eastern New Orleans created a commission Monday night designed to give them and other neighborhood groups east of the Industrial Canal a greater voice in the post-Katrina redevelopment of eastern New Orleans. March 27, 2007
Foreclosure Wave Bears Down on Immigrants: Economic Success Story Turns Sour as Thousands May Face Losing HomesNationally, 375,000 high-interest-rate loans were made to Hispanics in 2005, and nearly 73,000 of them are likely to go into foreclosure, said Aracely Paname?o, director of Latino affairs for the Center for Responsible Lending. About 1.1 million homes in the United States are expected to go into foreclosure in the next six years, and many native-born Americans are likely to be stuck with burdensome loans. But immigrants are getting hit first in part because their incomes tend to be lower and many have lost construction jobs. March 27, 2007
Subprime is Big-time BindMore than 91,000 New York families could lose their homes by the end of next year because of unscrupulous mortgage lenders who offer “affordable” loans with rates that quickly balloon, according to Sen. Chuck Schumer. March 27, 2007
Bergen County, N.J.: High-priced Insanity Levels OffHome prices in Bergen County, N.J., across the Hudson River from Manhattan, are still falling — or coming back to earth, as would-be buyers might say. And that means the spring selling season should be better than last year’s. March 27, 2007
Corps Team Blames Poor Levees: Katrina Exploited Flaws, Study SaysThe failure to build New Orleans-area hurricane levees and levee walls as part of an integrated, well-fortified system doomed the region during Katrina and remains the key finding of a revised report released Monday by an investigation team sponsored by the Army Corps of Engineers. March 27, 2007
N.Y.: Mayor Mike’s Green DreamIn what would be a green legacy for Mayor Michael Bloomberg, the administration is pushing a plan to reduce air pollution and spur the building of modern power plants. March 27, 2007
Lower Income Housing Decried: Some on Southside worry development will drop land valuesAn apartment development planned for lower-income residents on the Southside has some neighbors concerned about decreased property values and increased crime and traffic. The Corpus Christi Housing Authority is planning a $15.5 million affordable-housing complex with 64 town homes and 136 apartments called Royal Palms Garden at 7442 Wooldridge Road, off Rodd Field Road. The plan is the subject of two public meetings this week. March 27, 2007
PA: COG Tackles Affordable Housing DebateThe regional government organization around Penn State took up the affordable housing issue Monday with debate beginning immediately about how many homes will be needed and whether the coming discussion should range outside the six-municipality Centre Region or stay within. March 27, 2007
Charlotte County, FL: Affordable Housing Projects Seek $1.7M MoreFour affordable housing developers are seeking another $1.7 million in public funds today for their much-anticipated Hurricane Charley recovery projects. The developers are asking county commissioners to use Charlotte’s state housing money to help complete the projects aimed at low-income renters. March 27, 2007
Housing Leaders Accuse City Council Of DiscriminationThe director of the Mississippi Region Eight Housing Authority Roy Necaise is accusing Gulfport city leaders of covert discrimination. He says they are trying to keep affordable housing out of Gulfport. March 27, 2007
Plan to House Deaf Seniors Goes AwryThe first retirement home for the deaf in Northern California has ended up taking mostly hearing seniors, frustrating the project’s organizers, who hoped for a deaf-only enclave. Fremont Oak Gardens, which opened in May 2005, was meant to be a place where deaf seniors could rest and grow old in one another’s company. But bureaucratic hurdles and the Bay Area’s tough housing market have led hearing seniors to move in, said Julian “Buddy” Singleton, 73, who is deaf and led the project March 27, 2007
South Africa: Joburg Evictions to ContinueA landmark decision in the Supreme Court of Appeal has ensured that the City of Johannesburg will continue with evictions while providing temporary accommodation to some of the almost 70 000 poor who occupy “bad” buildings in the inner city. March 27, 2007
Municipal Workers Accused of GraftFBI agents fanned out across North Jersey to round up a group of current and former low-level city officials from Paterson and Passaic. They were primarily caseworkers, inspectors and clerks, people who deal with the routine business of city government. Most were involved with Section 8 housing, a federally subsidized program for low-income residents. March 27, 2007
Behind Foreclosures, Ruined Credit and HopesBut in many of these neighborhoods, a heavy mortgage debt has led thousands of residents — many of them first-time homebuyers — close to financial ruin, experts and local officials say. According to recent census figures, more than 40 percent of Newark homeowners spend more than half their income on housing, one of the highest percentages in the New York metropolitan region and among the highest in the country. March 28, 2007
Plan Could Limit Insurer Losses: State catastrophe fund outlined in studyIf Louisiana were to create a state-run catastrophe fund to help attract insurers, the state would take over a portion of residential claims from a tropical storm or hurricane when they reach $1.25 billion, according to a study to be released today by the Louisiana Recovery Authority. March 28, 2007
State Farm, Travelers Trying to Limit Payoff to SBA Debtors: Loan rules spark insurers’ motionsIf State Farm and Travelers insurance companies have their way, taking out Small Business Administration disaster assistance loans would prevent policyholders from pursuing insurance claims in court, leaving home and business owners stuck with debt instead of insurance proceeds. March 28, 2007
Single-family Home Prices Plummet in January, Worst Drop in 13 YearsPrices of single-family homes across the nation fell in January compared with a year ago, posting the worst results in more than 13 years, a housing index released Tuesday by Standard & Poor’s showed. March 28, 2007
Fed Cautiously Considers Writing Rules on LendingThe Federal Reserve, accused last week of failing to head off a crisis in home mortgages, said yesterday that it is studying whether to write new rules against predatory lending. But a Fed official told lawmakers that such an effort could backfire by making even sound loans harder to get. March 28, 2007
Beazer Homes Shares Drop after FBI Confirms Investigation for Possible FraudShares of Beazer Homes USA (BZH) fell more than 17% in premarket trading Wednesday after the FBI said it is among agencies investigating possible fraud in the company’s mortgage lending and other financial transactions. The home builder said it is cooperating with a federal prosecutor’s request for documents. March 28, 2007
Don’t Evict Us, 4 Families PleadFour Prospect Heights families are facing eviction by their new landlords, who want to build a luxurious pad for themselves…The practice has become more common in the last two years, advocates said, noting that a growing number of tenants in rent-stabilized Brooklyn buildings have lost their humble abodes to make way for sweet digs. March 28, 2007
As the parish deadline approaches, most residents on one street in Metairie have moved out of their trailers and back into theirHer once-flooded home is stocked with the crisp new accouterments emblematic of recent repairs. The walls, doors, cabinets, furniture, air-conditioning unit and flat-panel television are new. The tile floors, which survived more than a foot of Hurricane Katrina’s floodwaters, are buffed to a shine. March 28, 2007
FDIC Chief Backs Predatory Lending Crackdown on Mortgage LendersA top federal regulator Tuesday endorsed congressional efforts to pass legislation cracking down on predatory lending. “We believe that the time has come for national anti-predatory-lending standards applicable to all mortgage lenders,” Federal Deposit Insurance Corp. Chairman Sheila Bair told a House Financial Services subcommittee. March 28, 2007
Greenspan Helped Create Subprime MessThis is what the former chairman of the Federal Reserve had to say about mortgages on Feb. 26, 2004: “American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.” March 28, 2007
The Forecast for ForeclosuresMichele Johnson is no stranger to desperate phone calls, but lately they’ve become an even more regular occurrence. Johnson, who is chief executive of the Consumer Credit Counseling Service of Southern Nevada & Utah, says that these days, homeowners facing foreclosure are seeking out the agency’s help in droves. March 28, 2007
Home Builder Lennar’s Profit Slides 73%; New Orders Down 27%Lennar (LEN), one of the nation’s largest home builders, said Tuesday that its first-quarter profit tumbled 73% on continued softness in the housing market made worse by problems with subprime lenders. March 28, 2007
Hearing Brings Housing Protests: Low-cost complex to crowd area, some on Southside sayAbout 65 residents filled the city’s housing authority boardroom during the first of two public meetings this week about the development. The Corpus Christi Housing Authority is planning a $15.5 million, 200-unit low-cost housing complex called Royal Palms Garden at 7442 Wooldridge Road off Rodd Field Road. March 28, 2007
Affordable Housing Bill HitBusiness associations central to creating Chicago’s affordable housing don’t like Mayor Daley’s proposed expansion of the city’s Affordable Requirements Ordinance. The Affordable Requirements Ordinance is expected to be presented at the City Council on April 11. The city says the proposal would generate 1,000 new units of affordable housing each year, about five times the current level of production. The ordinance created 177 units in 2006. March 28, 2007
VA: Affordable Housing: The Leesburg Trailer ParkRumors continue to swirl that the Leesburg Mobile Park’s days are numbered - but a representative of the park said there are no plans to sell the trailer park to developers. March 28, 2007
Legislature Urged to Allow Courts to Oversee ForeclosuresSecretary of State William F. Galvin yesterday called for the state Legislature to give the court system oversight over foreclosure cases in Massachusetts to protect thousands of homeowners who may have been victimized by predatory lenders. March 28, 2007
A Platform to Preserve HousingIn recent years, housing advocates in New York have focused on city government. But in just the past few months, that has changed dramatically. Advocates now plan aggressively to push an agenda for preserving the dwindling supply of affordable housing — and they have aimed it directly at state politicians. March 28, 2007
HUD: Housing Authority of New Orleans Board Approves Firms to plan the redevelopment of St. Bernard, C.J. Pette, B.W. CooperA collaboration of experienced, mixed-income housing developers and local non-profits organizations have been selected to plan the redevelopment of New Orleans’ damaged public housing communities at St. Bernard, C.J. Peete and B.W. Cooper. The announcement was made today at the Housing Authority of New Orleans (HANO) board meeting. March 29, 2007
N.O. Post-Katrina Blueprint UnveiledIn the first decisive plan from City Hall that identifies which neighborhoods will benefit first from public investment, city officials today are expected to unveil a comprehensive blueprint pegged on 17 redevelopment zones — the bulk of them west of the Industrial Canal — as the anchors of a $1.1 billion effort to spark an economic resurgence March 29, 2007
Olver Challenges HUD on Affordable HousingU.S. Rep. John W. Olver on Tuesday clashed with a Bush administration official on funding policies that have cut the number of affordable housing units available to the poorest households. March 29, 2007
American Homestar Partners with The Home Depot to Provide Quality …American Homestar Corporation (Pink Sheets: AHMS) today announced a new initiative, with The Home Depot, to provide housing to the Gulf Coast markets affected by hurricanes in 2005. After Hurricanes Katrina and Rita, more than 250,000 homes were destroyed throughout the Gulf Coast, leaving nearly 800,000 people without a principal residence. Rebuilding efforts have been slow in many areas due, in part, to shortages of construction materials and skilled construction labor. March 29, 2007
HUD: Statement from Secretary Alphonso JacksonI want to offer my full support for “The Expanding American Homeownership Act” which was introduced in the U. S. House of Representatives today by Congresswoman Judy Biggert and Congressman Spencer Bachus. I appreciate their leadership as well as the ongoing efforts of Chairman Barney Frank and Chairwoman Maxine Waters to modernize the Federal Housing Administration (FHA). I urge prompt House consideration of this priority legislation. The Expanding American Homeownership Act March 30, 2007
Rates on 30-Year Mortgages UnchangedRates on 30-year mortgages were unchanged this week, staying near the lowest levels for the year. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.16 percent, the same as last week. March 30, 2007
Buying Homes in Foreclosure can be RiskyYou’re a would-be buyer who’s been sitting stubbornly on the sidelines, having seen home prices soar to nonsensical levels, waiting for their inevitable fall back to Earth. Eventually, you say, the time will be right to tiptoe into the market. March 30, 2007
New Orleans Proposes to Invest in 17 AreasNew Orleans unveiled its latest redevelopment plan Thursday, choosing 17 zones where the city has decided to concentrate resources in order to stimulate investment and renewal. The 17 development zones, each about a half-mile in diameter, are scattered throughout New Orleans. They vary from a devastated shopping plaza in the eastern section of the city, to blocks in the ruined Lower Ninth Ward and to areas not hard-hit by Hurricane Katrina but still in need of renewal, as officials put it, including the old St. Roch Market in the Bywater area. Map of zones March 30, 2007
Late Payments Rise on Home-equity LoansLate payments on certain auto and home equity loans climbed in the final quarter of last year, while delinquencies on credit card bills largely held steady, suggesting some U.S. consumers are feeling more squeezed than others. March 30, 2007
UK: First Minister Launches Initiative to Release Land for Affordable HousingFirst Minister Rhodri Morgan today launched a new Welsh Assembly Government initiative aimed at increasing the supply of land for affordable housing across Wales. March 30, 2007
Developers Hear Options for Affordable HousingHousing developers listened attentively this week as regional officials and representatives from the Canada Mortgage and Housing Corporation explained options available for affordable housing in Waterloo Region. March 30, 2007
For More Sources of New Affordable Housing, Look Beyond GovernmentWestchester County has done just that with the creation of a new Housing Land Trust. The trust wouldn’t be another government agency, but instead a nonprofit organization, which Spano can influence by appointing one-third of its board members. March 30, 2007
Study: Lenders Prey Upon MinoritiesVardiman is black, a fact that could be significant. One large national study - which has been replicated in other smaller studies - concludes that blacks and nonwhite Latinos are more likely than whites to be victims of predatory lending. And they’re more likely to be steered into high-risk, high-interest subprime mortgages. March 30, 2007
Need to See Grey Areas in the CityTHE Supreme Court of Appeal’s recent finding that it was neither unconstitutional nor unlawful for the City of Johannesburg to evict tenants of unsafe buildings in the inner city provides welcome recognition of the conflict between an aspirational constitution and the financial limitations experienced by local government. March 30, 2007