In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.
In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.
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O'Bama - the fix is in
From CNN.com
Obama foreclosure fix open for business The Obama administration’s foreclosure prevention program is open for business. The multipronged fix calls for companies to help struggling borrowers by modifying loans so monthly payments are no more than 31% of monthly gross income. Under the program, homeowners who haven’t missed a payment can refinance into lower-cost loans even if they have little or no equity. The $75 billion plan will provide incentives to borrowers and loan servicers and investors to spur mortgage modifications. The government will also subsidize interest rate reductions to get borrowers to affordable monthly payments. “This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans,” said Housing Secretary Shaun Donovan. Borrowers can now contact their servicers to see whether they are eligible for assistance. Federal officials will promote the program at homeownership events nationwide.
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Is Anything Selling?
Bright spots in the housing nightmare
The mortgage meltdown isn’t messing with Texas — much — or with parts of Manhattan. Here are 3 categories of real estate that have gone mostly unscathed amid the pain. Finding reasons for optimism in a floundering housing market is no easy task. Nevada, Florida and California are among the states that have been devastated by foreclosures and tumbling home prices, and even the most elegant neighborhoods haven’t been immune.
Foreclosures have hit from the Hamptons to Beverly Hills, and reports that celebrities such as Ed McMahon and boxer Evander Holyfield are in danger of defaulting on multimillion-dollar homes show that even wealthy Americans are vulnerable.
But economists and real-estate agents insist that if you look hard enough, there is indeed some good news. Texas’ housing prices, buoyed by the state’s thriving energy economy and strong job market forecast, have stayed even or posted gains, and in both the Carolinas and parts of the Rocky Mountain region, prices have been relatively stable compared with the huge declines recorded in many parts of the country. An economic boom in Texas?
See the full article here.
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3rd cir
Windt v. Qwest Communications, 06-4662, 06-4808 [June 10, 2008]
In a lawsuit brought by bankruptcy trustees of a Dutch company asserting various claims against defendants who were allegedly responsible for the company’s insolvency, judgment dismissing trustee-plaintiff’s complaint on forum non-conveniens grounds is affirmed where the district court did not abuse its discretion in: 1) affording low deference to plaintiffs’ choice of forum in view of Netherlands’ substantial interest in resolving a dispute concerning alleged mismanagement of a Dutch company by board members and officers of that Dutch company; 2) concluding that avoiding problems in the application of foreign law favored dismissal; 3) balancing the public and private interest factors implicated in the case; and 4) determining that the convenience of litigating the dispute in New Jersey was outweighed by the oppressive or vexatious effect on defendants.
8th cir
US v. Mitchell, 07-3136 [June 10, 2008]
Conviction upon defendant’s retrial for knowingly and fraudulently making a false statement under penalty of perjury in a bankruptcy case is affirmed where the circuit court declines to revisit a double jeopardy issue, and there was sufficient evidence to sustain his conviction.
ND IL ED
In re Weadley, 06-1854
Bibby Financial v. Weadley, 07-683
Issued June 11, 2008
Judge A. Benjamin Goldgar
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