The nation's largest bank is placing a moratorium on all foreclosure sales in order to review problems in its foreclosure documentation. (Wall Street Journal, October 8, 2010)
Rentals hold a ray of hope for U.S. home prices: Private owners of foreclosed property, once extremely reluctant to act as property managers, are beginning to warm to the idea of maintaining REO homes as rentals. (Reuters, October 7, 2010)
The President will not sign into law a piece of legislation that would ease procedural restrictions on lenders processing foreclosures. Critics claim the bill, which would have legalized out-of-state and electronic signatures on foreclosure documents and which quietly passed both houses of Congress with little opposition from either party, would have increased fraud. (New York Times, October 7, 2010)
The Governor of California has signed a bill that requires post-foreclosure owners to provide tenants with a document that notifies them of their rights and encourages them to seek legal advice. In addition, the law will block new owners from reporting evictions to credit reporting companies, unless a court judgment is obtained within 60 days. (via Tenants Together, October 2, 2010)
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2010/10/08
