Thursday, June 24, 2010

Housing Market to Crash?

The Bankers already own the US....what in the hell is the difference? Cant sell their foreclosed homes? No moneeee comming in? GOOD! Let them eat (plain) cake, (nothing fancy, as in like "bread") like the rest of US are doing. Have you had your slice today?

Saturday, June 12, 2010

U.S. Home Foreclosures Climb 44%

U.S. Home Foreclosures Climb 44% to Record in May 10, 2010, 2:06 PM EDT
By Dan Levy

June 10 (Bloomberg) -- U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc.

Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.

“We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. “We’re likely to set a quarterly record for home seizures if June is anything like May.”

Lenders are completing the “inevitable progression” of taking properties from homeowners who stopped paying, Sharga said. He predicted last month that another 5 million delinquent mortgages will end in foreclosure in addition to properties that had already been repossessed.

Almost 3.1 million properties have been seized by banks since April 2005, Daren Blomquist, RealtyTrac’s marketing communications manager, said in an interview today.

“The second quarter won’t be the peak,” Sharga said. “I’m not even sure 2010 will be.”

The previous record for seizures was 92,432 in April. Last month was the first in which every state had an increase in repossessions from a year earlier, according to RealtyTrac.

Unemployment Rate

U.S. private payrolls rose by 41,000 in May, Labor Department data showed last week. The hiring of temporary census workers boosted overall payroll growth to 431,000. The jobless rate fell to 9.7 percent, from 9.9 percent in April.

Almost a quarter of the nation’s mortgage holders owed more than their homes were worth in the first quarter, said last month. Bank sales of foreclosed properties accounted for more than a fifth of all U.S. home transactions in March, the Seattle-based real estate data provider said.

Wells Fargo & Co. and Bank of America Corp., the two largest U.S. home lenders, are cutting principal on some mortgages in an effort to keepwners in properties and get them to pay at least part of what they owe. Bank of America said in March it was reducing principal for some borrowers who owe more than 120 percent of what their homes are worth.

“Marginal people, those types that were working as laborers, are most affected by foreclosures,” said Albert Kyle, a finance professor at the University of Maryland’s R.M. Smith School of Business in College Park. “A lot of foreclosures are occurring in modest houses.”

Default Notices

The number of homes that received default notices last month was 96,462, down 7 percent from April and 22 percent from a year earlier, RealtyTrac said. A default notice is the first stage in the foreclosure process. They peaked at 142,064 in April 2009.

A foreclosure auction, the second stage in the process, was scheduled on 132,681 properties, down 4 percent from April and about 1 percent from May 2009. The record was 158,105, reached in March.

Nevada had the highest foreclosure rate for the 41st straight month. One in every 79 households got a notice, more than five times the national average. Filings fell almost 12 percent from the previous month and 16 percent from May 2009.

Arizona had the second-highest rate, at one in 169 households, or more than twice the U.S. average. Filings fell 5 percent from a year earlier. Florida ranked third at one in 174 households, and California was fourth at one in 186.

Rise in Michigan

Michigan ranked fifth at one in 223 households, with filings up 6 percent from April and 46 percent from a year earlier, RealtyTrac said. Georgia, Idaho, Illinois, Utah and Maryland also ranked among the 10 highest rates.

Ten states accounted for more than 70 percent of all U.S. filings, led by California’s 72,030. Filings in the most populous state rose 3 percent from April and declined 22 percent from a year earlier.

Florida ranked second with 50,685 filings, up 5 percent from April and down 14 percent from a year earlier. Michigan was third at 20,322, followed by Arizona at 16,097.

Illinois had 15,061 filings, up 38 percent from a year earlier, and Nevada had 14,346.

Georgia, Texas, Ohio and New Jersey rounded out the top 10, said RealtyTrac, which sells default data from more than 2,200 counties representing 90 percent of the U.S. population.

--Editors: Daniel Taub, Sharon L. Lynch

2263996Z US

To contact the reporter on this story: Dan Levy in San Francisco at

To contact the editor responsible for this story: Kara Wetzel at

Wednesday, June 2, 2010

$hiti Top Exe's Making MILLIONS per year OFFa U!

Wonder where all the $$$ goes? All your late charges and/or over the limit fees?

$hiti Stalls Somemore.....

I should have know better than to believe that $hitiMortgage would do the right thing....I thought we were making progress, that is, until I called today to find they (claim) they did not recieve the documents I faxed over to them on May 25, 2010,...and they want me to fax them again. Here is what I said to them: Let the Forclosure Begin: We ARE NOT jumping thru any more hoops, moreover, as of today the "good faith payments" we have been making to you will end. You can have the dam house just as soon as you figgure a way to boot us out,....not to forget we are under Chap 13 protection and can squeeze one maybe two more years of "free living" here and what a party we will have before we go!


June 6, 2010

George J. Jubic
118 River Rd.
Johnsonville, NY 12094

Re: CitiMortgage Run-Around
“Investor Loan” # 5001214664

United States Treasury Department
Office of Financial Stability
1500 Pennsylvania Av. NW
Washington, DC 20220

Dear Sir or Madam;

I am writing once again to complain about our problems with CitiMortage. Last September I “successfully completed” my loan modification probationary period, and was told by their loss mitigation department (Mrs. Liz Cory) that everything was set to finalize our plan…this was in November of 2009. Ever since that date, I have been making my monthly payment according to the plan,… and have been waiting for CitiMortgage to complete the paperwork to finally finalize my plan.

On or about the week of May 20-24th, 2010, I did get a call from Liz Cory from CitiMortage informing me that I would have to send more paperwork to finalize the plan. They wanted updated copies of my financial documents, such as two months worth of my last paycheck stubs and my IRS forms.

On May 25th I did fax them over (see cover sheet attached as proof of same) to Liz Cory of CitiMortage. However, when I called her today to check up on the status of my case, she informed me that she did not receive the faxes I sent and she asked me to send them again. This is not the first time CitiMortgage has claimed to lose the papers I have sent.

I informed her at this time that I would not be sending any more documents as I have been told numerous times that I did not need to send anymore. I told her I was tired of jumping through every hoop they asked of me with still no sign of finalization of the plan in sight. I also informed them that I would not be sending anymore “good faith” payments according to their supposed “plan” until which time I have some tangible evidence that they are in fact, committed to helping me keep my home and until which time I receive the finalized plan. In view of the fact that they are not showing good faith in finalizing the plan, I told them that they should either commence a foreclosure proceeding (advising them that I would fight it out in court with them) or finalize the plan.

I am writing to make you aware of the difficulties homeowners are facing when big banks such as these are granted free-rein on their discretionary powers and left to their own devices in the working out of any loan modification plans. It is my hope that the government will somehow mandate that these banks do everything within their power to work with the homeowners and NOT put stumbling blocks in their way.

Yours, etc.

George J. Jubic, Owner / Occupier


Barney Frank, Chairman
Financial Services Committee
2129 Rayburn Bldg.
Washington, DC 20515

CC: CitiMortgage
Loss Mitigation Dept.
1000 Technology Dr. MS 420
O’Fallon, MO 63368

UPDATE 6/12/2010

Got a call "out of the blue" from $hitis' "loss mitigation" teamster Liz Cory to inform me that THEY HAVE FOUND THE DOCUMENTS I faxed over to them on May 25th and they are sorry for the inconvience and let me know also that yes, they are aware that we filed another complaint to the US Tres and Mr Barney Frank and YES they are willing to still work with us and will be sending a contact for us to sign too and I said FINE but we WILL NOT be sending you anymore "good faith" $$$ until we receive the contact ready for us to sign....back to the waiting game but at least it aint costing us nothin this time and that is a GREAT BIG PLUS for Us dont you think? At this point, it doesnt really matter too much if we keep the house or not, is the principle of the thing.