A group of protesters who said they are fighting to protect homeowners shut down a bank Thursday morning in the Bayview district.
The roughly 25 protesters shut down the Wells Fargo branch at 3801 Third St. about 11 a.m. as part of a day of action organized by the Alliance of Californians for Community Empowerment, the National Association for the Advancement of Colored People and Occupy Bernal. Read More
Owners of foreclosed properties in San Francisco, such as banks, are coming under fire for allowing some of those homes to fall into disrepair. Supervisor Malia Cohen, whose District 10 includes the Bayview, has introduced legislation that would subject foreclosed properties to The City’s nuisance law, which allows for court abatement injunctions and fines. It also would triple the nuisance penalties for owners of 10 or more foreclosed properties. Read More
A recent survey of 382 San Francisco foreclosures found irregular documents or other “suspicious activities” in 99 percent of the cases and “at least one clear violation” of state law 84 percent of the time, San Francisco Assessor-Recorder Phil Ting said Wednesday. Read More
Fannie Mae and Freddie Mac were prime players in the mortgage meltdown that led to the worst recession since the Great Depression. Those government-backed corporations own more than 60 percent of the mortgages in California, which is second only to Nevada in devastation from the foreclosure crisis. In the past five years more than 768,000 homes have been foreclosed upon in this state, including thousands in San Francisco from Bayview to Pacific Heights. Read More
WHAT: Mortgage giant Fannie Mae knew about allegations of foreclosure abuses by law firms since 2003. It hired a law firm to investigate in 2005. The firm reported in 2006 that foreclosure attorneys were “routinely filing false pleadings and affidavits.” Read More
WHAT: Kendra and Todd Parker of Little Rock, Ark., are being foreclosed upon, but they can prove they made every mortgage payment.HOW: Their local bank didn’t tell them their loan had been sold. The Parkers sent their first payment check to the bank, which lost it.WHY: Once that first payment was missing for 90 days, the Parkers’ new mortgage company declared the account delinquent and automatically stopped accepting payments. Read More
So banks seized a record number of homes last month and AP runs with the following headline:
Foreclosures down 2 percent from last year
Foreclosure filings sink 2 percent from April 2009, first yearly decline in 5 years Read More
WHAT: More California hotels are being pushed into foreclosure as tourists and businesses scale back their travel plans and owners are unable to pay their mortgages. Statewide, more than 300 hotels were in foreclosure or default on their loans as of Sept. 30 — a nearly fivefold increase since the start of the year, according to an industry report.