Five real estate investors were sentenced for their role in a conspiracy to rig bids, in violation of the antitrust laws, at public real estate foreclosure auctions in Northern California, the Department of Justice announced. Joseph Giraudo, Kevin Cullinane, Raymond Grinsell, Daniel Rosenbledt, and Mohammed Rezaian were charged with and convicted of bid rigging at real estate foreclosure auctions in San Mateo County, California.
One common concern amidst Detroit's economic resurgence is the way speculators, many from outside the city, have acquired swaths of land only to sit on it. One WDET segment on Detroit Today estimated that speculators own 20 percent of all parcels in Detroit, but “have no real obligation to insure that land is well kept…
Ahe Group bought the low-income rental building Waipahu Towers last year from a financially struggling co-op of renter tenants. The building, with the parking structure at right, has since been renovated while remaining affordable for its tenants. Foreclosure News
State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company, according to interviews with nearly a dozen officials. After settling with Ocwen three years ago over issues related to loan modifications and foreclosures, regulators filed…
We all know the story of how Wall Street crashed the economy. They forced hundreds of thousands of families into foreclosure with subprime loans and balloon payments that made mortgages impossible to pay back. Foreclosure News
Sometimes foreclosures happen and Fannie Mae needs to take possession of a home from a distressed borrower. When that happens, they try to sell the home as quickly as possible to limit the damage it causes to the surrounding homes due to the falling value a foreclosure can cause. Foreclosure News
Over the last ten years, cities like Miami, Florida have experienced a decrease in property tax revenues, an increase in demand for police, fire and other municipal services, and an increase in foreclosures and vacancies, particularly in minority neighborhoods. In what appears to be a response to this environment, the City sued Bank of America…
