1. Thousands of abandoned foreclosures, unregistered vacant homes may be costing Chicago as much as $36 million, says new report This post highlights key findings from our report, “Left Behind: Troubled foreclosed properties and servicer accountability in Chicago”,...
In this edition of Woodstock Developments, Dory Rand profiles Ocwen’s successful shared equity principal reduction program, Cook County approves ordinance requiring servicers to maintain vacant homes, the FHFA seeks to block servicer vacant property maintenance standards in Chicago, and...
Unfortunately, mortgages held by the government-sponsored enterprises Fannie Mae and Freddie Mac (GSEs) are not eligible for principal reduction under the policies of Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), the regulator and...
“This ordinance is critical to preserving the values of vacant properties and the surrounding properties,” said Woodstock Institute vice president Tom Feltner. “We believe that this proposal will introduce much needed oversight where some servicers have been unable...
By Lisa Donovan December 14, 2011 Owners of problem vacant buildings across stretches of unincorporated Cook County will have to clean up their act or pay fines of up to $1,000 a day under a measure passed easily...
By Mary Ellen Podmolik December 14, 2011 The Cook County Board on Wednesday passed a vacant building ordinance that largely mirrors one adopted by the city of Chicago and now the subject of a federal lawsuit. The...
“With the foreclosure process taking longer to complete, it is critical to hold mortgagees accountable for vacant properties stuck in the foreclosure process,” said Tom Feltner, vice president of Woodstock Institute. “Ensuring that these vacant properties are safe...
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“The CFPB has begun a highly collaborative, transparent campaign to identify the worst financial abuses, but until there is a director confirmed, the bureau’s ability to move forward with these efforts is limited.” In October, 37 state...
But without a permanent Director in place, the CFPB is limited in its authority to protect consumers and consumers remain at risk. And why hasn’t a director been confirmed? Richard Cordray has been nominated to fill the job,...