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How Will Foreclosure Moratorium Impact San Diego?

Audio

Aired 10/21/10

How will Bank of America's nationwide moratorium on foreclosures impact the local housing market? What have we learned from the investigations into how lenders processed thousands of foreclosures over the last year? We speak to U-T business columnist Dean Calbreath and the CEO of San Diego REO Specialists, Kristian Peter.

How will Bank of America's nationwide moratorium on foreclosures impact the local housing market? What have we learned from the investigations into how lenders processed thousands of foreclosures over the last year? We speak to U-T business columnist Dean Calbreath and the CEO of San Diego REO Specialists, Kristian Peter.

Guests

Dean Calbreath, business columnist for the San Diego Union-Tribune.

Kristian Peter, CEO of San Diego REO Specialists.

Comments

Avatar for user 'crybabysoda'

crybabysoda | October 21, 2010 at 9:56 a.m. ― 4 years ago

What a joke! The notorious Credit Default Swap is invented by the Banks in order to monetize crappy, C paper, dishonest and confusing loans to citizens who want to purchase houses. These are then bundled and sold off so that nobody knows who owns the house. Then when it hits the fan the banks start Robo-Signing to foreclose even though they have no idea who really owns the homes they are foreclosing on. This undercuts the very nature of ownership and capitalism - a clear DEED of PROPERTY no longer a big deal. And some mortgage guy has the nerve to call up and complain about home owners getting free rent. The moral failing lies with the intentionally crappy/confusing loans foisted on buyers. And now we can hear Tea Party imbeciles talking about how this is a case of too much government.

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Avatar for user 'CHWorks'

CHWorks | October 21, 2010 at 10:30 a.m. ― 4 years ago

Community HousingWorks, a 28 year old San Diego non profit housing and counseling agency, is partnering with HOPE NOW and NeighborWorks America TODAY October 21, at the San Diego Convention Center for a FREE Foreclosure Prevention Workshop from 1pm-7pm. The workshop will provide foreclosure counseling by HUD certified Community HousingWorks Counselors, lenders, and other non profit organizations from the San Diego region. We urge anyone that is in danger of losing their home to foreclosure or who is trying to close a short sale to visit us today. The Convention Center is located at 111 W. Harbor Dr, San Diego, CA 92101.

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Avatar for user 'EntLaw'

EntLaw | October 21, 2010 at 12:36 p.m. ― 4 years ago

I cannot agree more with crybabysoda's comments pertaining to the caller who whined about his ability to scoop up foreclosed properties being put on hold.

I can tell you from personal experience that not all those caught up in the modification/default mess are deadbeats, losers, or trying to take advantage of the system.

I have always paid my mortgage, taxes and insurance on time for over 12 years, yet one year after I applied for a modification with B of A, which took over my mortgage from Countrywide, and still not being offered a program but impounding my account nonetheless, I can tell you that they have placed me in a worse situation than I was when I started. Aside from the same story of demanding paperwork which had already been submitted ad nauseum, and being told different stories from different reps who will never confirm anything they tell you in writing, including instructions on what to pay and what not to pay, I found myself with a Notice of Intent to Accelerate after following the directives by the bank. Then to add insult to injury they reported me late so it is impossible for me to go to a third party for a refi.

This is either gross incompetence, intentional malfeasance or criminal, and I for one suspect the ladder. The insensitivity if not sheer ignorance of the caller who assumed everyone caught up in the foreclosure quagmire is milking the system is astounding. That his right to bottom feed so he could line his portfolio should trump the government stepping in to assure proper procedure is typical tea party Me-ism. Certainly if any party is in a position to follow proper guidelines before taking one's home it is the banks, and we need more competent government oversight, not less.

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