Tag Archives: Housing

Housing Foreclosure Still A Crime Scene

Housing Foreclosure Still A Crime Scene
After the forensic audit was completed, Register O’Brien proclaimed: :My registry is a crime scene as evidenced by this forensic examination. The Audit makes the finding that this was not only a MERS (Mortgage Electronic Registration Systems) problem, but a scheme also perpetuated by MERS shareholder banks such Bank of America, Wells Fargo, JP Morgan and others. I am stunned and appalled by the fact that America’s biggest banks have played ... Read more

The New Housing Crisis: Renters Are Being Ripped Off

The New Housing Crisis: Renters Are Being Ripped Off
Think of the people who inhabit the houses owned by these under-examined corporations. Mindy Culpepper lived on the outskirts of Atlanta in a home inundated with the stench of raw sewage. She had her husband paid $1,225 a month to live in the three-bedroom house even as their landlord, Colony American Homes, ignored their complaints. The Culpeppers have had to live with the stench from the first day they moved in and to date, they see zero ... Read more

The RAD-ical Shifts to Public Housing

The RAD-ical Shifts to Public Housing
By Rachel M. Cohen Originally posted in Prospect.org Traditional public housing is out of favor and substantially out of funds. It’s bureaucratic, concentrates the very poor, and is literally crumbling due to a huge backlog of deferred maintenance. Yet despite real catastrophes—such as Chicago’s bleak, crime-ridden Robert Taylor Homes, dynamited over a decade ago—public housing provides low-rent apartments to some 2.2 million people, and ... Read more

Did the Other Shoe Just Drop? Big Banks Hit with Monster $250 Billion Lawsuit in Housing Crisis Read

Did the Other Shoe Just Drop? Big Banks Hit with Monster $250 Billion Lawsuit in Housing Crisis Read
For years, homeowners have been battling Wall Street in an attempt to recover some portion of their massive losses from the housing Ponzi scheme. But progress has been slow, as they have been outgunned and out-spent by the banking titans. In June, however, the banks may have met their match, as some equally powerful titans strode onto the stage. Investors led by BlackRock, the world’s largest asset manager, and PIMCO, the world’s largest ... Read more

Homeless shelters prove profitable

Homeless shelters prove profitable
A new, lucrative way of making money in the housing market has swept over the city in recent years. Move over, luxury Long Island City high-rise condos and Brooklyn brownstones, homeless shelters have become hot commodities among some landlords. As the Department of Homeless Services struggles to house the increasing number of families seeking shelter, landlords across the city have opened their apartment buildings or hotels, such as the Pan ... Read more

Latest Jobs and Housing Reports Show Americans are Struggling More than Ever

Latest Jobs and Housing Reports Show Americans are Struggling More than Ever
The latest nationwide jobs and housing statistics released this week suggest that America is no longer a country where—for most people—the future is going to be better than the past. The percentage of people in most age and education levels in jobs compared to 2008 is down. The number of people holding multiple jobs is up. Average hourly wages have barely grown, compared to 2008. The number of people who are willing to leave their job for a ... Read more

This man made millions suffer: Tim Geithner’s sorry legacy on housing

This man made millions suffer: Tim Geithner’s sorry legacy on housing
At every turn on housing — on mass refinancing, on principal reduction, on leverage for homeowners in the bankruptcy process, on forcing banks to write down mortgages, on a modern-day HOLC — the evidence points to Tim Geithner preferring whatever option put the least pressure on banks, rather than actually helping ordinary people. He made far more excuses to do nothing than any effort to make a difference. In fact, the programs were never ... Read more

When Predatory Equity Hit the Big Apple – And What It Tells Us About the Future

When Predatory Equity Hit the Big Apple – And What It Tells Us About the Future
Things are heating up inside Wall Street’s new rental empire. Over the last few years, giant private equity firms have bet big on the housing market, buying up more than 200,000 cheap homes across the country. Their plan is to rent the houses back to families -- sometimes the very same people who were displaced during the foreclosure crisis -- while waiting for the home values to rise. But it wouldn’t be Wall Street not to have a short-term ... Read more

Infographic: Community Land Trusts

Infographic: Community Land Trusts
Community land trusts are a key strategy for helping low-income communities build assets through home ownership while mitigating the destructive consequences of irrational, speculation-fueled housing markets. By keeping housing permanently affordable, a community land trust helps reduce the displacement that can accompany gentrification when property values are climbing, and provides acommunity framework that supports residents and limits ... Read more

Mobilizing for the common: some lessons from Italy

Mobilizing for the common: some lessons from Italy
Tens of thousands of protesters marched on Rome this Saturday to denounce the austerity measures and economic reforms of Matteo Renzi’s new government and to restate their call for income, housing and dignity for all. Dozens were injured as clashes broke out towards the end of the march and police violently charged forward into the crowds, indiscriminately beating protesters and trampling over those who got caught in the way. What the police ... Read more