Dickens used to be such a nice little street before they ruined it with the Section 8/ Old Peoples Apartments. I use park my bike in that lot right behind Tower Records (which is long gone) and walk up and down Blvd. and party my arse off. Now that area is like Robertson Blvd.
Fed Report Says Economy Continued to Slow By MICHAEL M. GRYNBAUM Published: July 24, 2008 Americans are cutting back on everything from cars to food to name-brand products, the Federal Reserve said on Wednesday, in another sign that the economy could slow significantly as money from the federal stimulus checks dries up. The Fedâs beige book report for June and July, considered a snapshot of the economy, highlighted fears that economic growth will stagnate as Americans cut back in the face of a weak job market and higher gasoline prices. Consumer spending accounts for more than two-thirds of the nationâs total growth. Prices are also rising, particularly for fuel and food, even as wages stay steady. And while some businesses said they had not raised prices for fear of losing customers, there were signs that inflation continues to bubble. The findings make it more likely that Fed officials will hold interest rates steady when they meet again in August, as Fed policy makers weigh the threat of inflation against a clear downturn in the economy. Businesses across the country said that consumer spending was âmixed, weak, or slowingâ in June and July, according to a survey conducted by the Fed in late spring and early summer. Retailers and housing-related stores were hit hardest, as Americans shifted their shopping to discount outlets in an attempt to save cash. Restaurants reported fewer customers and automobile sales slowed significantly, with demand âespecially poor for large vehicles such as trucks, S.U.V.âs, and some minivans,â according to the report. The beige book surveys businesses in 12 metropolitan regions. Of those, seven areas reported weaker or sluggish growth over the start of the summer; two said their economies were little changed; and three reported pickups in economic activity. Businesses in every region described price pressures as âelevated or increasing.â âIt was the strongest description of heightened inflation risks to appear in a beige book thus far,â an economist at Bank of America, Peter Kretzmer, wrote. Manufacturing activity was down throughout much of the country, but high demand for exports, spurred by the weak dollar, propped up the balance sheets of businesses. However, âmanufacturers in several districts anticipated further factory weakness in the near future,â the report said. âWhile most districts expected stable capital spending heading forward, a few noted manufacturersâ plans to re-evaluate based on current economic conditions.â Real estate markets also remained soft, with fewer residential sales across much of the country, including a dip in apartment sales in Manhattan. Commercial buildings did not fare any better. Credit standards remained tight in most regions, especially for mortgages. Local and national banks were more reluctant to give loans to individuals and businesses given the uncertain economic climate, a hesitation that has further reduced the prospects for a quick recovery.
Chicken littles are screaming right before a run up and are in the red. Fade them and your weak US dollars will grow stronger
Truly amazing. This is getting so bad that cities are suing banks to prevent foreclosures (no comment on absurdity - but it shows how desperate a situation it is): San Diego Sues Bank Of America to Block Foreclosures By REUTERS Published: July 23, 2008 Filed at 6:53 p.m. ET SAN DIEGO (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he filed a lawsuit against Bank of America Corp <BAC.N> and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary." Aguirre plans to file similar lawsuits against Washington Mutual Inc <WM.N>, Wells Fargo & Co <WFC.N> and Wachovia Corp <WB.N> in an effort to make the lenders negotiate with mortgage borrowers facing foreclosure. "We would like to see San Diego become a foreclosure sanctuary," Aguirre said. Housing markets across Southern California, including the city of San Diego and the county of the same name, are seeing steep increases in foreclosure rates because so many homes bought there earlier this decade involved subprime mortgages and other types of risky loans. So far this year, 20,000 homes in San Diego County, population 2.9 million, have been lost to foreclosure as borrowers fail to keep up with mortgage payments and some analysts forecast the number may rise to 40,000 by the end of the year. "We haven't seen the lawsuit and can't comment," said Bank of America spokeswoman Shirley Norton. In statement provided by Norton, Bank of America said it has been reviewing in detail Countrywide's operations since acquiring the lender earlier this month and the combined company will not sell subprime mortgages. "We are working hard to combine our two companies and are confident we will be recognized as a leader in responsible lending practices," the statement said. Aguirre announced the lawsuit, filed in San Diego County Superior Court on Wednesday morning, at a news conference in front of an abandoned, fire-damaged house in a neighborhood hit hard by foreclosures. The house is now in Countrywide's possession. Boards cover its windows, its front entrance is charred and burned debris is scattered among tall weeds in its yard, the result of a fire set by transients who had moved in, said San Diego Police Department Sgt. James Filley. Aguirre's lawsuit, brought in the name of the people of California, names four current and former Countrywide officers, including former CEO Angelo Mozilo, and alleges they personally profited from selling shares of the lender's stock while knowing its subprime loans did not comply with company policies. "The Countrywide executives who originated these subprime loans were engaged in a massive fraud on homeowners, borrowers and investors," Aguirre said. "They enriched themselves by over $1 billion." "We have the big stick of being found in violation of the law and the carrot of taking something that is a nonperforming asset, that all these houses are, and making it a performing asset by keeping the families in it."
San Diego creating foreclosure sanctuary. http://uk.reuters.com/article/governmentFilingsNews/idUKN2349758020080723 UPDATE 2-San Diego sues Bank of America to block foreclosures Wed Jul 23, 2008 11:50pm BST By Marty Graham SAN DIEGO, July 23 (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he filed a lawsuit against Bank of America Corp (BAC.N: Quote, Profile, Research) and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary." Aguirre plans to file similar lawsuits against Washington Mutual Inc (WM.N: Quote, Profile, Research), Wells Fargo & Co (WFC.N: Quote, Profile, Research) and Wachovia Corp (WB.N: Quote, Profile, Research) in an effort to make the lenders negotiate with mortgage borrowers facing foreclosure. "We would like to see San Diego become a foreclosure sanctuary," Aguirre said. Housing markets across Southern California, including the city of San Diego and the county of the same name, are seeing steep increases in foreclosure rates because so many homes bought there earlier this decade involved subprime mortgages and other types of risky loans. So far this year, 20,000 homes in San Diego County, population 2.9 million, have been lost to foreclosure as borrowers fail to keep up with mortgage payments and some analysts forecast the number may rise to 40,000 by the end of the year. "We haven't seen the lawsuit and can't comment," said Bank of America spokeswoman Shirley Norton. In statement provided by Norton, Bank of America said it has been reviewing in detail Countrywide's operations since acquiring the lender earlier this month and the combined company will not sell subprime mortgages. "We are working hard to combine our two companies and are confident we will be recognized as a leader in responsible lending practices," the statement said. Aguirre announced the lawsuit, filed in San Diego County Superior Court on Wednesday morning, at a news conference in front of an abandoned, fire-damaged house in a neighborhood hit hard by foreclosures. The house is now in Countrywide's possession. Boards cover its windows, its front entrance is charred and burned debris is scattered among tall weeds in its yard, the result of a fire set by transients who had moved in, said San Diego Police Department Sgt. James Filley. Aguirre's lawsuit, brought in the name of the people of California, names four current and former Countrywide officers, including former CEO Angelo Mozilo, and alleges they personally profited from selling shares of the lender's stock while knowing its subprime loans did not comply with company policies. "The Countrywide executives who originated these subprime loans were engaged in a massive fraud on homeowners, borrowers and investors," Aguirre said. "They enriched themselves by over $1 billion." "We have the big stick of being found in violation of the law and the carrot of taking something that is a nonperforming asset, that all these houses are, and making it a performing asset by keeping the families in it." (Reporting by Marty Graham in San Diego; Writing by Jim Christie; Editing by Andre Grenon)
"It could be worse!" http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/23/MNE511T63B.DTL Most foreclosures in at least 20 years James Temple, Chronicle Staff Writer Wednesday, July 23, 2008 An auction sign is posted at a house under foreclosure in... Bay Area foreclosures. Chronicle graphic by Todd Trumbull Going back to the bank. Chronicle graphic by Todd Trumbull (07-22) 11:24 PDT SAN FRANCISCO -- Foreclosures across the state jumped to their highest levels in at least 20 years over the past three months as tens of thousands of Californians lost their homes and more than 100,000 neared the brink. Notices of default, the first step in foreclosure proceedings, rose nearly 125 percent from a year ago during the second quarter, and trustee deeds recorded, which reflect the actual homes repossessed, soared more than 260 percent, according to research firm DataQuick Information Systems. The number of defaults and foreclosures was the highest ever noted in company records, which go back to 1992 and 1988 for those categories, respectively. There were 63,061 foreclosures statewide during the second three months of the year compared to 17,458 during the same period a year ago. << Look up foreclosure data for your area: weekly | quarterly | map >> In the Bay Area, mortgage companies recorded 18,516 notices of default, up more than 140 percent from a year ago. Foreclosures rose nearly 315 percent to 9,206. As in past quarters, foreclosure activity was concentrated mostly in outlying parts of the region. The one potentially positive sign during the quarter was a slowing in the rate of increase in defaults and foreclosures. "There's still no conclusive evidence that the worst is behind us," said Andrew LePage, an analyst with DataQuick of La Jolla (San Diego County). "There's some evidence that might, emphasis on might, suggest we're approaching a plateau in mortgage defaults." Paperwork blizzard On the other hand, the moderating increases could simply indicate that lenders are overwhelmed with paperwork and taking longer to issue default notices, he said. Or lenders could be more willing to allow short sales - unloading distressed properties for less than the amount owed on the loan - instead of initiating the foreclosure process. The housing market began cooling two years ago but went into deep freeze last summer as weakening prices and rising interests rates on adjustable loans pushed more and more subprime borrowers into default. Credit markets seized up and home values dropped further, leading to additional foreclosures and more price declines, a downward spiral from which the market has yet to break free. Esmael Adibi, director of the Anderson Center for Economic Research at Chapman University in Orange, said foreclosures will continue to climb until at least the third quarter of 2009. He cites two key reasons: rising unemployment rates that will apply pressure even to homeowners who secured prime loans, and the expectation that many borrowers soon will face higher payments on option adjustable-rate mortgages. Such loans allow borrowers to initially pick among payments, including a minimum that doesn't cover interest, but the monthly obligation can jump quickly and substantially once borrowers owe a certain amount above the original loan total. 'The double whammy' "This is the double whammy, and it's putting extra pressure on the housing market," Adibi said. "Unfortunately, this is going to be with us for a longer period than most people anticipate." Among homeowners who fall into default, an estimated 22 percent now escape foreclosure by catching up on their payments, refinancing or selling, DataQuick said. That's down from 52 percent a year ago. The growth in foreclosures and defaults indicates lenders aren't doing enough to help borrowers in distress, said Kevin Stein, associate director of the California Reinvestment Coalition, an advocacy group for low-income communities. 'Very common outcome' The group's survey of 42 housing counseling agencies in the state published this month found that 68 percent said foreclosures were the "very common outcome," compared with 21.4 percent that said the same of loan modifications, which typically involve lowering interest rates for a set amount of time. "We need the servicers to take more dramatic action and to get in front of the problem," he said. Michael Tacconi, past president of the California Association of Mortgage Brokers-East Bay Chapter, said that banks and lenders make repeated efforts to contact borrowers, but customers often don't answer or return calls once they find themselves in financial trouble. "The last thing they would want is a foreclosure," he said of lenders. Banks offering workouts can do only so much to stem climbing foreclosures, said Michael Carney, director of the Real Estate Research Council of Northern California. That's because plummeting home values often mean borrowers owe much more on their loans then their property is worth, an issue that interest rates can't address. "The ethical thing to do is to keep paying on the loan, but the rational thing, if it doesn't look like your head will be above water soon ... is to default," he said. Securing a workout also is usually a complicated process, requiring the sign off of several unrelated parties, as the case of Merlyn and Carlos Amaya demonstrates. They secured a so-called 80-20 loan, in which two lenders issue mortgages for the total price in those percentages, for a three-bedroom home in San Lorenzo during the summer of 2006. Work hard to find As the slowing economy made it more difficult for Carlos Amaya to find regular work as a truck driver, the Amayas fell behind on their payments. Their primary lender issued a notice of default but ultimately modified the mortgage after Merlyn Amaya, a nanny, went to nonprofit ACORN Housing for help. The couple remains several payments behind with Franklin Credit, which controls the second loan. Representatives of the company have called several times, refused to alter the terms of the loan and threatened to begin foreclosure proceedings, she said. "It's my house, my kids live there," said Amaya, a mother of three, including an 11-year-old autistic boy. "I don't want to leave the house, I love my house, and I'm trying to coordinate with them. Everything is refused when I call." Franklin Credit didn't respond to inquires from The Chronicle.
Better still if you need a job. Even Countrywide is recruiting! http://jobsearch.monster.com/Search...reg=1&q=foreclosure&rad_units=miles&pg=1&vw=b http://jobview.monster.com/GetJob.a...S&pg=12&vw=b&AVSDM=2008-06-04+08:54:00&seq=18 Post-Sale Foreclosure Spec I Simi Valley, CA 93065 Meet Americaââ¬â¢s Dream Team ââ¬â Countrywide Home Loans. When youââ¬â¢re the nationââ¬â¢s number one source for home loans*, every day offers ways to make a difference in peopleââ¬â¢s lives ââ¬â and incredible bounds in your career. Come be the voice of a company committed to helping peopleââ¬â¢s dreams come true. Including yours. * As ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007)é 2007. Post-Sale Foreclosure Spec I The Foreclosure Department is responsible for managing the risk of severely defaulted loans while focusing on and providing quality service. The primary objective of the Foreclosure Department is to minimize corporate and investor loss-exposure. Primary Responsibilities Include: ÷ Learning the process for managing post-sale foreclosure processes on FHA and VA loans ÷ Handling a limited-portfolio count with the portfolio size increasing with tenure ÷ Monitoring the eviction process and ensuring that necessary property-preservation work is completed ÷ Filing FHA/VA conveyances, delivering title to governmental agencies, analyzing incurred costs and fees associated with the foreclosure process and filing claims for reimbursable fees and costs ÷ Analyzing costs incurred through foreclosure to determine losses claimable per governmental agency ÷ Corresponding with internal departments, governmental agencies, external vendors and attorneys in order to ensure that processes are completed within insurer and state guidelines ÷ Negotiating time-extensions and/or over-allowable requests with governmental agencies A Successful Candidate Will Have: ÷ High school diploma and completion of college coursework in a related field-of-study ÷ 6+ months experience in a related field ÷ Strong verbal and written communication skills ÷ PC skillsââ¬âincluding proficiency in Microsoft Word and Excel and internet-based applications ÷ Ability to multi-task, prioritize and meet deadlines ÷ Effective problem-solving, decision-making, time-management and organizational abilities ÷ Ability to comprehend and follow instructions and guidelines The Ideal Candidate May Also Possess: ÷ Bachelor's degree or equivalent experience ÷ Mortgage-banking knowledge ÷ Foreclosure experience Countrywide is committed to leveraging the talent of a diverse workforce to create great opportunities for our business and our people. EOE. M/F/D/V.