Housing

One year after the Obama administration launched its $75 billion anti-foreclosure program, the housing market remains volatile, loan modifications have been scant, foreclosures are still sky-high — and more and more lawmakers are wondering why the White House hasn’t been more aggressive in tackling the crisis.

Designed to help three to four million homeowners facing foreclosure, the Obama administration’s $75 billion “Making Home Affordable” plan has fallen painfully short.

The fraud goes beyond just just ripping off banks. Mortgage fraud leads to more property value declines in hard-hit neighborhoods, leaves homeowners already in distress in even worse shape, and ultimately will end up costing taxpayers, who will be stuck with the costs when loans go bad.

In 2008, the district represented by Rep. Michele Bachmann had the highest number of foreclosures in the state and the highest overall rate of foreclosures. Now, 9 months into 2009, that trend continues. According to data from HousingLink and county sheriff’s offices, Bachmann’s district still continues to be disproportionately impacted by the foreclosure crisis despite its representative’s reticence to vote for foreclosure relief legislation.

As the foreclosure crisis worsens, renters increasingly have become caught as innocent bystanders, evicted often without notice when their landlord faces foreclosure.

Housing foreclosures are up more than 70 percent in Minnesota this year, according to a recently released national study. But housing groups in Minnesota are reporting a 20 percent decrease in foreclosures. Is there an explanation for the disparity?

The U.S. House voted to suspend all federal funding for the Association of Community Organizations for Reform Now (ACORN) on Thursday afternoon by a vote of 345 to 75. Now the measure heads to the Senate, which passed a bill banning federal housing monies from going to the embattled nonprofit.

The Association of Community Organizations for Reform Now (ACORN) has a had a rough week. The Census Bureau dropped the organization as a community partner after a FOX News sting operation, prompting praise from Rep. Michele Bachmann. Sens. Al Franken and Amy Klobuchar voted with the majority in the U.S. Senate to block ACORN from [...]

GMAC Mortgage went to extraordinary lengths to help keep Rosemary Williams, who was evicted on Friday after a foreclosure, in her home, according to the company. Among the steps taken: offering to lease the house back to Williams for $850 per month, multiple loan-modification offers that would have reduced her monthly payment by up to [...]

Minneapolis police removed Rosemary Williams from the home she owned for nearly three decades on Friday afternoon. The 60-year-old grandmother had vowed to stay in the residence on the 3100 block of Clinton Avenue even after the home went into foreclosure and sheriff’s deputies evicted her last month. She almost immediately re-entered the property and continued to live there. In a confrontation with police, Williams was again evicted and seven protesters were arrested.