Number of Home Foreclosures Drops, but Risk of Delinquency Deepens - NYTimes.com: "“Are foreclosures going to drive another wave of defaults?” Mr. Blecher asked.
The reason people walk away from their loans in so-called strategic defaults is because they owe so much more than their home is worth. The more the market goes down, the more people are placed in this unhappy position.
In a third housing report released on Thursday, the data firm CoreLogic said the number of households with negative equity fell slightly in the second quarter to 11 million, down from 11.2 million in the first quarter.
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Friday, August 27, 2010
Monday, August 9, 2010
BofA Projects $1.4B Legal Charges - Yahoo! Finance
BofA Projects $1.4B Legal Charges - Yahoo! Finance: "-
BofA also disclosed that it is required to raise an additional $1.1 billion by the end of 2010 to meet the requirements of the Federal Reserve related to bailout aid repayment. The company has already repaid $45 billion in December 2009 and has to return an additional $3 billion by the end of 2010.
To accumulate these funds, BofA was shedding assets and selling investments. The bank sold $10 billion in assets that generated $1.9 billion in net after-tax proceeds. If it fails to organize the remaining funds by the end of December 2010, BofA might have to resort to an equity raise.
Friday, July 9, 2010
Thursday, June 10, 2010
BBC World Service - Documentaries - The Travelling Electric Chair
In 1945, an all-white jury in America took two and a half minutes to find a black man named Willie McGee guilty of raping a white woman.
Over the next six years, the case wound through three trials, and sparked international protests and appeals from William Faulkner, Paul Robeson, Josephine Baker, and even Albert Einstein.
Willie McGee was defended by a young Bella Abzug: attorney, activist, and eventually the first Jewish woman in the United States Congress. But on the night of 7 May 1951, he was put to death in Mississippi’s travelling electric chair – the only one of its kind in the US.
A local radio station broadcast his execution live from the steps of the courthouse. A newly discovered recording of that newscast provides a chilling glimpse into a lost episode of history.
Before his trial, his wife fled to Las Vegas with their four children. A generation on, Bridgette McGee-Robinson, Willie’s granddaughter, grew up not knowing why her family left the south. It was only by accident, while sorting through some papers under her mother's bed, that Bridgette found old news clippings of the Willie McGee case.
Wednesday, September 30, 2009
WikiAnswers - What does a judgment mean on an unsecured credit card
WikiAnswers - What does a judgment mean on an unsecured credit card: "What does a judgment mean on an unsecured credit card?
In: Law and Legal Issues, Credit and Debit Cards [Edit categories]
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Answer
It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property. The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment."
In: Law and Legal Issues, Credit and Debit Cards [Edit categories]
[Improve]
Answer
It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property. The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment."
Tuesday, September 29, 2009
Request for Admissions, First Interrogatories to Defendant, Plaintiff's First Request to Produce Documents | HelpForDebtors.com
Request for Admissions, First Interrogatories to Defendant, Plaintiff's First Request to Produce Documents | HelpForDebtors.com: "Because you're in GA and Target is based in MN, any records presented in court can be challenged as hearsay as they likely will not have a witness appearing from MN. The attorney cannot simply offer statements from Target as competent legal evidence of the debt. They must be able to produce a witness with first hand knowledge that the records presented were maintained in the regular course of business. An affidavit can be attacked in the same manner.
They will file a motion for summary judgment before trial. You must be sure to file an objection to their motion based on the inadequacy of their evidence."
They will file a motion for summary judgment before trial. You must be sure to file an objection to their motion based on the inadequacy of their evidence."
Answers to Request for Admissions? (NC Courts) - Bad Credit Repair Discussion Forum
Answers to Request for Admissions? (NC Courts) - Bad Credit Repair Discussion Forum: "Can someone please advise me how to answer this Request for Admissions? Thanks so much for any help offered.
Here is the copy:
These requests for admissions are served upon you pursuant to Rule 36 of the Rules of Civil Procedure. You remind that pursuant to Rule 37(c) of the Rules of Civil Procedure entitled “Expenses on Failure to Admit,” if you fail to admit the genuineness of any document or the truth of any matter as requested under Rule 36, and if the Plaintiff thereafter proves the genuineness of the document or the truth of the matter, the Plaintiff may apply to the Court for an order requiring you to pay the reasonable expenses incurred in making that proof including reasonable attorney fees."
Here is the copy:
These requests for admissions are served upon you pursuant to Rule 36 of the Rules of Civil Procedure. You remind that pursuant to Rule 37(c) of the Rules of Civil Procedure entitled “Expenses on Failure to Admit,” if you fail to admit the genuineness of any document or the truth of any matter as requested under Rule 36, and if the Plaintiff thereafter proves the genuineness of the document or the truth of the matter, the Plaintiff may apply to the Court for an order requiring you to pay the reasonable expenses incurred in making that proof including reasonable attorney fees."
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