If you haven’t seen the Shelterforce interview with Ocwen CEO, Ron Faris, see it here. Faris looked early at what was happening to loan collateral on streets and in neighborhoods in 2004 and attributes Ocwen’s early progressive approach to loan modification, including principal reduction, to a recognition of realities on the ground. True, the GSEs
-> Continue reading Good News From A Servicer
A slow process of out-migration, loss of jobs, loss of population and the recent housing crisis has left cleveland with a host vacant homes, approximately 13,000. Due to rehabilation costs exceeding potential sales prices and a mis-match in productive (land/economic) uses, nearly 80% of these vacant homes make fiscal sense to demolitish. This has left the city and remaining neighborhoods
-> Continue reading Raze the roof – Cleveland’s tear-it-down approach
Growth and development in Chicago’s suburbs and exurbs has stalled since the housing downturn. According to Census Bureau, Chicago’s surrounding areas were some of the fastest growing in the country until 2009/2010, and after which they’ve claimed the title of holding Illinois’ top foreclosure rates. Many of Chicago’s far-flung housing developments were the hardest hit by the
-> Continue reading Chicago Exurbs See a Bust After a Long Boom
Community residents throughout the country have seen properties abandoned and subjected to negligence. Hundreds of these deteriorated properties are owned by banks – Bank of America and Wells Fargo, among others. And although, these banks claim they strive to comply with property codes and act upon foreclosure policies “that aim to protect properties and communities,”
-> Continue reading The Public Protests Deterioration of Bank-Owned Vacant Property
Recently, the City Council of Chicago approved an ordinance that will hold lending institutions responsible for the maintenance of foreclosed properties. Prior to this move, community groups have been increasingly vocal, responding to rising crime rates in the past few months. According to residents, abandoned buildings become “crime havens” for squatters, gangs, and drug dealers,
-> Continue reading Chicago Will Hold Banks Accountable