This blog has moved over to ClearingTitle.com.
If you are interested in Pennsylvania title insurance, visit our PA Title Insurance Blog.
Other places that you can find me (Dave):
Community First Abstract – Pennsylvania title insurance
If you’d like to connect:
I’m moving this blog to its own URL: ClearingTitle (www.clearingtitle.com). I’m also moving to the Blogger platform.
For those who use Feedburner, I’ve already updated the feed. If you use another tool to follow this blog, please update your feed to the new URL.
I won’t be migrating the older posts from this blog – but I will leave this blog open for the next 60-90 days.
Posted in Uncategorized
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Posted in Technology
Wachovia this AM – another lender talking about borrowers walking away from the mortgages, and acting surprised.
This is the housing industry’s fault. We’ve told people that a house is more than a roof over your head, it’s an investment. We loaned them money like it was a margin account – based on the asset value, not on ability to pay the loan.
Guess what – they are treating it just like an investment. When you are underwater on an investment, you get out, take your lumps and move on. We shouldn’t be surprised homeowners are doing the same.
More on the Philadelphia Foreclosure Moratorium. The Philadelphia Business Journal (paid) is reporting that:
….[the] foreclosure steering committee that includes lawyers representing lenders and homeowners as well as social service agencies, said owner-occupied residential properties will not be sold at the May sheriff’s sale. But all other properties will proceed to a sale. The owner-occupied properties will be put on a special track intended to help borrowers with free legal advice and housing counseling.
A novel approach to avoid saving investors and speculators. Should be interesting to see how it works.
News outlets are reporting that the Philadelphia City Council passed a measure (non-binding) calling for a moratorium on mortgage foreclosures. In response, the Sheriff has cancelled the April Sheriff’s Sale. At least a temporary reprieve.
ACORN estimates approximately 3,200 loans made in Philadelphia during 2006 are likely head down the path to foreclosure.
I’ll post more as it comes available.
The Ledger.com (Lakeland, Fl) is reporting another Florida defalcation.
The only question is why was this problem allowed to run for over a year after is was discovered? 2 year old agency. Owner used the company as an ATM. Old Republic stuck with the clean up.