University of Arizona College of Law Professor Brent T. White has stirred quite a bit of controversy over his recent article in the Arizona Legal Studies entitled "Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis." His basic thesis is that despite the increasing number of homeowners walking … [Read more…]
It seems that the small glimmer of hope that everyone is hoping for in the housing market is not likely to come anytime soon. Mathew Padilla has posted an excellent blog article discussing that the discussion of another wave of foreclosure implies that the current wave has already receded. Sam Khater, a senior economist with … [Read more…]
On May 20, 2009, President Obama signed into law Senate Bill 896, also known as the "Helping Families Save Their Homes Act of 2009." Section 702 of that Act – the "Protecting Tenants at Foreclosure Act" is very broad in scope and affects the ability of the new owner of certain foreclosure property (including Section … [Read more…]
When I hear the term "cram down" authority in the bankruptcy context, I keep picturing some poor mortgage lender warily stepping into a bankruptcy judge’s chambers only to have a long metal pipe shoved down his throat until the lender is willing to give in on a loan modification. Only a month ago it appeared that … [Read more…]
As the foreclosure wave has grown into a tsunami-like crisis, advocacy groups such as the Association of Community Organizations for Reform Now (ACORN) have taken to the streets in campaigns to lobby legislators about implementing new regulations that will help stem the foreclosure crisis and curtail predatory lending. When I left the Pima County courthouse … [Read more…]