Surprise - another foreclosure hardship story on the national evening news.
This time it was the March 27 "CBS Evening News." CBS correspondent Ben Tracy had no difficulty finding one family affected, it's just that they were paid well to be affected. He showcased a family in Oakland, Calif., that had to move due to a foreclosure.
"What they did not know is that the owner of the home they've been renting near Oakland, California, wasn't paying her mortgage, and the bank foreclosed on the property at the worst possible time," CBS correspondent Ben Tracy said.
According to the CBS report, their original agreement was 30 days, but they accepted an option to expedite the process and shave 16 days off the agreement for the compensation.
"And so brokers representing banks often offer what's called ‘cash for keys,' a payoff to get a renter out quickly," Tracy said.
"The offer was $2,500 to leave," Adriana Diharce, one of the members of the family renting, said.
For moving 16 days early, the Diharce family received a little over $156 for each day they forfeited in their old rental home.
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Foreclosed because of failure to pay
March 28, 2008 - 15:07 ET by LionKingThis is a story, why? Someone rented from a deadbeat that refused to pay the mortgage company. This hardly has anything to do with the "foreclosure problem".
More agenda-based news reporting.
The fact that the renters
March 28, 2008 - 15:17 ET by jdhawkThe fact that the renters didn't know that the property was going into foreclosure is just plain fantasy. The lender, or in the case of California the title company, must post on the premisies of the property notice that the property is subject to foreclosure. Here is an excerpt of the foreclosure law in California, "The borrower must receive a twenty (20) day notice before any foreclosure sale, further notice of the foreclosure must: (a) mailed to the defaulting borrower (and other creditors whose liens affect the property) and; (b) be posted at the property being foreclosed upon and in a public place in the county where any sale would occur." You know, it is just sad how the drive by media will attempt to bias nearly every story to match their liberal agenda. It is laughable how easy it is to fact check their "stories."
Spot On
March 28, 2008 - 17:08 ET by geoff.galeThe only reason that the renters could possibly offer for not knowing is that they don't speak English and couldn't read the notice posted on the front door.
All such stories will vanish
March 28, 2008 - 15:38 ET by mattmAll such stories will vanish the minute Ms. Rodscam or Mr. Hussein Obomba is elected.
You got that right!
March 28, 2008 - 16:56 ET by needleAnd so will all stories of corruption, malfeasance, unethical activity, and monumental boorishness and stupidity within the administration.
Impunitas semper ad deteriora invitat.
The Crisis That Never Was
March 28, 2008 - 17:17 ET by geoff.galeHow many years have the same media outlets been dropping little filler stories about the meteoric rise in home prices in California, the Bay Area in particular? In almost every one of those stories the talking head pointed out that the bubble would burst at some day in the future. Well, kiddies the future is here.
The banks and other lending institutions knew full well what they were getting into with speculative non-conforming loans for such great amounts. That's why they charged premium interest rates and snuck in all sorts of additional fees on those loans, presumably in order to insulate themselves from any potential losses.
This is no crisis, my friends, this is the inevitable outcome of the past thirty years.
It was the mortgage fraud in just about every loan
August 19, 2008 - 17:45 ET by EdwardCheaters Among Us, Gledhill. It was the mortgage fraud in just about every loan. That's why Mortgage Fraud was and is a growth industry.
Ed
How funny?
March 28, 2008 - 18:01 ET by ScrapironOil prices have doubled and is bringing food prices along with it. Housing finance is in deep trouble, the unemployment rate is rising, the value of the dollar is falling and all of this started in Jan 2007. Anyone have a clue as to why? Couldn't be connected with the change of leadership in the Congress and the immediate threats to tax businesses out of business could it? I guess the republicans led by Bush held guns on the democrats and made them do the same stupid stuff democrats always do. I"ll laugh all the way to the poor house, which will soon make a return under Hussein. Whitey will just have to give up their homes to the blacks that have never worked a day in they're lives, and there are millions of them. The government will then pay for the homes.
Old, Retired and glad of it.
Foreclosure and Mortgage Fraud
August 19, 2008 - 17:42 ET by EdwardOutlaws Among Us, Zane
The law may have foreclosures are supposed to be put on the front door, but the lenders are crying they are just to busy for why they're missing/skipping that step, as well as skipping notifying the owner.
Ed