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Homeownership advocates suing HUD and criticizing Obama

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HUD and Obama under fire

The Neighborhood Assistance Corporation of America (NACA), who claims to be the largest homeownership organization in America is criticizing President Obama and the U.S. Department of Housing and Urban Development claiming both have been ineffective in helping the American homeowners.

NACA said it has joined homeowners with government backed loans to file a lawsuit against HUD for “trying to silence and undermine NACA” and American homeowners and putting them at risk for foreclosure.

Criticizing Obama

NACA is known for criticizing Obama’s foreclosure prevention programs and note that “the government mortgage programs which constitute 80% of the total mortgages (i.e. FHA, VA, Fannie Mae and Freddie Mac) are the least effective in preventing foreclosures and in restructuring/modifying mortgages to make them affordable.”

The organization says that because of the ineffectiveness of these programs, the American taxpayers are foreclosing on themselves. “It’s the height of hypocrisy for our President and HUD Secretary Shaun Donovan to pretend they are working to keep people in their homes when they control the most problematic loans,” said NACA CEO Bruce Marks.

NACA points to veterans as being mistreated. “This contrast is most appalling when veterans, those willing to pay the ultimate sacrifice, are often able to modify a non-government mortgage, as low as 2% permanently and/or a principal reduction, while veterans with a VA mortgage cannot achieve this and must meet nearly impossible conditions to qualify for a loan modification. One of the VA conditions requires the military member to be significantly delinquent which could jeopardize their clearance and job in the armed services.”

NACA suing HUD

NACA has sued HUD “for what amounts to political retaliation and government interference putting families facing foreclosure at risk” as HUD has withheld NACA’s grants which NACA calls blackmail.

“NACA with hundreds of thousands of members will not be silenced. We will start by stopping our veteran homeowners from losing their American Dream. NACA will continue to lead the campaign including our extraordinary Save-the-Dream events to protect our veterans here at home and the millions of homeowners at risk of foreclosure.”

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22 Comments

22 Comments

  1. okay Jack

    July 20, 2011 at 10:30 am

    NACA? I thought they worked for the banks

  2. Robert Hahn

    July 20, 2011 at 12:09 pm

    Lawsuits like this make me yearn for the British system of Loser Pays.

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Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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