The Virginian-Pilot
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The Virginia Beach Community Development Corp. and two other organizations in Hampton Roads received federal funds Thursday for counseling families on housing matters and foreclosure.
The Virginia Beach organization, which provides assistance to low- and moderate-income families in the city, received $46,307 from the Department of Housing and Urban Development. The department announced it distributed nearly $73 million in counseling grants to more than 500 organizations nationwide.
"These organizations are on the front lines of helping families who are desperate to remain in their homes," said Shaun Donovan, HUD's secretary, in a statement.
The amount distributed was up $13 million from what it provided last year, HUD said.
Its grants consisted of $68 million for counseling and $5 million for three national organizations to train 4,500 counselors. Some of the funds will be used for counseling elderly homeowners who are seeking to take equity out of their home by means of reverse mortgages, HUD said.
Other organizations in Hampton Roads that received the grants included the Hampton Redevelopment and Housing Authority, which received $43,357, and the Newport News Office of Human Affairs, which was awarded $38,933.
Statewide, 18 organizations, including the Virginia Housing Development Authority in Richmond, received the HUD funds for counseling. The housing development authority, which helps finance home purchases and conducts homeownership classes throughout the state, received $250,500.
Tom Shean, (757) 446-2379, tom.shean@pilotonline.com
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Banks gave Americans loans
Banks gave Americans loans they cannot repay. They bundled these into investments, got ratings agencies to mis-rate (lie) about the quality of them, then sold them to investors. Then the banks shorted the investments to make lots of money.
Trying to save these probably won't work. If you don't get a paycheck that can pay the rent on the loan for the house, and you aren't going to get one soon, then default.
The FED finally admitted the best thing is to let house prices fall. There is no way to avoid it. Housing is overpriced. Sorry.
community development corps.
It is my observation over several decades and real estate market cycles that CDCs basically get lots of free money to acquire property at huge discounts, pay no property taxes, make little or no improvements, and sell at a huge profit when gentrification hits that market.
oh, i forgot to add
They also pay the "board" members huge salaries.
Huh?
So, exactly WHAT do they do? I have called them a number of times, but an old white guy does not seem to get any help!!
Truth is, it's neither your
Truth is, it's neither your fault for being in the wrong demographic, or the Board's fault for attempting a futile task. It might have something to do with Virginia's foreclosure laws:
http://hamptonroads.com/2010/12/va-do-not-stop-court-go-directly-foreclosure
which are so uninterested in defending against unfair and otherwise illegal takings from ordinary folks that to refer to it as 'due process' is a joke. But fear not, I'm sure the Banks will be importuning the legislature to make quick and profitable foreclosures more common.
Here's what they're doing in
Here's what they're doing in Florida:
"...The rocket docket wasn't created to investigate any of that. It exists to launder the crime and bury the evidence by speeding thousands of fraudulent and predatory loans to the ends of their life cycles, so that the houses attached to them can be sold again with clean paperwork. The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes..."
http://www.rollingstone.com/politics/news/matt-taibbi-courts-helping-banks-screw-over-homeowners-20