2011 Bankruptcy Reference Book- CA

Includes:


- Directory of Bankruptcy Judges (Central District of California)

- Bankruptcy Code (edited)

- Federal Rules of Civil Procedure

- Federal Rules of Bankruptcy Procedure

- Local Bankruptcy Rules (Central District of California)

- California Exemptions

Edited and published by M. Jonathan Hayes

$40.00 (818) 882-5600 or roksana@hayesbklaw.com or rosario@hayesbklaw.com

GSEs

The secondary market lobbying group, the Securities Industry and Financial Markets Association (SIFMA), warns that the government can’t completely pull out of the mortgage market without sending costs skyrocketing for consumers. Rep. Darrell Issa (R-California), ranking member of the House Oversight and Government Reform Committee, called the president’s signing of the Dodd-Frank bill a “charade” on true reform, particularly in light of Issa’s recent investigation that revealed former executives at both Fannie Mae and Freddie Mac accepted so-called sweetheart loans from subprime mortgage lender Countrywide before it imploded.


“Despite the fact that the federal government was a willing accomplice in this nexus of special interest influence’s effort to shape the mortgage market jeopardizing our fiscal solvency, the President and Democratic Congress have responded to repeated calls to reform Fannie and Freddie with a deafening silence,” Rep. Issa said.

http://www.dsnews.com/articles/next-on-administrations-agenda-gses-2010-07-23

http://www.sifma.org/news/news.aspx?id=17728

Californa

Mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties, following the historic norm. The probability was highest in Madera, Sutter, and Merced counties.


The number of trustees deeds (TDs) recorded, which reflect the number of houses or condo units lost at the end of the foreclosure process, totaled 47,669 during the second quarter, according to DataQuick. That was up 11.2 percent from the prior quarter, and up 4.4 percent from the same period last year.

The company reported that on average, homes foreclosed on last quarter took 9.1 months to wind their way through the formal foreclosure process, beginning with an NOD. That’s up from 7.5 months the prior quarter and 6.4 months a year ago. The increase could reflect, among other things, lender backlogs and extra time needed to pursue possible loan modifications and short sales.