Essays on Foreclosures

Chapter III

This chapter will review the background of Real Property Law in the Kingdom of Saudi Arabia. In order to lay the foundation for comparisons in subsequent chapters, the elements of the Saudi judicial system and real property law will be reviewed. The background information pertaining to Saudi Arabia will feature the judicial court system, the property rights and real property ownership. A review of the current mortgage law in Saudi Arabia will be analyzed as well as possible reform to include the application of anti-deficiency laws.

Introduction

Saudi Arabia is governed by a monarchy. Its current legal system under the ...

CHAPTER II

This chapter will seek to conduct an absolute inquiry into what makes up security interest laws in the United States. In order to lay the foundation for comparisons in subsequent chapters, the three main elements of the study of the Saudi system will be reviewed here in the context of U.S laws with an emphasis on California state law. The features of the California legal system will include the assessment of foreclosure rules and patterns in California. This will include a detailed fact-based evaluation of CCP580 (b), CCP580 (d) and CCP726 (a). The different components will enable the study ...

Meaning of Neighborhood Stabilization Program

NSP (Neighborhood Stabilization Program) is an initiative established by the U.S Congress with the objective of stabilizing communities that have been subjected to property abandonment and foreclosures. This program was initiated under Housing and Economic Recovery Act of 2008, and it was intended to repurchase and redevelop the abandoned and foreclosed properties and homes (Neighborhood, 2016). Low- income individuals who default to service their mortgages usually have their residential property repossessed by the lenders. People are evicted from their homes, resulting in abandonment and foreclosure of the property. Such property would remain under the ownership of private lenders after ...

Introduction

There is no particular definition of the term homelessness. However, it can be described in simple terms as the condition where one lacks a home or permanent residence. The National Health Care for the Homeless Council has a wide range of definitions for homelessness (Bahumohl 5). First, it describes the condition as the one in which a person lacks permanent housing and resides in deserted buildings, vehicles, shelters, or lives as a street urchin. The person lives in a temporary transitional housing, single room or shelter. Secondly, it recognizes a homeless person as the one who is in a ...

Abstract

The labor market in the United States has changed significantly over the years because of the changes in the global market and the impact on the work force in the country. The changes have led to diversity in the way people live and work. For many people, the loss of jobs causes structural changes in the ways that people live as these people are no longer able to finance their way of life. Mortgages also have been affected by the changes in the labor market and people have now become more aggressive in securing their homes. In addition, the ...

Global Financial Crisis in the US

Introduction It was hard for the economists, professional analysts and policymakers among other players in the financial industry to foresee the crisis in the US mortgage lending industry in 2007 that resulted in the world's worst economic recession in two years' time (Sher and Iyanatul 2010). Initially, there was a housing bubble characterized by high house prices, low-interest rates, more support for subprime mortgage and increased speculation by the buyers (Acharya and Schnabl 2010). Eventually, there were decline of house market prices, increased lending rates and increased default and foreclosures by the mortgagors (John 2009). Notably, by mid-2008 the ...

The US Subprime mortgage crisis was a banking and financial emergency situation that led to a recession not only in the US but spread to many parts of the world. The disastrous effects of a crisis in the domestic subprime market on the rest of the world beg questions about the interconnectability and interdependence of the international economy as well as the financial institutions. The international financial crisis also revealed how vulnerable the global financial system was. Not only did the subprime crisis have a direct effect on global markets and countries that held a huge number of US mortgage backed securities and were ...

Thesis

The global financial crisis was a period during which downturns were experienced in the stock markets, economic activities as well as losses in the housing market all over the world. During this period, banks had to be bailed out by national governments and consumer wealth declined significantly. The result was a major recession between 2008 and 2009 . This paper looks at the global financial crisis in the world, its effect in the US and measures taken by the US to manage it. This financial crisis was experienced in the world in the late 2000’s and the US was hit ...

The housing market in Salt Lake City has definitely been impacted in a big way by the recession which started in 2008. Almost every facet of the economy has been affected. For example, new migration has been observed to fall significantly since this recession. The local labor market has been observed to record fewer investors while unemployment in itself is still below the 3% national average, and poor growth in the job sector is a real pacesetter for relocation. There is weakness in the demand for housing due to lack of support in migration. Utah is ranked sixth in the ...

The housing market in Salt Lake County has definitely been impacted in a big way by the recession which started in 2008. Almost every economic factor there is has been gravely affected. For example, new migration has dropped in a significant manner. The local labor market is reflected by the lack of newcomers. Unemployment in itself is still below the 3% national average and poor growth in the job sector is a real pacesetter for relocation. There is weakness in the demand for housing due to lack of support in migration. Utah is ranked sixth in the nation where foreclosures have ...

Introduction

Financial crises are generally protracted affairs. In most cases, the periods after a severe financial crisis have three similar characteristics. The first characteristic is that there is a deep and prolonged collapse of asset market. This means that the real prices of housing declines at an average of 35 percent. This decline is stretched over a period of more than six years. The price of equity also collapses at an average of 55 percent for over a period of three years. Secondly, there is a decline in the country’s output and employment. In this case, unemployment rate rises at a rate of 7 percent ...

ABSTRACT

This study explores on the effects of the subprime financial crisis (SFC) on the United States (US) that lasted between 2007 and 2011. Key to understanding the foregoing requires further exploration of the history of subprime lending in the US and its implications to the SFC. A qualitative review of studies under the provided brief literature review provides the methodology for the accomplishment of this study. Findings show that apart from worldwide economic effects, the US greatly suffered from the collapse of its subprime lending market, the decline of financial institutions due to providing too much allowance to granting ...

Subprime mortgage crisis was the resultant factor to the 2008 economic crisis which started in the US. Subprime mortgage is a kind of mortgage made out to lower credit rated borrowers. Due to the borrower’s credit rating the lender usually charges higher interest rates but do not demand for conventional. The subprime mortgage at this time was full rampant foreclosures and mortgage delinquencies. This resulted to the decline of financial securities in the back up subprime mortgages (Beck, 2011 p.21). It is worthy while arguing that the economic recession of 2008 was an ethical crisis. The US capitalism ...

The Los Angeles Independent Media Center a non-commercial local unit of the Independent Media Center or Indy media which is a collective network of journalists aimed at reporting on different socio-political issues. The website of the Los Angeles Independent Media Center features and shares left wing issues on the web to spread awareness of the events. They have a wide-ranging left wing issues segmented into different categories from anti-war to immigration and animals rights. Some of the left-wing issues covered in the website includes the following: i) One of the most debatable issues today is the consumption of genetically modified foods which ...

Business

It is ethically wrong for the LPS Company to employ improper fee structure which results to double-billing the mortgage investors for legal services which is related to the processing of the foreclosures and the bankruptcies. Timaraos (2013). this is actually ethically wrong. The company’s ethical duty could have been to provide the right information to the clients rather than exploiting them on the basis of providing them with the improper fee structure which resulted to double-billing their mortgage for legal services which is related to the processing of the foreclosures and the bankruptcies. I therefore propose that ...

Introduction.

Keynesian theory argues that, in short term, total output is determined by total spending, which mostly consists of investment and consumption, this is the reality for any economy in the world but it doesn’t hold all the time as its subject to alterations caused by microeconomic factors particularly inflation which brings about increased interests rates raising the cost of production and unemployment as firms layoff some workers in order to reduce their cost of production. During the 2008 crisis which was one of the worst worldwide economic downturn one on the worst hit sector was the housing ...

A Study

The US Subprime crisis and its impact Introduction The United States subprime mortgage crisis was a chain of events in the country that led to a financial crisis that was one of the biggest in the world since the era of great depression of the 1928 -1933. It began in the late 2000’s and the effects of it are still being felt in 2012. The subprime mortgage crisis originated due to a number of factors. Those included a boom and the bust in the housing market, the house-owners speculation, improper and high risk mortgage loans and lending/borrowing practices adopted by ...

Throughout history, financial crises and economic recessions have taken place in different parts of the world. After the collapse of the Soviet Union, the United States of America emerged as a force to reckon with in the global market. The emergence of the United States of America as a financial power house is attributed to the liberalization of the markets and the focus on the development of the IT and communication sector. Given the pivotal role of financial epicenters in global financial markets, a crisis in any of the financial epicenters can have devastating effects. In 2008-2009, there was a financial crisis that ...

It goes without saying that life without good health and peace is of no relevance. The very purpose of living is defeated if there is an absence of just, equitable, peaceful, and moral existence of human minds. Undoubtedly, the matter becomes a cause of concern for anyone if it is degraded by the human minds. In this context, it makes good sense to assume that the peaceful co-existence of people without any differences is good for the mutual understanding, respect, and honor of one another’s lives and property. All of us know this that such a logical approach in life ...

Introduction

In the current investment industry, real estate is considered as one of the most viable investment. Real estate investment offers a lot of benefits to the investor and is considered to have a very bright future. Basically, real estate is defined as “any interest on land”. The interest can either be a leasehold interest or an ownership interest. In the case of ownership interest, the owner or investor has full land ownership rights and, at the same time, assumes the responsibilities and risks associated with the ownership. The ownership rights include the legal use and transfer of title of the land ...

Why are homeowners continually losing? They are losing their homes. They are losing their finances. And they are losing their rights to be protected from acts of disservice from the banks they trusted to secure a home mortgage. And there seems to be no winning in sight because the federal and state attorneys general cannot agree on a feasible settlement to hold the banks accountable for the misappropriation of foreclosure transactions.

Why would 50 state attorneys general collectively agree to present a draft settlement that was unclear, knowing that federal officials, Democratic and Republican, would attack it? These officials support the efforts, ...