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May
2

HUD Admits Banks’ Settlement Doesn’t Solve Housing Abuses

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by Isaac Benmergui, Esq on April 30, 2012

The settlement between the nation’s five big banks and 49 states’ Attorney Generals hasn’t solved all of the abuses of the housing crisis. Although the most prevalent abuse of robo-signing is now gone, more than 11 million homeowners own nearly $800 billion in negative equity. The $25 billion settlement covers only 3 percent of that debt. Even on its website, HUD admits that the settlement falls short of expectations by posting the following language:

“This agreement does not – and is not intended to – solve or resolve all the issues and abuses related to the housing crisis.”

Consumer advocate groups are pushing for a second deal. If the spirit of the initial settlement agreement is honored, a portion of the monies given to the state, currently about $8 billion to Florida, would be given to homeowners who are under water with their mortgages, another portion of homeowners who lost their homes would receive a few thousand dollars and another portion of the money would go toward setting up consumer education programs for current and future homeowners. However, many states, including Florida have decided to use the settlement monies to close up state budget gaps, once again leaving homeowners wanting and needing assistance.

The government was supposed to organize a federal task force to ensure that lending and foreclosure abuses would not occur again, but so far the 55-member task force has yet to be staffed. With the small number of task force members there is no way to police the entire body of lending institutions, and some violations are limited to a 5-year statute of limitations. If a homeowner suffered from a robo-signing of their foreclosure in 2007, they only have until this year to take action.

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May
2

New Apartments at $3.2 Million Miami Site

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by Isaac Benmergui, Esq on May 2, 2012

Mercantil Commercebank has to be one happy lending institution. The 1.7 acre site it repossessed at 950 Red Road in Miami, on a $2.8 million mortgage, had gone into foreclosure. Recently the Coral Gables-based bank procured a buyer for the site at $3.2 million.

Roland Di Gasbarro of Windsor Capital Corporation purchased the site and wants to build apartments. Gasbarro stated that the property is zoned for 180 apartments, and Windsor is now seeking to secure construction financing.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your commercial legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

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