Foreclosure Nation: Mortgaging the American Dream

How the Foreclosure Crisis Shaped Gen Z
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Foreclosure Nation [Shari B. Olefson] on Foreclosure Nation: Mortgaging the American Dream and millions of other books are available for. How did the traditional 'American Dream' morph into a nightmare for so many? Real estate attorney and educator Shari B Olefson, a recognised expert in the.

According to the U. Many Americans, however, are not confident that they will ever own a home. Many first-time homebuyers have difficulty coming up with a downpayment either through their own savings or through assistance from their families , overcoming regulatory burdens and student loan debt, or obtaining adequate credit. These challenges are even more pronounced for minorities, whose homeownership rate of Despite finding steady jobs and rebuilding their credit following the recession, some African Americans are struggling to save for a downpayment. African-American workers, who already earn less than white workers, are more likely than those in other racial groups to spend a greater proportion of their paychecks on student loan payments and rent.

Minorities who do save enough for a downpayment are often assessed higher lending fees that make the mortgages unaffordable.

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Approximately 8 percent of African-American and Latino homeowners lost their homes to foreclosure between and , almost twice the rate of white homeowners. These barriers to homeownership have created a longstanding wealth gap between African-American and white households; the Federal Reserve estimates that the median net worth of white families is nearly 10 times that of black families, making it especially difficult for people of color to save the money needed to buy a home. The UCC supplants common law 77 and the court must presume that the legislature, in adopting these provisions, intended that mortgages follow Article 9 owners, not Article 3 holders.

Moreover, if there is any conflict between Article 9 and Article 3, the rules in Article 9 govern. As a result, enforcement of a mortgage transferred under Article 9 i. And because the foreclosing bank must show that it obtained the mortgage loan from a seller authorized to sell it, the bank must ultimately prove the sale at each link in the chain of ownership.

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The belief that an entity in wrongful possession of a note may foreclose on a home is firmly refuted by Article 9, and cases that hold that mere presentment of a note endorsed to the plaintiff is alone sufficient to prove standing to foreclose are misguided. Care should be taken in the rush to extricate ourselves from the current mortgage foreclosure crisis not to elevate negotiability beyond the narrow mercantile milieu from which it developed, where merchants transacted business on an equal footing.

In the foreclosure setting, both Article 9 and the common law require proof of the chain of title to the note, making Article 3 negotiability irrelevant to the determination of standing. Beutel, The Proposed Uniform [? In a national or global market, this requirement is extremely inefficient and inconvenient, and in recent years, has been widely ignored, much to the detriment of mortgage purchasers. These changes were enacted in Florida in , effective , Fla.

The industry has also advocated a shift to paperless eNotes. For example, when Fla. Form 1. See Riggs v. Deutsche Bank Nat. Trust Co. State , So. Williamson Cadillac Co. The Fifth District later noted that there was a split of authority under prior common law whether the burden would be on the holder to prove his BFP status once the claimant has introduced evidence of ownership.

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Key Biscayne Bank , F. While the court declined to decide which party bears the evidentiary burden, the fact that evidence of ownership of the instrument could be introduced against an alleged holder in due course was taken for granted.

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In this case there is an involuntary transfer of possession that results in negotiation to Thief or Finder. One of the drafters of the UCC publicly lamented its exaltation of transferability over property rights, as being out of step with modern economic realities. The Holder Rule notice destroys the negotiability of any note upon which it appears because its very presence makes the promise to pay conditional.

A revision to Article 3 restored limited negotiability to notes containing the notice, but withheld a key attribute. It declared that no one may be a holder in due course of a note imprinted with the notice. Reyes , So. Motors Acceptance Corp. Charter Bank of Gainesville , So. Kleiser , So.

Foreclosure Nation

Amoco Oil Co. Equity will intervene even when the wrongful conduct complained of harms someone other than the defendant. Quality Roof Services, Inc. Intervest Nat.

Losing the American Dream

Bank , 21 So. Rieve Enters.

Thum, 67 So. He is licensed to appear in the courts of Florida and the U. But what about their kids? Kate Huff is 18 now. But she was just 16 when her family's house went into foreclosure. Kate sat down with her dad Ted to talk about what it was like for her to lose her childhood home. Guardians of the Block Sarah Hulett. A vacant home can blemish a tidy block almost overnight with fast-growing weeds and front porches littered with handbills.

Some neighbors ignore those signs of abandonment. But others pull the weeds, and pick up the trash. Michigan Radio's Sarah Hulett reports. Michigan has had one of the highest foreclosure rates in the nation for more than two years. Christina Shockley asked him why there are so many foreclosures in the state.

Foreclosures don't hurt just the owners who lose their homes. Foreclosures ripple through neighborhoods and force down the price of every home that's being sold. When people lose their homes to foreclosure they have to go somewhere, but where? Michigan Radio's Charity Nebbe spoke with him to find out where displaced people are finding shelter.

Most people fall into foreclosure because of job-loss, an illness, or some other financial hardship. For senior citizens, the reasons for foreclosure are often much different. Michigan Radio's Christina Shockley asked her about the reasons seniors go into foreclosure.

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