Tag: foreclosure

The Never-Ending Foreclosure

The Never-Ending Foreclosure

The foreclosure crisis and subsequent recession didn’t just deplete families’ wealth—the instability it caused also meant that families like the Santillans lost out on years of productive economic activity.
A few years after they bought their home, the Santillans say, people started knocking on their door selling financial products.
Before they refinanced their home, their monthly payment was $1,200.
The payments would have been high even if both Karina and Juan had been working full-time.
One study found that Latino families were 78 percent more likely and African American families were 105 percent more likely than white borrowers to have high-cost mortgages.
“And not having a place to call home during Christmas.” The Santillans had to stay in hotels because their credit was so bad from the foreclosure that landlords wouldn’t rent to them.
But they’re still not back to where they were before they lost their home.
Had they not lost their home, it’s possible that Juanito would be finished with film school and in a career, rather than just starting school; that Isaac would be working in the fitness industry, rather than selling insurance; that any of the three boys would be living on their own, rather than still sharing a house with their parents.
That family did not lose their home, and their children, who are the same age as Isaac and Juanito, graduated from high school and went onto college.
There are, of course, many other reasons the economy is still sluggish: Household net worth dropped by 18 percent during the recession, there are more low-wage, insecure jobs than ever before, and the recession may have accelerated the automation that has replaced many once-stable jobs.

Onetime ‘foreclosure king’ Todd Brunner stays out of prison; judge cites extreme weight, health
Social Security Disability

Onetime ‘foreclosure king’ Todd Brunner stays out of prison; judge cites extreme weight, health

Onetime ‘foreclosure king’ Todd Brunner stays out of prison; judge cites extreme weight, health.
Stadtmueller acknowledged that had it not been for the 60-year-old Brunner’s weight and medical issues, he would likely have sentenced in a range of 15 to 18 months in prison.
Brunner earlier pleaded guilty to three felonies, including bankruptcy fraud for hiding about $7 million in assets from the court and creditors and for submitting false invoices to pocket cash from a bank.
Kraft argued sending Brunner to prison is necessary because of the seriousness of his crimes and that he would receive good health care in prison.
Howls of pain in hallway The Friday hearing was delayed for more than an hour as Brunner’s lawyer said it took about two hours to transport Brunner from the entrance of the federal courthouse to the second-floor courtroom.
He claimed in a 2011 interview with the Journal Sentinel that his rental and rehab business once generated $1.5 million to $2 million in revenue.
When he filed for bankruptcy in 2011, he said he owned about 200 properties and owed about $20 million to creditors.
The bankruptcy was thrown out of court in 2012 when then-U.S. Bankruptcy Court Judge James Shapiro said Brunner did not disclose all of his assets.
Brunner this year pleaded guilty to illegally hiding about $7 million in assets, including a powerboat he named “El Diablo,” and expensive boat engines and properties.
Brunner submitted false invoices in order to draw money from the First Business Bank-Milwaukee loan and used that cash for himself or his other business.