Hotel Burnham faces foreclosure (Crain’s) — The owner of the Hotel Burnham is facing a $37-million foreclosure suit as it tries to restructure the loan on the Loop hotel, which is no longer generating enough cash flow to cover interest payments. Bank of America N.A. last week sued an ownership group including local developers Dan [...]
By E. Scott Reckard and Ronald D. White (Los Angeles Times) - Mortgage defaults soar to record 13% in the second quarter, the number of homeowners behind on payments or in foreclosure rose along with the jobless rate, with California among states leading the way. Widespread joblessness is causing more Americans to fall behind on their [...]
Los Angeles (LA Times)-California cracks down on foreclosure consultants. Read Article.
Ruth Simon (Wall Street Journal)-Carrington’s Loan Do-Overs Draw Heat. Read Article.