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SafeRx legislation passes as part of state budget (The Daily Record)
The final state budget passed last week included approval of SafeRx legislation designed to make prescription drug labels easier to understand for people with limited English, people with disabilities and seniors.
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A.G. Schneiderman Announces Up To $15 Million Of National Mortgage Settlement To Extend Funding For Foreclosure Prevention And Other Related Services (NYS Attorney General)
Attorney General Eric T. Schneiderman today announced that up to $15 million of the $132 million he secured in the national mortgage servicing settlement will be used to extend funding for foreclosure prevention and other related services.
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Massive mortgage settlement to provide for foreclosure services (Rochester Business Journal)
New York Attorney General Eric Schneiderman plans to put some of the state’s $132 million share of a multistate mortgage-servicing settlement to keep the state’s about-to-expire Foreclosure Services Prevention Program afloat.
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Advocates Seek to Eliminate Foreclosure 'Shadow Docket' (New York Law Journal)
Advocates of homeowners facing foreclosure are pushing for a change in court rules to remove an obstacle that has put many homeowners in a judicial limbo, unable to participate in settlement conferences to make their debt more manageable.
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Foreclosure Deal Credits Banks for Routine Efforts (The New York Times)
In February, JPMorgan Chase donated a home to an Iraq war veteran in Bucoda, Wash., and Bank of America waived the $140,000 debt that a Florida man still owed after the sale of his foreclosed home. Over the last year, Wells Fargo has demolished about a dozen houses in Cleveland.
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Obama Relies on Debt Collectors Profiting From Student Loan Woe (Bloomberg)
The debt collector on the other end of the phone gave Oswaldo Campos an ultimatum: Pay $219 a month toward his more than $20,000 in defaulted student loans, or Pioneer Credit Recovery, a contractor with the U.S. Education Department, would confiscate his pay. Campos, disabled from liver disease, makes about $20,000 a year.
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Fannie, Freddie Press For Mortgage Write-Downs (NPR & ProPublica)
The two most powerful entities in the housing market — Fannie Mae and Freddie Mac — could be on the verge of a significant change regarding foreclosures. NPR and ProPublica have learned that both firms have concluded that giving homeowners a big break on their mortgages would make good financial sense in many cases.
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Negative equity is disproportionately concentrated in the Chicago region’s communities of color, Woodstock Institute report shows (Woodstock Institute)
Negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, a new report from Woodstock Institute found. The report also found that borrowers in communities of color have much less equity on average than do borrowers in predominantly white communities.
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Baum, firm agree to pay state $4 million (Buffalo News)
Former foreclosure law kingpin Steven J. Baum, his top deputy and his now-defunct firm will pay the state $4 million and accept a two-year ban to settle allegations by New York’s top cop that the firm cut corners and committed abuses in foreclosure filings.
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Student-Loan Debt Tops $1 Trillion (The Wall Street Journal)
The amount Americans owe on student loans is far higher than earlier estimates and could lead some consumers to postpone buying homes, potentially slowing the housing recovery, U.S. officials said Wednesday.
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