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80 leaves the new purchaser of the property in the impossible position of not having market- able title when they go to sell it again. It's a catch-22. On one hand individu- als who have had their homes improperly foreclosed upon need to have a process to challenge the seizure and regain the property. On the other, there is a compelling interest that title to properties be free of encumbranc- es and that buyers of foreclosed properties be able to refinance or to confidently offer their properties on the open market should they decide to sell them at some point. e Massachusetts legislature is seek- ing to rectify the dilemma with the passage of a bill that will limit the length of time that owners who have been foreclosed upon have to challenge the process in the courts to regain their homes. It does not limit their ability to sue the financial institution for monetary damages. Opponents of the law are calling on Gov. Deval Patrick to step in. New England Conference of the NAACP President Juan Cofield, Boston City Councilor Tito Jackson, and other community leaders wrote a letter to the governor requesting that he veto or amend the foreclosure bill on his desk that they say would "codify illegal, racially discriminatory lending practices which differentially harmed communities of color." "e finance industry must not be absolved of accountability for their unjust practices," said the letter. Patrick has effectively killed the bill by replacing the three-year statute of limitations with a 10-year limitations period. New Hampshire RANK: 31 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2014 1.95% 1.07% 4.4 YEAR AGO 2.18% 1.37% 5.3 YEAR-OVER-YEAR CHANGE -10.9% -21.8% -0.9 Top County SULLIVAN COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 2.92% 1.92% YEAR AGO 2.68% 2.49% YEAR-OVER-YEAR CHANGE 9.1% -22.9% Top Core-Based Statistical Area BERLIN, NH-VT 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 2.90% 2.09% YEAR AGO 2.75% 2.16% YEAR-OVER-YEAR CHANGE 5.4% -3.2% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary July 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. New Jersey RANK: 1 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2014 3.06% 6.10% 6.6 YEAR AGO 4.36% 7.07% 8.1 YEAR-OVER-YEAR CHANGE -29.8% -13.8% -1.5 Top County SALEM COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 5.24% 10.87% YEAR AGO 6.71% 10.55% YEAR-OVER-YEAR CHANGE -22.0% 3.0% Top Core-Based Statistical Area 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 YEAR AGO YEAR-OVER-YEAR CHANGE note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary July 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com IN THE NEWS $460M Settlement Reached in New Jersey Court Over Faulty RMBS Swiss-based bank Credit Suisse and New Jersey-based insurance company Prudential agreed on a $460 million settlement concern- ing a lawsuit filed by Prudential alleging that the bank had sold fraudulent residential mortgage-backed securities (RMBS). e settlement was approved on August 25 by U.S. District Judge Katharine Hayden. Prudential first brought the lawsuit in the New Jersey federal court against Credit Suisse (and several affiliates) in August 2012. e suit accused Credit Suisse and its affiliates of selling more than 18,000 U.S. mortgage loans from 2004 to 2008 that did not comply with the bank's underwriting guidelines to Prudential. e insurance company then accused the bank of switch- ing to an "originate and distribute" model, a scheme in which a lender collects huge profits by immediately selling off mortgage loans, from an "originate and hold" model in which the lender keeps the loans and earns money off interest. Credit Suisse tried to have the suit dismissed in January 2013, claiming that Pru- dential's allegations were not specific enough, but the judge ruled at that time there was enough information for the case to continue, citing the large amount of recent litigation regarding fraudulent RMBS. Counsel for both Credit Suisse and Pru- dential did not immediately return requests for comment on the case. The residential foreclosure rate in Massachusetts for August, less than half the national rate of one in every 1,126. Source: RealtyTrac STAT INSIGHT 1 in 2,730