Freddie Chooses Milwaukee for Program

Developer Sues M&I Over Agreement

Subdivision developer Simon Group is suing M&I Bank over an agreement reached earlier this year that allowed the bank to take back several undeveloped properties to settle 15 foreclosure cases. In the suit, Simon Group alleges that M&I did not follow the conditions of the agreement, according to the Business Journal of Milwaukee.

Wis. Foreclosures Up 5% from Last May

Foreclosure filings in May rose about 5 percent in Wisconsin from the same month last year, as jobless homeowners were unable to keep up with mortgage payments even as the economy was showing some signs of improvement, the Milwaukee Journal Sentinel reported.

Foreclosure Activists to Meet with German Bank

Members of the citizen group Common Ground planned to go to Frankfurt, Germany, to speak at the Deutsche Bank shareholders meeting about the foreclosed properties the bank owns or holds in trust in southeastern Wisconsin and elsewhere. The organization has asked the banks to commit to invest money in revitalizing areas that have fallen into disrepair because of the foreclosure crisis, the Milwaukee State Journal reported.

Arrests Possible for Entering Foreclosures

Squatters entering a foreclosed Madison home will now face arrest if they enter. Earlier in the week a local group had illegally entered the home to prepare it for a family to move in. They want the bank to give the home to families for free. Police say they can’t do anything about that trespassing until they’ve made contact with the owner, in this case, bank representatives, WKOW.com reported.

‘Squatting’ in Foreclosed Homes Encouraged

A Madison-based homeless advocacy group, Operation Welcome Home, is encouraging the practice of “squatting” in foreclosed properties. Defending a family that entered a foreclosed home through a broken door and took up residence, the group said “it’s already been paid for as Bank of America, which holds the mortgage, has received millions in federal bailout money during the current recession,” according to a story from Channel3000.com.

Wis. Foreclosures Set New Record in March

Foreclosure filings in Wisconsin rose to a new one-month record in March. The 2,852 filings statewide topped the record of 2,792 set in September, according to preliminary figures, according to the Milwaukee Journal Sentinel.

M&I Extends Foreclosure Moratorium

Marshall & Ilsley Corp. has extended its foreclosure moratorium another 90 days, through June 30, the Milwaukee Journal Sentinel reported.

B of A Mortgage Policy Could Benefit MGIC

Bank of America, the largest mortgage servicer in the country, will forgive up to 30 percent of some customers’ total mortgage balance. It’s a move that could also benefit Milwaukee-based mortgage insurer MGIC Investment Corp. B of A’s Countrywide unit sued MGIC in December, claiming that MGIC denied millions of dollars in valid claims. Read the Milwaukee Journal Sentinel article.

Milwaukee Police Helping At-Risk Homeowners

Milwaukee police officers are joining forces with city and community organizations to connect at-risk homeowners with foreclosure help. The city has more than 1,200 vacant and bank-owned properties, according to one source. Read the story from WISN-TV in Milwaukee.