Originally published on Fri August 10, 2012 9:45 am
Saying it wants "to protect homeowners from surprises and costly mistakes by their mortgage servicers," the Consumer Financial Protection Bureau today proposed new rules it believes would make the home loan process simpler and give struggling homeowners more of a chance to avoid foreclosures.
Members of the St. Louis Board of Alderman are mourning the loss of a colleague this morning. The Missouri Highway Patrol has confirmed that 54-year-old Gregory Carter, Alderman of the 27th ward has died in an early morning crash on eastbound 370 in St. Charles County.
Troubled Missouri home owners can expect a degree of relief from a national mortgage settlement that has been reached with five of the nation’s largest mortgage lenders.
The Show-Me State is being awarded more than $196 million of a $25 billion settlement with banks -- including Bank of America and JP Morgan Chase -- over allegations of lending abuses and improper foreclosure procedures.
Missouri Attorney General Chris Koster says the settlement does not close the door on possible criminal charges against mortgage lenders.
Foreclosure activity in the St. Louis area hit an all-time high in 2010. The St. Louis Post-Dispatch reports that according to figures released by the data firm RealtyTrac, one in every 57 houses in the 17-county St. Louis region received at least one foreclosure filing during the year. The filings are up nearly 12 percent from last year and slightly above the previous records in 2008. The Post-Dispatch reports that these figures come despite billions of federal dollars poured into mortgage modification programs in the past two years, and despite the relatively stable housing market in St. Louis.
Missouri House members are preparing to start work on a new congressional map that will have only eight districts, down from the current nine. U.S. House districts are redrawn every 10 years to reflect changes in population based on the census. The U.S. Census Bureau announced last month that Missouri will lose one seat in the U.S House. The eight districts are the fewest for Missouri since the census of 1850. The state Legislature is responsible for drawing the new congressional districts and will approve them just like any other legislation. A special House committee on redistricting scheduled an organizational meeting Thursday morning, with no plans to take public testimony.
Missouri farmers took in a smaller harvest last year of some of the state's leading crops, Missouri Agricultural Statistics reports that corn production totaled 369 million bushels in 2010, down 17 percent from the previous year. Soybean production totaled 210 million bushels, down 9 percent from the 2009 crop. Hay production fell 7 percent compared with the previous year. And grain sorghum production reached its lowest level since 1955. But harvests did rise last year for cotton and rice farmers. Rice production, in fact, broke the previous state record set in 2005.