St. Louis gets low marks on foreclosure prevention
St. Louis lacks resilience in the way it has responded to mounting mortgage foreclosures, a new academic study says. The study, published by the MacArthur Foundation, says that while local non-profit groups have ramped up their efforts,
The weakness is that the resources have been lacking to scale up counseling to the needed level and area governments have contributed little to prevention.
Part of St. Louis’ problem is institutional — Missouri has one of the fastest foreclosure processes in the nation, with lenders needing as little as 38 days to seize a property. But governments, foundations and even the Post-Dispatch come in for their share of criticism. The study notes that the city of St. Louis contributed $500,000 to a foreclosure-prevention effort, but adds:
Efforts in St. Louis to persuade other governments and private foundations to contribute funds to foreclosure prevention have ended in failure. Chris Krehmeyer made a presentation at Gateway for Giving, a collaboration of local foundations, asking for $2-3 million for a rescue fund but was turned down. The Municipal League of St. Louis County proposed contributing $5,000 from each municipality to a rescue fund but nothing came of it.
The authors, including Todd Swanstrom of the University of Missouri-St. Louis, then add this very perceptive bit of analysis:
Why has St. Louis County, a county with a solid tax base that is being hit hard by foreclosures, done so little to prevent them? Part of the answer probably has to do with the geographical distribution of the problem. Large swaths of the wealthy and politically powerful parts of the region in the central corridor are not directly affected by foreclosures.
As for the newspaper’s role, the study says the Post-Dispatch has published far fewer stories about foreclosures than the Cleveland Plain Dealer. The study analyzes St. Louis and Cleveland as two “classic weak market metro areas.” It finds that Cleveland has a far higher rate of foreclosures, but also has done more to address the problem.
As compared with stronger housing markets — the authors analyze two in California, along with Chicago and Atlanta — we “weak” places have both advantages …
Preventing foreclosures is easier in weak market regions than in traditionally strong market regions. In weak markets, borrowers often need relatively small amounts of money to come current on their mortgages and the problem of negative equity is not so severe because the housing bubble was less inflated than in traditionally strong market regions.
… and disadvantages:
The situation is just the reverse for neighborhood recovery, which is generally going to be easier in strong market regions than weak market regions. … In weak markets, foreclosed homes are more likely to lie vacant and abandoned indefinitely, spreading blight to neighboring properties.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
I always find in comical that these organizations put out “academic studies” like this, which they have time and money to do thanks to some dead person’s foundation. Instead of spending that money deciding what cities are weak or strong on foreclosures, why not give the money to people who are about to be foreclosed on? There’s a novel idea.
As a side note, while I am certainly not one to toot the horn of the Post, it is absolutely ridiculous for this foundation to criticize the P-D for their coverage of foreclosures in this area. You need to factor in how many other local publications (RFT, Suburban Journals which the Post owns) as well as other media (TV, radio, internet) have covered it as well. Simply comparing newspapers is like comparing third baseman and declaring one baseball team better than the other…
If anyone has had any luck with any of these companies, could you please post it for the ones that cannot find one to work with you. We’ve almost lost once and just got a second chance that want last long so I need to get something done now, so if anyone knows the right number to call, i am sure a lot of people that hasn’t found them would appreciate it but check out http://obamamortgage2009.blogspot.com or obamamortgage2009.blogspot.com
The reason for the high foreclosures is because they(Sr. Dist Court Barry Schermer) will steal the home if he wants to! My case is living proof of this.He’s biased and impartial and has pretty much stolen more than one if you ask me. These banks and judges need to STICK UP FOR STANDING AND HONESTY OR GET THE HELL OFF THE BENCH! It doesn’t matter the amount you may have. They don’t have to help. Nor do they have to do proper business. Think you can get someone to help? The Judges will just refuse to help! They know their all covering for each other.
I don’t happen to believe I’m wrong or else I wouldn’t already have two separate recusals one from Jackson and one from Shaw. My mind is honest and clear. I’ve stated the TRUTH that I know. They still act without OBEYING THEIR OATHS AND BONDS! FORGET A FIDUCIARY RESPONSIBILITY! In St.Louis if you know the TRUTH about how the LAW is supposed to operate they will STEAL your home.
Instead of helping someone make sure they feed their family. Or possibly help another family. All just from a few strings they have within our world to do right. I do know Jackson and Shaw have attempted to help. Any other atty in the Stl area is a crook if you ask me. This is what we face here in our once LOVED CITY….
AS the saying goes you can’t JUDGE a book by the COVER. I realize Judge Schermer is a Judge. I’m not one who practices speaking about public officicals in any way. Everything you may see me put here I’ve put into writing into our JUSTICE SYSTEM ALREADY. To NO AVAIL!
I’m not crazy! Federal Law states STANDING,HONESTY and the TRUTH is EVERYTHING!Regardless, if your POOR LITTLE HOMEOWNER OR THE BIG BAD WOLF BANKER MAFIA TYPE ATTY. The TRUTH will be HEARD! They don’t have to ADMIT THE TRUTH I UNDERSTAND THEY HAVE NO JURISDICTION FOR THE TRUTH! Jurisdiction to STEAL OUR HOMES but NONE for the dishonesty their causing.
49 Attorney Generals sued Argent/Ameriquest for FRAUD in the MILLIONS…IT WAS PASSED ON TO CITI OR ANY SUBSIDARY THEY HAVE,..This is the way their documents are accepted as well. CITI OWNS it so APPRENTLY it doesn’t MATTER IF THEY SHOW THE PROOF! They can just SAY CITI, CITI RESIDENTIAL, CIITMORTGAGE, ASSOCIATES, FORD its all the same… Except for the FACT the ORIGINAL doesn’t have to be provided according to JUDGE SCHERMER. He as well let’s them off when Wells Fargo comes to court as well. The atty who filed a false foreclsoure and false proof of claim walks free to do the same to other homeowners here and nationally.
Their breaking the LAW and the PEOPLE who we’re suppose TO TRUST the MOST are doing the unthinkable. I know from the job I used to have as one of the top bill collectors in our country what their doing is just wrong. But that’s ok we live in the USA our lives ARE GREAT! Except for when you can’t trust anyone to do business with because of such nightmares they cause everyday.
I checked for a new website to possibly start. It’s not in use luckily. But, I think putting my story on a site called STOPSTOLENHOMESNOW.COM with pictures of everyone involved may get some attention. The truth needs to be heard. Not everyone is just a hard luck story. Not everyone has intended to end up in a bad situation to not have no way out.
Just what do you do? I’ve thought maybe anymore its just to become a Judge and LEGALLY STEAL. All the attys are scared of Schermer…The state atty is a bully as well…The Discplinary Council wants me to do all their work for them! Ha! But, sometimes they have/need to legitimately HELP US!!!! The public SHOULD STAND UP FOR STANDING WITH ME. The HOMEOWNER NEEDS HELP AND THE TRUTH. Not more lies! I apologize for RAMBLING but HELP IS NEEDED…Us CITIZENS being listened to needs to happen vs just the select few who get by with lying, cheating and stealing from us blindly almost.