By Kevin Chiu The nation’s biggest bank resumed foreclosures in nearly two dozen states today, despite on-going legal battles over how it handled hundreds of thousands of foreclosures in courts where judges rule on homeowners losing their properties. Band of America has at least $106-billion in mortgages in foreclosure, according to SNL Financial, an unprecedented… Continue reading Biggest Bank Makes Bold Move, Resumes Foreclosures
Category: Economic Crisis
Emergency Meeting Called in Foreclosure Crisis
By Mike Colpitts Florida’s attorney general is calling for an emergency meeting with mortgage lenders, saying the state’s economy could be devastated by the foreclosure mess. Ohio Attorney General Richard Cordray got the top prosecutors ball rolling for all 50 states, filing a lawsuit against GMAC Mortgage. He’s seeking $25,000 for each improper affidavit that’s… Continue reading Emergency Meeting Called in Foreclosure Crisis
Countrywide CEO Settles with SEC
By Kevin Chiu It was a rags to riches story befitting a movie. Angelo Mozilo, the Southern Californian sun tanned befallen Countrywide Financial CEO finally settled with the Securities and Exchange Commission agreeing to pay $67.5-million in fines on charges related to fraud and insider trading just days before he was to go on trial… Continue reading Countrywide CEO Settles with SEC
$11-Trillion in Home Loan Exposure as Attorney Generals Launch Investigation
U.S. banks and mortgage lenders are exposed to the foreclosure crisis with more than $11-trillion in home loans, and plenty of loans on their books are going bad with sky-rocketing foreclosures, despite a moratorium put in place by four of the nation’s largest lenders. Bank of America, PNC Financial, Ally Financial formerly known as GMAC… Continue reading $11-Trillion in Home Loan Exposure as Attorney Generals Launch Investigation
Foreclosures Reach New Record in September
By Kathy Ross Banks and mortgage companies formally foreclosed 102,134 residential properties during September setting a new all-time record for a month, according to RealtyTrac. It was the first time that foreclosures topped 100,000 in a single month. All foreclosure filings, including notices of default and other notices in the long and complicated procedure were… Continue reading Foreclosures Reach New Record in September
Prosecutors in All 50 States Launch Mortgage Foreclosure Investigation
Prosecutors in all 50 U.S. states have formed a bipartisan group to investigate banks and mortgage lenders, and review practices of “robo-signings” in the mortgage servicing industry stemming from allegations related to improprieties during foreclosures. Iowa Attorney General Tom Miller is leading the investigation on whether mortgage servicers have improperly submitted documents in support of… Continue reading Prosecutors in All 50 States Launch Mortgage Foreclosure Investigation
Consumers Union Joins to Halt Extra Home Sale Fees
By Mike Colpitts The Consumers Union and the Consumer Federation of America, perhaps the most influential consumer protection organizations in the nation joined a chorus of other groups opposing extra home resale fees collected by investors. Home resale fees are attached to home sale contracts, often without the knowledge of the home buyer. The fees… Continue reading Consumers Union Joins to Halt Extra Home Sale Fees
Home Sales Show Promising Sign with Growing Applications
Pushed by record low mortgage rates, applications for both refinancing and new home purchases rose strongly over the last week, showing a promising sign for the real estate market, according to the Mortgage Bankers Association. Refinances rose 21%, while purchase applications were up 8.5%. “After five weeks of steadily declining rates to yet another new… Continue reading Home Sales Show Promising Sign with Growing Applications
U.S. May Launch Foreclosure Probes in 40 States
By Kevin Chiu Wide ranging investigations into improprieties by U.S. banks and mortgage lenders during the foreclosure process are being conducted in at least seven states, and another 33 states may soon follow suit. Fearing a greater public back lash, politicians who have accepted billions of dollars from mortgage companies and bankers are against foreclosure… Continue reading U.S. May Launch Foreclosure Probes in 40 States
Mortgage Rates Rise and Fall
Mortgage rates hit another record low as a 30-year fixed rate loan dropped to 4.27% last week, according to Freddie Mac, indicating that despite their troubles mortgage lenders are getting more aggressive about making home loans. Rates vary from time to time but have been on a two-year slide as the Federal Reserve keeps its… Continue reading Mortgage Rates Rise and Fall