Homeowners caught up in the banks robo-signing scandal that have illegally been foreclosed should be compensated financially by the banks that foreclosed on their homes to settle differences, according to an over whelming majority of respondents in a new Housing Predictor opinion poll. The survey shows that despite the blame Americans place on some homeowners… Continue reading Illegally Foreclosed Should Be Compensated
Category: Mortgage Fraud
Courts May Decide Housing Market Future
By Mike Colpitts Hundreds of lawsuits winding their way through courtrooms in the U.S. could ultimately determine the future of the housing market in America. A major case involving the attempted foreclosure of a home in Utah could produce a court precedent on which other cases could stand. Courts are hearing cases over foreclosure challenges… Continue reading Courts May Decide Housing Market Future
Mortgage Company Executives Sentenced to Prison
By Kevin Chiu Two former mortgage company executives have been sentenced to federal prison for their roles in a fraud scheme involving more than $2.9 billion that contributed to the failures of their company and Colonial Bank. Desiree Brown, the former treasurer of Taylor, Bean and Whitaker was sentenced to six years in prison for… Continue reading Mortgage Company Executives Sentenced to Prison
Open Letter on Foreclosure Mills
By Betty Delisle My name is Betty Delisle and I live in New Hampshire. I am self employed and work every day to provide for my family. I bought my first home in October of 2005 and was so excited because I finally had a chance to get off the government programs that I had… Continue reading Open Letter on Foreclosure Mills
Seven Major U.S. Banks Sued in Homeowners Fraud
By Mike Colpitts A veteran real estate attorney is suing seven major U.S. banks in what may be a precedent setting case for allegedly defrauding hundreds of thousands of homeowners. Calabasas, California attorney Philip Kramer, who has been practicing real estate law more than 25 years, is citing laws and procedures that banks were previously… Continue reading Seven Major U.S. Banks Sued in Homeowners Fraud
Feds Slam 14 Banks in Robo Signing
By Kevin Chiu The federal government has announced formal enforcement sanctions against 14 banking organizations addressing a serious “pattern of misconduct and negligence” in the robo signing scandal. The deficiencies, announced jointly by the Federal Reserve, Comptroller of the Currency and the Office of Thrift Supervision requires banks and mortgage servicing companies to make corrections… Continue reading Feds Slam 14 Banks in Robo Signing
Banks Insult to Justice System
By Mike Colpitts Ohio’s hard talking attorney general says that banks and mortgage servicing companies simply choosing to re-file affidavits in order to straighten out their flawed paperwork on foreclosures is an “insult to the justice system.” “The big mortgage servicers and financial firms continue to demonstrate their belief that they do not need to… Continue reading Banks Insult to Justice System
$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
Illegal Foreclosures Charged in Investigation
Members of Congress are fed up with bankers and Fannie Mae and they’re letting them know it. In a letter signed by three Democrats, including the leader of the banking over-sight committee chairman Barney Frank, lawmakers complained to Fannie Mae for retaining lawyers who run “foreclosure mills” that are being investigated for illegally foreclosing on… Continue reading Illegal Foreclosures Charged in Investigation
Housing Resale Fees Next Wall Street Rip-Off
A coalition of real estate related companies have launched an effort to stop a 1% home resale fee added to some new home developments being offered by a Manhattan based financial firm by sending a letter to U.S. Treasury Secretary Tim Geithner. The effort was revealed during a news conference with reporters, which included the… Continue reading Housing Resale Fees Next Wall Street Rip-Off