October 2010

With a rise in foreclosure activity in the Chicago area as a backdrop, the state said Thursday it had cracked down on firms that promised homeowners breathing room with their mortgage companies, only to charge large fees for doing little [...]

Rogelio Huerta and Maria Soto did everything they were supposed to do to reduce the monthly mortgage payments on their Bellwood, Ill., home. Facing a cash crunch because his work hours were cut, they sought help from PNC Mortgage while [...]

Stern’s firm filed a staggering 70,382 foreclosure cases in 2009 and reportedly billed nearly $100 million. As explained by the deposed employee, Kelly Scott, the firm was always under heavy pressure from lenders — including Fannie Mae and Freddie Mac [...]

Fannie Mae and Freddie Mac have generated $135 billion in losses that will be covered by US taxpayers since the government took over management of the two giant mortgage holders two years ago. Ballooning home foreclosures not helped by the [...]

Many analysts feel that the Making Home Affordable Program is beginning to slow, which could be troubling for homeowners who are having difficulty making their mortgage payments. However, GMAC Mortgage and other top servicers are still offering modification plan, despite [...]

Lender Processing Services (LPS: 27.50 0.00%) began reducing its foreclosure signing services back in 2008 and stands by its mortgage processing services. Further, when the firm caught a manager robo-signing foreclosure documents, the only such case it says it found, [...]

Judge Jonathan Lippman, the Chief Judge for New York state was aware of the skyrocketing number of home foreclosures and the way banks were handling loan default files and wanted to do something about it. An increasing number, including the [...]

“I thought it was astonishing, says Judge Lippman, “that when you are dealing with the roof over someone’s head that this could be done so cavalierly…the consequences of the systemic failures is someone loses their home. This is very, very [...]

(Bloomberg) — A 50-state task force investigating U.S. foreclosure practices may meet with lenders as early as this week, less than a month after JPMorgan Chase & Co. and Bank of America Corp. suspended some home seizures. “We’ve had several [...]

Moe – Have you been screwed by your mortgage servicer? Are you being abused through the foreclosure crisis? Maybe this story about Mike Dillon below who has the courage to fight back will give you motivation to do the same. [...]

Wednesday’s main event was a conference called “Robosigners and Other Servicing Failures,” hosted by securities lawyer and Core Club member David J. Grais. Mr. Grais is trying to rally investors in residential mortgage-backed securities who feel burned by the foreclosure-paperwork [...]

State authorities are investigating allegations that a Coral Springs lawyer forged the signatures of Broward County judges while working with a disgraced foreclosure assistance company, court documents show.

Oct. 27 (Bloomberg) — Mortgage-bond investors represented by Dallas lawyer Talcott Franklin will send letters to securities trustees complaining that they shouldn’t bear the costs of loan servicers’ so-called robo-signing.

‘Predatory’ Practices “The acts of some mortgage servicers have gone beyond the point of being negligent — they have become predatory financial practices and in Ohio, they won’t be tolerated,” Cordray said in a statement on Nov. 5, when the [...]

NEW YORK, NY, Oct 28, 2010 (MARKETWIRE via COMTEX) — Over the past month, the so-called “foreclosure-gate” has been dominating the headlines. Millions of foreclosure proceedings have been halted over suspicion that bank and mortgage company employees used unverified or [...]

The Congressional Oversight Panel held a meeting Wednesday to discuss the Treasury Department’s role in foreclosure mitigation programs under the Trouble Asset Relief Plan (TARP). The Treasury Department, which was represented by the department’s Chief of Homeownership Preservation Office Phyllis [...]

Ricky Rought paid cash to the Deutsche Bank National Trust Company for a four-room cabin in Michigan with the intention of fixing it up for his daughter. Instead, the bank tried to foreclose on the property and the locks were [...]

Financially strapped homeowners struggling to obtain mortgage modifications are taking their frustrations to court, accusing banks and loan servicers of misleading them or breaking promises to help them hold on to their homes. The lawsuits go to what U.S. Housing [...]