October 2010

(Reuters) – A major law firm has formed a special task force aimed at defending lenders and mortgage loan servicers as legal challenges to questionable foreclosure practices mount.

October 20th 2010 Florida- In an effort to stabilize the housing market, several Banks have voluntarily suspended foreclosures while they analyze their internal records. As a record number of homeowners begin to face foreclosure, lending institutions are struggling to put [...]

Employees of Fannie Mae and Freddie Mac descended on the Florida law offices of David J. Stern seven or eight times during 2008 to scrutinize the firm’s processing of foreclosures. They made one major demand, according to a former employee. [...]

NEW YORK (TheStreet) — The Federal Bureau of Investigation is reportedly looking into whether there was any criminal misconduct in the foreclosure documentation problems that have recently gripped the big banks. 

Image by Getty Images via @daylife “Home equity will lag because home equity, by its nature, we find lags the underlying prime and the underlying real estate and lags more than most other things,” JPMorgan CEO Jamie Dimon explained in [...]

Most pundits argue that the government needs to stem the tide of foreclosures–to avoid a flood of houses hitting the market all at once and, thereby crushing house prices. The government needs to do everything it can to stimulate the [...]

“We knew we wanted to stay in the house, and we wanted to be able to secure a 30 year and lock in an interest rate,” said Amanda. They went to a company called Mortgage Relief Servicing Group in Kirkland. [...]

Sloppiness in some financial back offices does not come close to justifying a national foreclosure moratorium. By some estimates such a freeze could cost more than $2 billion per month, and given how involved the unwilling taxpayer has become in [...]

At a large Florida “foreclosure mill,” a manager signed up to 1,000 documents a day without reading them and employees were given gifts to speed up foreclosure paperwork, according to depositions released today by the Florida Attorney General’s Office. The [...]

Image by Getty Images via @daylife Oct. 18 (Bloomberg) — Forced repurchases of soured U.S. mortgages may be the “biggest issue facing banks” even as errors in the foreclosure process draw attention to other industry risks, according to JPMorgan Chase [...]

The mortgage-bond market shows investors are shrugging off speculation the U.S. is in the throes of a foreclosure-document crisis. Bonds tied to home loans on which borrowers often failed to document their incomes or on properties they didn’t plan to [...]

QUINCY —Federal authorities allege that a Quincy woman posed as a lawyer in a mortgage scam with three others in Rockland County, N.Y., and New Jersey.

Some of the nation’s largest mortgage companies are being sued for allegedly filing fraudulent court documents when foreclosing on homeowners. As a result, banks are delaying thousands of foreclosures. Some lawmakers are calling for a sweeping moratorium to stop all [...]

Image by Getty Images via @daylife (Reuters) – Few in the U.S. business world can claim to have risen so far, then fallen so quickly as Angelo Mozilo. The former head of mortgage lender Countrywide Financial was once among America’s [...]

Helvaci continued to call Bank of America to see if it could put him on a payment plan. Every time he called, employees would tell him the bank was missing documents that were vital in qualifying him for a plan, [...]

HuffPostFund Video – Wall Street titans have a new sweet spot — as surrogate tax collectors. They see profits in tacking on fees and threatening to foreclose when homeowners fall behind on property taxes. Nearly a dozen major banks and [...]

Image by Getty Images via @daylife Bank of America Announces That It Has Discovered Some Trivial Technical Problems With a Small Number of its Mortgages Bank of America announced that it has discovered a few trivial, easily-remedied technical problems with [...]