November 2010

Freddie Mac reported a third-quarter net loss of $2.5 billion and asked the U.S. Treasury to provide a $100 million infusion, raising the government’s tab for its rescue of the mortgage-finance company to $63.2 billion.

Attorneys for Maryland homeowners are asking the courts to dismiss hundreds of foreclosure cases that depended on paperwork submitted by so-called robo-signers on behalf of mortgage servicers.

The hot story of the day is about home ownership. The Census Bureau reports that the number of Ameircans living in homes they own has plummeted to 66.9%, the lowest level since 1999. It was nearly 70% a few years [...]

Fannie Mae and Freddie Mac terminated their relationships with a top Florida foreclosure attorney on Tuesday, one day after the companies began taking back loan files from the firm that has processed thousands of evictions on behalf of the mortgage-finance [...]

WASHINGTON — In a nation with millions of foreclosed homes, the one next door proved the most dangerous for 2-year-old Isaac Dieudonne.

While delays in the foreclosure process are costing bond holders and mortgage servicers, defaulting homeowners living in–or even renting out–their homes are getting a pretty tidy subsidy, writes the WSJ’s Mark Whitehouse in today’s paper. That subsidy is worth about [...]

Attorneys for Maryland homeowners are asking the courts to dismiss hundreds of foreclosure cases that depended on paperwork submitted by so-called robo-signers on behalf of mortgage servicers.

In fact, there is overwhelming evidence that lenders seeking foreclosure have lost critical documents, signed affidavits attesting to facts that the signer had no knowledge of, and routinely filed error-filled documentation. One New York judge dismissed 46 of 102 foreclosure [...]

Gray’s experience, in which homeowners get evicted while participating in programs designed to avert foreclosures, is being repeated thousands of times at the biggest mortgage firms, according to groups that aid borrowers. The government’s Home Affordable Modification Program came under [...]

Commercial foreclosure postings, up 39 percent this year, are at their highest level in two decades, a market expert said Monday. In Tarrant, Dallas, Denton and Collin counties, 3,029 commercial postings have been filed this year, compared with 2,173 for [...]

Image via Wikipedia Moe – This story proves that we have a serious nation wide foreclosure fraud problem that is still here and not going away anytime soon. If one little small town newspaper found 50% mistakes in foreclosure filings [...]

The more banks foreclosed on homes, the more a little-known company in Florida called Lender Processing Services saw its revenue and stock price soar. For a fee, the Jacksonville company would locate and assemble the documents necessary for a lender [...]

Reporting from Washington —For almost two years, home foreclosures have swept the nation, spreading misery among once-buoyant families, spattering lenders with red ink and undermining efforts to restart the economy. But a bigger problem may turn out to be the millions of [...]

In Congressional hearings last week, Obama administration officials acknowledged that uncertainty over foreclosures could delay the recovery of the housing market. The implications for the economy are serious. For instance, the International Monetary Fund found that the persistently high unemployment [...]