(Reuters) – The watchdog panel for the $700 billion bank bailout faulted the U.S. government for the last time on Wednesday, saying the program helped underpin the perception that federal authorities will always prevent troubled financial firms from failing. In [...]
(Source: TC Palm) PORT ST. LUCIE — The State Attorney’s Office has dropped a felony charge against a Port St. Lucie man accused by police of improperly investing monies a local woman gave him in 2008, according to court records. [...]
(Source: By Jeff Collins and Jonathan Lansner, The Orange County Register) – The local housing market remained mired in the doldrums last month, with home sales and prices dropping. While February traditionally is one of the two slowest months of [...]
(Source: VC Star) – SALT LAKE CITY (AP) – A state judge in Utah has ordered a West Jordan man to pay $2 million in punitive damages in a loan modification scam that allegedly targeted desperate homeowners. Third District Judge [...]
(Source: NASDAQ By Alan Zibel) WASHINGTON -(Dow Jones)- The White House threatened Tuesday to veto two bills advanced by U.S. House Republicans to kill the Obama administration’s main foreclosure-prevention effort and another designed to stabilize blighted neighborhoods. House Republicans later [...]
(Source: CNBC) – The state attorneys general have presented the five biggest U.S. mortgage servicers with a proposal to settle allegations of widespread wrongdoing in handling millions of foreclosures. Here are highlights of the proposal: THE SERVICERS
(Source: Dealbook/NY Times) – UBS said Tuesday that United States and Japanese regulators were investigating whether the Swiss bank had tried to manipulate a benchmark used to set interest rates around the world. The bank, based in Zurich, said it [...]
(Source: By MaryJo Webster, Pioneer Press, St. Paul, Minn.) -Christi Rowan was sentenced this morning to 14 months in prison for helping bankrupt former auto mogul Denny Hecker hide assets. U.S. District Court Judge Joan Ericksen said the seriousness and [...]
Source: By Paul Walsh, Star Tribune, Minneapolis) – -An out-of-state mortgage company is being accused of cheating Minnesota homeowners out of thousands of dollars by masquerading as their current lender. A lawsuit filed Monday in Hennepin County District Court by [...]
(Source: By Jim Weiker, The Columbus Dispatch, Ohio) – Anna Lou picks up the phone in a small basement room at Capital Law School’s Downtown campus. “Hi, is this Lydia?” she asks after introducing herself. “I’m calling about your foreclosure.” [...]
(Source: Irish Times By FIONA GARTLAND) – SIXTEEN PROPERTIES were repossessed at the High Court yesterday including a home owned by a man who told the court he needed as much money as possible to leave to his adult son [...]
(Source: FORBES) – Hackers have released emails that they claim reveal Bank of America purposely concealed information about mortgage foreclosures. A group known as Anonymous posted emails provided by a former employee of Balboa Insurance, which was acquired by Bank [...]
(Source: LA Times) – The Obama administration has given another year of life to an foreclosure prevention program allowing certain borrowers to refinance underwater mortgages owned or guaranteed by Freddie Mac and Fannie Mae. The Home Affordable Refinance Program had [...]
(Source: Info-Prod Research Middle East) – According to ACN: The China Banking Regulatory Commission (CBRC) on Thursday ordered banks to “properly handle” problems related to housing loans and protect the rights of customers while improving risk management. “All banks must [...]
(Source: Associated Press/AP Online) WASHINGTON – The Federal Reserve meets Tuesday at a time of widening economic risks: higher oil and food prices; unemployment near 9 percent; crises in the Middle East and Japan. Threats at home and abroad have [...]
(Source: By Peter Frost, Daily Press, Newport News, Va.) - The Virginia State Corporation Commission’s Division of Securities has interviewed and taken copies of paperwork from some investors of MICG Investment Management LLC, investors told the Daily Press. MICG investors [...]
(Source: Lawyer) – US bankruptcy teams are gearing up for a potential wave of insolvencies in the second half of 2011 following a warning earlier this month by the Securities & Exchange Commission (SEC) that it will no longer tolerate [...]
(Source: By Brian Rokos, The Press-Enterprise, Riverside, Calif.) – -Corona City Councilman Steve Nolan has filed for personal bankruptcy, citing almost $2 million in business debts that include $3,361 owed to the city’s Department of Water and Power. He is [...]
(SourceBy Alan J. Heavens, The Philadelphia Inquirer) – -The House voted Friday, 242-177, to cancel $1 billion approved last year for a program designed to provide zero-interest loans for unemployed homeowners facing foreclosure. The cancellation bill was one of four [...]
(Source: By Paul Krugman NY Times) – All of which goes to confirm that the rich are different from you and me: when they break the law, it’s the prosecutors who find themselves on trial. To get an idea of [...]
(Source: News Sentinel) – The “deal.” I hear again and again from Realtors that their buyers are all looking for one. With the influx of foreclosures on the market, savvy buyers are trying to get some quick equity and simultaneously [...]
(Source: Boston Herald) – WASHINGTON — The IRS has issued fresh guidance on how to handle canceled mortgage debt in the upcoming tax season — just as hundreds of thousands of homeowners have negotiated loan modifications or short sales or [...]
(Source: By Alan Zibel The WSJ) – House Republicans attempted Friday to end a yet-to-be-launched program designed to help unemployed homeowners. The 242-177 largely party-line vote to end the Department of Housing and Urban Development program was the second of [...]
(Source: By Kerry Hall Singe and John Fryman, The Charlotte Observer, N.C.) – A third of Mecklenburg County commercial property sales last year involved foreclosures or other distress — more than any other year during the past decade. The number [...]
(Source: By Jennifer Lin and Mark Fazlollah, The Philadelphia Inquirer) – In late 2009, a federal auditor drove around Philadelphia to inspect 67 homes occupied by low-income families receiving Section 8 housing subsidies through the Philadelphia Housing Authority. He took [...]
(Source: The New York Times) – It is the saddest of paradoxes: a government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure. [...]
(Source: By: Lynnley Browning; The New York Times) – STRUGGLING homeowners who owe more on their mortgages than their properties are worth have had few options to restructure their loans, but that may soon be changing for a few of [...]
(Source: Star Tribune, Minneapolis) – Melissa and Zach Floyd came home from their Italian honeymoon with more than lifelong memories. They had $14,350 of debt between them, a combination of overspending and wedding expenses. Both brought credit card debt into [...]
(Source: The Manilla Times) –March 14–THE bad loans ratio of the country’s largest banks picked up during the first month of the year as their non-performing loans (NPL) grew faster than their total loan portfolio. In a statement, the Bangko [...]
(Source: Associated Press/AP Online) – TOKYO – Japan’s central bank injected a record 15 trillion yen ($184 billion) into money markets and eased monetary policy, while the Tokyo stock market nosedived Monday after a devastating earthquake and tsunami raised dire [...]
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