May 2011

Foreclosures Spawn Illegal Loan Modification Business

SAN BERNARDINO (Source: Inland News Today) – Prosecutors are expanding their investigation of an illegal loan modification business that took advantage of those facing a home foreclosure.


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Bank of America Challenged Over Mortgage Practices

(Source: charlotteobserver By Rick Rothacker and Kirsten Valle Pittman) – Bank of America chief executive Brian Moynihan faced more complaints about his bank’s handling of foreclosures at Wednesday’s annual meeting, but shareholders rejected a proposal that called for an audit [...]


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Banks Vow Transparency With Loan Modifications

(Source: Daily News Pulse By  Lynn Ashton) – “Our members around the state have been working on the issue of bank accountability, especially loan modification, for the last few months,” says Ben Hanna, organizing director of CPC. ” What we’ve [...]


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A Protest at Bank of America Demands Loan Modifications and Accountability

(Source: westword By Kyle GarrattLinda) – Stapel was a field researcher in February 2009, making enough money to buy a home by herself. But that’s when she was blind-sided a by a woman in her car while collecting data for [...]


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State Has Aid for Some Homeowners Facing Foreclosure

(Source: Record, The; Bergen County, N.J. By KATHLEEN LYNN) – New Jersey homeowners who have lost their jobs and are struggling to pay their mortgages can get no-interest loans from the state under a program announced Monday.


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Myrtle Beach Area Men in Bank Fraud Case Released on Bond

May 12 (Source: The Sun News By David Wren) – Two area men who federal investigators say stole more than $2 million in fraudulent manufactured home loans will be free on $25,000 unsecured bond while they await trials on felony [...]


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No Cost Initiative Aims To Reduce Property Foreclosures

JACKSONVILLE, Fla., May 12, 2011 (Source: PRNewswire) – The Short Sale Specialist Network recently released information on a new program, Bridging the Gap, which sets out to connect homeowners in financial hardship with those who are best suited to assist [...]


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Bill Lets Insurers Delay Payouts to Homeowners

May 12 (Source: The Palm Beach Post By Laura Green) – If Florida homeowners fall victim to a hurricane this summer, they may end up paying for some repairs out of pocket, under provisions in a property insurance bill that [...]


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Ex-Book Executive Regan Settles NY Legal Fee Suit

NEW YORK (Source: Associated Press/AP Online ) – Former book-publishing powerhouse Judith Regan has settled a fee dispute with lawyers who helped her wage a high-profile fight after she was fired amid a furor over her plan to release a [...]


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Bankrate: Mortgage Rates Down for 5th Straight Week

NEW YORK, May 12, 2011 /PRNewswire/ — Mortgage rates dropped again, with the benchmark conforming 30-year fixed mortgage rate falling to 4.82 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.4 discount [...]


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Recapitalizing Banks Through Bankruptcy Sales

(Source: Bank News By Clarke, Robert L Long, Justin M ) – As holding companies with subsidiary financial institutions have faced increasing regulatory pressure, a number of strategic alternatives to alleviate capital concerns are being considered. One viable alternative may [...]


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Mortgage Modification Has Woman Chasing Chase for Explanation

TAMPA (Source: ABC By: Jackie Callaway) – Rose Vacarro’s financial trouble struck by way of freak accident. “I got ran over and was literally underneath the golf cart.”


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Mesa Officer Facing Fraud Charge Resigns

(Source: AZ Central by Nathan Gonzalez) – A Mesa police officer, who is facing one count of mortgage-fraud, resigned from the department last week.


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Foreclosure Fraud Complaints Flood Florida Bar But No Lawyer Reprimands so Far

(Source: Sun-Sentinel By Diane C. Lade) – Complaints about foreclosure fraud are pouring into The Florida Bar, with four times more cases pending today than six months ago, as property owners trying to save their homes increasingly take on their [...]


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Banks Willing to Pay $5 Billion to Settle Mortgage Mess

(Source: The Wall Street Jounral By Nathan Koppel) – The nation’s biggest banks are willing to pay as much as $5 billion to settle claims by federal and state officials of improper mortgage servicing practices, the WSJ reports, citing people [...]


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State Senator’s Mortage Reduction Questioned

PHOENIX -(Source: KPHO Elizabeth Erwin) – An amendment would have helped people in foreclosure get the information many say they deserve, but at the last minute, a lawmaker decided to drop it.


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Wells Fargo Hosts 2-Day Home Mortgage Seminar

ST. LOUIS (Source: CBS By Brett Blume) – Despite signs that the economy’s continuing to ease its way out of the Recession, new reports out this week indicate the U.S. housing crisis will drag on for several more years.


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Couple Sues GMAC Mortgage for Predatory Lending

HUNTINGTON (Source: WVRecord By Kyla Asbury) – A Huntington woman and her husband are suing GMAC Mortgage after she claims it misrepresented her mother’s income in a home loan and then tried to take her home.


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Bank of America Ramps Up Foreclosure Aid

(Source: MSN Money) – Bank of America is getting serious about consumer foreclosure rates, more than tripling the number of foreclosure prevention centers it runs from 12 to 40 across 22 states.


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Hidden Foreclosures Could Sink Home Prices Even Further

(source: Daily News Pulse By  Adriana Barnes) – “Although we see signs of improvement, including slowing mortgage delinquencies, many homeowners continue to struggle to make their payments as a result of hardships in today’s economic environment,” explains Rebecca Mairone, national [...]


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46% Have Negative Equity in Home

May 10 (Source: Star Tribune, Minneapolis By Patrick Kennedy) -The housing market in the Twin Cities continues to decline, with nearly half of all mortgage holders underwater on their home loan and prices continuing to plummet.


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Facing Foreclosure? May 22 Watsonville Workshop May Help

May 11–SANTA CRUZ (Source: Santa Cruz Sentinel By Jondi Gumz) – With few signs that the foreclosure crisis is abating, a coalition of nonprofits plans yet another workshop to reach out to homeowners behind on their mortgage payments.


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Mortgage Fraud Down 41%

May 10 (Source: Daily News  By Gregory J. Wilcox) – Reports of mortgage fraud nationwide plunged 41 percent in 2010 but California climbed to third on the list of U.S. cities with the most cases, an industry tracker said Monday.


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U.S. Treasury Opens Wallet to Disaster Victims

May 10 (Source: Chattanooga Times/Free Press By Ellis Smith) – Walter Perry, district director for the U.S. Small Business Administration, said today that homeowners and business owners hit by the storm should apply immediately for disaster loans.


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Sacramento-Area Home Prices Continue Their Long Decline

May 11 (Source: The Sacramento Bee By Robert Lewis) – Around this time last year, a number of experts said the housing market had finally hit bottom.


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Foreclosure, Default Rates Slip for Third Straight Month, Compared to 2010

May 11 (Source: North County Times By Eric Wolff) – Mortgage defaults and foreclosures fell across the region for the third consecutive month, when compared with the same month a year ago, according to data released by ForeclosureRadar.


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Debt Issue Heightened by Cost of Living Crisis

(Source: PRNewswire) – The leader of the opposition in the UK, Ed Miliband, has said he believes that the rising cost of living is causing Britain to head towards a “crisis.” With the coalition government rolling out its programme of [...]


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Bankruptcy Misery On The Rise In Ulster

(Source: Belfast Telegraph Source: Margaret Canning) – THE number of people going bust in Northern Ireland is rocketing as the so-called ‘human recession’ takes its toll, an economist has said.


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Bankrupt Video Chain, AG Settle on Debt Filings

May 10 (Source: The Telegraph By Joseph G. Cote) – More than 8,000 Granite Staters should get a boost to their credit score after the state announced Monday it had reached a settlement with a bankrupt video rental chain. The [...]


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BofA’s Mortgage Migraine Keeps Throbbing

(Source: Wall Street Journal BY DAVID REILLY) – Bank of America’s mortgage risk remains a fast-moving target.


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