(Rick Rothacker) – Bank of America is set to lose nearly all the mortgage market share it gained by buying Countrywide Financial Corp in 2008, in the latest sign of how painful the acquisition has been for the bank. The Charlotte, North Carolina bank said this month it is no longer buying mortgages made by [...]
During his president, George W. Bush spoke of his vision for an “ownership society,” an America where anyone and everyone who wanted to could stake a claim to property has the possibility to do so. Things haven’t exactly gone to plan. In fact, for many, the past several years have been a terrible time to [...]
Why has the administration’s flagship foreclosure prevention program been so ineffective in helping struggling homeowners get loan modifications and stay in their homes? One reason: The government’s supervision of the program has apparently ranged from nonexistent to weak. Documents obtained by ProPublica — government audit reports of GMAC, the country’s fifth-largest mortgage servicer — provide [...]
Amidst all the bad news coming out of Wall Street and the economy, here’s something good: California has backed out of the talks for the long-awaited foreclosure settlement, now making it far from likely that the so-called “Attorneys General” deal will happen anytime soon. California Attorney General Kamala Harris sent a letter to state and federal [...]
– Massachusetts Attorney General Martha Coakley says she has lost confidence that a fair settlement over foreclosure abuses can be reached where banks are held accountable for wrongful foreclosures. On Wednesday, Coakley said her office is proceeding with lawsuits relating to unlawful foreclosures. Coakley is the latest official to undermine a resolution that has been [...]
For one Florida resident, a fee of less than five dollars almost cost her a condo. Geeta Ramcharitar owed her condo association a past-due balance of $4.70, according to Florida Today. Not paying the fee ultimately cost her $3,000 after a Florida judge threw out a foreclosure case brought by the condo association and ordered both sides [...]
NEW YORK (Jennifer Ablan and Matthew Goldstein) – More than three years after the financial crisis struck, the economy remains stuck in a consumer debt trap. It’s a situation that could take years to correct itself. That’s why some economists are calling for a radical step: massive debt relief. Federal policy makers, they suggest, should [...]
WASHINGTON — Sales of new homes fell to a six-month low in August. The fourth straight monthly decline during the peak buying season suggests the housing market is years away from a recovery. The Commerce Department said Monday that new-home sales fell 2.3 percent to a seasonally adjusted annual rate of 295,000. That’s less than [...]
WASHINGTON — Fannie Mae missed chances to catch law firms illegally signing foreclosure documents and its government overseer did not take the right steps to ensure Fannie was doing its job, according to a federal watchdog. The Federal Housing Finance Agency’s inspector general said in a report Friday that Fannie failed to establish an “acceptable [...]
Suburbs have long been associated with white picket fences and manicured lawns. But for many living in suburbia today, the reality is much bleaker. This month, it was reported that 15.1 percent of Americans live below the poverty line last year, the high level since 1993. And while the majority of the 46.2 million impoverished Americans [...]
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