Half of borrowers with prime loans — or loans made to borrowers with good credit and income — will likely end up underwater anyway, according to a recent report. Already more than one-third of prime mortgage loan borrowers are underwater or owe more on their homes than they’re worth and with home prices expected to drop [...]
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 — Kentucky Attorney General Jack Conway has added his name to a list of state law enforcers who fear that a settlement being negotiated among government officials and big banks isn’t backed by a sufficient investigation into potential wrongdoing. As law enforcers approach a deal with banks to settle allegations that the companies [...]
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 [...]
WASHINGTON — The number of Americans who bought previously occupied homes rose in August. But the sales were driven by an increase in foreclosures, a sign that home prices could fall further next year and slow a housing recovery. The National Association of Realtors said Wednesday that home sales rose 7.7 percent last month to [...]
Victims of the foreclosure mess and housing crisis are taking to the streets — literally. Street demonstrations are being planned in 10 cities, and in the crowd at the first one you are going to see Dixie Mitchell, a 74-year-old cancer survivor who refinanced her paid-off home to help one of the foster kids in her [...]
JPMorgan Chase & Co (JPM.N) was sued by Wells Fargo & Co (WFC.N), which seeks to force it to buy back more than 800 soured mortgage loans that it oversees as trustee. In a complaint made public on Wednesday in the Delaware Chancery Court, Wells Fargo accused JPMorgan’s EMC Mortgage LLC unit of refusing its [...]
Amid a crisis that has affected millions, even homes that would seem to be the safest of bets can face foreclosure. Linda Hatchell of Glen Ellyn, Illinois, for example, now faces the prospect of foreclosure on a home she purchased more than twenty years ago for just one dollar, NBC Chicago reports. The foreclosure case is [...]
Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday. The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup [...]
Robo-signing practices have wreaked havoc across the housing market for some time now, allegedly even leading to wrongful foreclosures. In Hawaii, though, a recent bank-related incident could best be described as robo-dialing. Bank of America reportedly pestered a grieving widow with up to 48 calls per day over a missed mortgage payment after her husband [...]
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