From NMN: The only bank that has been penalized for mortgage servicing lapses got slapped for doing the opposite of what state attorneys general have been demanding. Bank of America Corp. was penalized in the fourth quarter for delaying foreclosures — not for moving...
From HW: The California Housing Finance Agency said Wednesday it has expanded the eligibility requirements for several Keep Your Home California programs, allowing more distressed homeowners access to $2 billion in funds allotted for foreclosure prevention...
From Alejandro Laso at the latimes.com: Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork,...
From HW: Bank of America will begin a new pilot program in the next few weeks, allowing some California homeowners to receive a principal writedown on their mortgage. The program will be funded from the $699.6 million the California Housing Finance Agency received...
From HW: Four Republican attorneys general participating in the investigation into mortgage servicing practices wrote a letter to Iowa AG Tom Miller stating that the proposed settlement is too strict. Florida AG Pam Bondi, Texas AG Greg Abbott, Virginia AG Kenneth...
From propublica.org: For the past year, we've been digging into the administration's fumbling efforts. We've crunched a lot of numbers along the way, and now we're sharing what we found – including loads of previously unreported data. Using new Treasury Department...
From cnbc.com: WASHINGTON - The Treasury's man in charge of the government's $700 billion financial bailout program has two words for congressional overseers: It worked. Testifying at the Congressional Oversight Panel's final hearing on Friday, Treasury bailout chief...
From HW: Thirteen of the 20 largest mortgage servicers participating in the Home Affordable Modification Program have begun principal write-downs, according to Laurie Maggiano, director of policy at the homeowner preservation office inside the Treasury Department....
From HW: Any potential settlement U.S. regulators reach with large mortgage lenders and servicers to modify loans and pay $20 billion or so to help borrowers underwater on their mortgage will do little to help the already fragile market recover, according to Bank of...
From HW: Servicers are moving toward a proactive approach in pursuing short sales as an alternative to foreclosure, servicers on a Mortgage Bankers Association panel said Wednesday. A component and specialty servicer, meanwhile, predicted that short sales could...
