From the latimes.com: Delinquent borrowers who think they've been treated unfairly by their mortgage lenders and the companies that service their loans will soon have their day in court. Well, not court, per se. But within the next few weeks, federal regulators will...
Excerpted from this article in ProPublica: For HAMP’s first two years, the government offered very little public detail about its oversight efforts. It was virtually impossible for the public – or even Congress – to know how well the banks and mortgage servicers were...
An agent said it yesterday, and I talked to a loan rep who confirmed it. FHA has expanded their underwriting guidelines for those who have a short sale on their record. They already allow borrowers to come back three years after a foreclosure or short sale, but now...
Hat tip to SM for sending this along, from Yahoo.com: It's no secret that Bank of America wants to put its mortgage-related woes behind it. But it appears that a key $8.5 billion settlement with large investors is playing a role in pushing many more people into...
Excerpted from the latimes.com: The Federal Reserve's latest effort to prop up the economy has dropped mortgages into once unthinkable territory, with 30-year fixed-rate loans available for less than 4% — a record low. For people lucky enough to still have their...
From iwatchnews.org: In the summer of 2007, a team of corporate investigators sifted through mounds of paper pulled from shred bins at Countrywide Financial Corp. mortgage shops in and around Boston. By intercepting the documents before they were sliced by the...
Lenders have lost an excuse for not foreclosing - from MND: Two Appellate Courts in California, citing two separate rationales, have upheld the legal standing of MERS to foreclose. In Calvo v. HSBC a deed of trust signed by Calvo identified CBSK Financial Group as...
From msnbc.com: Bank of America has been ordered to pay a former employee $930,000 for violating federal whistleblower protection laws. The Labor Department also ordered the bank to reinstate the worker. The Los Angeles-area employee led internal investigations that...
Hat tip to TW for sending this along, from Bloomberg: There’s at least one economic policy issue on which Federal Reserve Chairman Ben S. Bernanke, President Barack Obama, and Republican leaders in the U.S. House of Representatives agree: All say it’s time for the...
Hopefully this is a sign that a bank is going to take the lead and test my theory that more foreclosures will stimulate the market - thanks to Gordon for sending this along from www.cnbc.com: Bank of America is ramping up its foreclosure processing, sending out far...
