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banks: FDIC plans for stricter servicing rules for banks - 01/20/11 02:24 PM
There were reports suggesting that the FDIC is contemplating stricter requirements for banks that service loans and own second lien loans.
The new requirement will force banks to disclose what potential ramifications a loan modification on the first loan would have on the second lien loan.
Sheila Bair, FDIC Chairman stated in December that "certain principles need to be upheld in agreements between banks and investors, so the challenges of a second lien must be clear."
"Since the early stages of the mortgage crisis, second liens have been an obstacle to effective alternatives to foreclosure, including loan modification and short sales," … (0 comments)
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banks: Massachusetts Supreme Court ruled: Invalid Foreclosure - 01/14/11 12:40 PM
The Massachusetts Supreme Court ruled the foreclosure is invalid, because the lenders had no proof of adequate paperwork to foreclose.
"The bank failed to provide the required documents proving they are the holders of the mortgages at the time of foreclosure", Justice Ralph Gants said of the Massachusetts Supreme Court.
This ruling questions foreclosure proceedings again, being the first ruling by a state high court on the issue of whether banks can foreclose on homeowners if they cannot prove they hold the mortgages. The robo-signing scandal brought the nation's attention to faulty paperwork submitted by banks, and now the Massachusetts high … (0 comments)
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banks: Another six community-based lenders shut down by regulators - 12/23/10 02:35 PM
State and federal regulators did not hold off before Christmas: they closed another batch of lending institutions over the weekend. A total of six community-based lenders closed their doors: three in Georgia, and one in Arkansas, Florida and Minnesota. This brings the number of bank failures for the year to 157.
The biggest lender closing was the Bank of Miami, N.A., headquartered Coral Gables, Florida. This lenders operated three branch locations in the state with $374,2 million in deposits and assets totaling $448.2 million. FDIC brokered a deal with 1st United Bank of Boca Raton, Florida to take over the failed … (1 comments)
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banks: PROBLEM BANKS? WHAT IS THAT? THERE ARE ONLY 860 - 12/09/10 12:10 PM
The FDIC added another 31 banks to their so-called "Problem List", so now the list totals 860 institutions under the agency's watchful eye.
The total assets of the banks on the FDIC watch list declined from $403 billion to $379 billion. This is the highest number of problematic institutions since 1993, when they counted 928 and the savings and loan crisis was in full swing.
However, the names of the banks wasn't published for fear that the stigma attached would cause a run on those banks. The agency added, that most of them are able to get back on their feet.
… (1 comments)
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banks: BANK OF AMERICA RANKS FIRST IN THE TOP OF BAD MORTGAGES - 10/28/10 10:43 AM
According to the latest data released this week, the nation's biggest banks are holding monstrous volumes of soured home loans. The housing crisis made major lenders gather an ocean of non-performers, and added exposure to early delinquencies, meaning they could gather more.
Weiss Ratings, an independent agency covering the financial sector published its analysis showing that JPMorgan Chase, Bank of America and Wells Fargo each reported more than $20 billion in single family mortgages currently foreclosed or in the process of foreclosure as of midyear. Other relevant information made public by Weiss Ratings is that for "each dollar these banks held … (1 comments)
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banks: ADMINISTRATION OFFICIALS SAY "NO” TO FORECLOSURE MORATORIUM - 10/14/10 11:08 AM
The recent robo-signing scandal, lender's breaking the law in the rush to work through the still-growing backlog of cases, made the entire industry and servicing procedures to crumble with every eye on the government, waiting for their response.Consumer advocacy groups and a number of state attorneys general have demanded a nationwide moratorium on foreclosures.
But the answer came quickly from a senior White House official, "The Obama administration will not support an all-out foreclosure freeze." David Axelrod, one of President Obama's top advisors appeared on CBS's, Face of the Nation, and acknowledged that there is a very serious problem regarding faulty … (0 comments)
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banks: JP Morgan Chase to delay more than 56,000 foreclosure proceedings - 10/02/10 04:03 PM
It started with GMAC and now continues with JP Morgan Chase, which said a couple of days ago that it will delay more than 56,000 foreclosure proceedings due to paperwork that was "signed without the signer personally having reviewed those files." This leads us to raise questions like: do the other servicers follow the letter of the law, or not? Is this only the beginning? So what will that mean to the larger foreclosure crisis and the already weakening housing recovery?
Laurie Maggiano, Policy Director in the Treasury Departmen's Homeownership Preservation Office sees a slowdown in the pace of foreclosures.
"I … (4 comments)
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banks: FORECLOSED WITHOUT THE OPPORTUNITY TO OBTAIN A LOAN MODIFICATION - 09/23/10 12:21 PM
Miguel Ortiz and his family worked hard to open a day-care center in their home located in the Chicago neighborhood of Rogers Park. Their plan was to supply free and affordable child care to low income families in the neighborhood with a safe place for children to go after school.
The foreclosure notice came just a few weeks before the Ortiz family finally managed to make the home into a certified day-care center. They put more than $80,000 and countless hours of work into creating, toddler-proof rooms, stairways, with a playground in the front yard and installed a ramp outside to make the … (0 comments)
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banks: Foreclosure Filings Show Slight Decrease in Q2 - 07/31/10 02:46 PM
According to Default Research, there are substantial signs of pre foreclosure statistics improving all over the research areas including Las Vegas, Miami and Phoenix. A 30% decrease of pre foreclosures is in Miami-Dade County , but it's not the only with the positive changes. This was aided by new laws encouraging mortgage modification plans and short sales. Another good news is, that banks seem to become more cooperative and efficient regarding short sales, which is also easing the foreclosure crunch. Finally, homeowners can modify their mortgages to stay in their home, with the help of continuous education and assistance. The statistics … (0 comments)
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banks: Darrel Issa reveals more information about the the Countrywide VIP loan controversy - 07/24/10 10:45 AM
New informations highlight the ties between Fannie Mae executives and Countrywide's VIP loan program. This program was created by the subprime lender's CEO at the time, Angelo Mozilo.
Rep. Darrell Issa, ranking member of the Oversight and Government Reform Committees showed documents that reveal information about this controversy: 27 former employees at the government-sponsored mortgage company "somehow managed" to receive 153 subsidized, low-cost loans through the specialty Countrywide VIP loan program. According to Issa, this program existed just to buy friends in critical government and industry positions, in order to protect the company's business interests.
"As our nation marched down the … (0 comments)
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banks: Bank of America faces lawsuit - 07/22/10 11:37 AM
15 mortgage holders have decided to charge the nation's biggest bank with a "systematic home loan scheme", so they filed a lawsuit against Bank of America. The lawsuit was filed by the Texas Justice League, a nonprofit organization who represent these mortgage owners. This lawsuit can involve thousands of Texas mortgage holders, who charge they were abused and financially damaged by Bank of America employees handling their mortgages. As a result of these problems three of the homeowners were foreclosed. The suit was filed in Victoria, a small community in Texas, 30 miles north of the Golf of Mexico, about two … (7 comments)
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banks: Panicked Homeowners shelter under Foreclosure Mediation - 07/07/10 06:02 PM
The foreclosure assisting programs are gaining grounds with increasing number of resources available to help the troubled homeowners than ever before, states CAP (the Center for American Progress). The jurisdiction numbers published in a report released in late June this year further supports the statement. It reveals that with the foreclosure mediation programs, the number of jurisdictions has doubled from 11, which was a year ago, to 21 this year. The center is taking a close look at the current state-based services pertaining to foreclosure mediation and deciding more on how to bring them to scale.
Center for American Progress envisions … (0 comments)
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