| |
lenders: 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)
|
lenders: 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)
|
lenders: 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)
|
lenders: 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)
|
lenders: 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)
|
lenders: 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)
|
lenders: 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)
|
lenders: 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)
|
|
|
|
|
|
|
;)
;)
