Fourteen banks are reportedly nearing a $10 billion settlement with banking regulators over the banks’ past involvement in foreclosure mishandlings that included faulty paperwork and excessive fees, The New York Times reports. About $3.75 billion of the reported settlement would go to aid home owners who lost their homes to foreclosure — more than double [...]
Largest False Claims Act Settlement Relating to Mortgage Fraud As part of the global resolution between the United States of America and the five largest mortgage servicing banks in the country, which will bring much needed relief to financially distressed homeowners nationwide, Loretta E. Lynch, United States Attorney for [...]
Bank of America has joined the Keep Your Home California principal-reduction program, making it the largest loan servicer involved in lowering loan balances for those with economic hardships. Making sense of the story Keep Your Home California is a program offered through the California Housing Finance Agency to help struggling homeowners avoid foreclosure. Bank of [...]
In anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America has decided to stop accepting conventional and government applications for loan amounts that will exceed the permanent loan amounts. The deadline to submit loan applications was July 1. According to an email from Bank of America, conventional loans [...]
How screwed up are the banks? They foreclose on a home that has no mortgage! So the attorney for the couple forecloses on the bank (really a sheriffs sale). Great! Between “robosigning” where banks make up false mortgage notes, to not doing mortgage modifications, the banks continue the drive this country into the ground. Of [...]
The vast amount of information available online about mortgages – such as interest rates, loan benchmarks, prepayment penalties, and the like – can cause home buyers to feel confused and overwhelmed when shopping for a mortgage. Most surprisingly, a recent survey found that only 61 percent of homeowners surveyed said they comparison shopped for a [...]
By John J. O’Dell Finally some justice against Countrywide Financial Corporation for all of their shady lending practices.. They created mortgage loans which were bound to be foreclosed on. Here’s a press release from the office of the Attorney General of California explaining what they did: Attorney General Kamala D. Harris today (February 2, 201) [...]
The states of Arizona and Nevada has sued Bank of America for alleged foreclosure fraud. The lawsuits are very similar in scope, and basically allege that Bank of America engaged in deceptive practices specifically with regard to mortgage servicing, loan modification, and foreclosure. Arizona Attorney General Terry Goddard said in a press release: “Bank of [...]
A contractor for Bank of America went into the home of a borrower which was not vacant nor in default with the mortgage. While Angela Iannelli was away, under instructions from Bank of America, the contractor cut off utilities, padlocked the door and confiscated her pet parrot, Luke. Maybe the contractor was thinking the woman [...]
The good and bad of foreclosures is a mixed bag. The bad is that banks which pushed these risky loans are going to take a bath. The bad is that people who are being foreclose on either because of being tricked into a bad loan or loss of income, are going to have bad credit [...]
