Fed Chairman Ben Bernanke said Wednesday that a correctly structured principal reduction on mortgages could be helpful in reducing home loan delinquencies. However, he did not defined his final position on principal reductions and loan modifications, he was in a hurry to underscore to journalists after the two-day meeting of the Federal Open Markets Committee [...]
The consequences of the housing bubble is what we all feel in recent years. But the era of the bubbles just started. Now “50” state attorneys general are negotiating with the creators of the housing bubble. The banks are hard to negotiate with, they have the best lobbyists, they have the power of the money [...]
American Home Mortgage Servicing filed a lawsuit against its affiliates, Lender Processing Services Inc., and DocX LLC seeking recovery of millions of dollars in losses. These losses resulted by the two affiliate’s illegal, improper execution, notarization and recording of assignments of mortgage, which affected more than 30,000 residential mortgages across the country. Read more
Mortgage Electronic Registration Systems, Inc. is withdrawing from the foreclosure business, DSNews reported. The organization has sent a policy update to its members where it said that “no foreclosure proceeding may be initiated in the name of MERS and no legal proceedings in a bankruptcy may be filed in the name of MERS.” The role [...]
Wells Fargo was hit by a record $85 million fine the Federal Reserve announced. The Fed is accusing the servicer of allegedly pushing borrowers with good credit into expensive mortgages and falsifying loan applications, CNNMoney reported. Another claim is that employees of Wells Fargo Financial, a non-bank subsidiary closed last year, doctored income information on [...]
After eight months of promises that mortgage servicers will stop the illegal practices robo-signing is still present. According to county officials in at least three states mortgage documents with questionable signatures are still widespread in the industry. For instance officials reported documents coming from several companies the process mortgage paperwork and have been filed on [...]
The case of Anca Safta who never missed a mortgage payment, but she got threatened by her lender with foreclosure has a simple explanation: her servicer had not credited the payments to her account. Although it seems a small problem, it isn’t. A growing number of lawsuits, investigations and studies indicate that servicer blunders and [...]
Eric Schneiderman, the Attroney General of New York is just becoming the first state or federal regulator to investigate the massive errors in securitization by bank trustees over the past decade. However, this couldn’t happen, if the circumstances were different, but now there is an active effort to settle claims through the 50 states AG [...]
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