Congresswoman Calls for National Foreclosure Suspension
Citing recent reports of “robo-signers” at some of the nation’s biggest lenders, Maxine Waters, a California representative (D), called for a nationwide moratorium on foreclosures for the duration of a...
View ArticleFed: Banks Just Aren’t Doing Enough to Help Homeowners
In comments this past weekend at the George Washington University Center for Law, Economics and Finance, Federal Reserve Governor Daniel Tarullo had some damning words and “faint praise” for the...
View ArticleCase Study: A Close-Up Look at the Massachusetts Foreclosure Ruling
Since the Massachusetts Supreme Judicial Court ruled last week that Wells Fargo and US Bancorp unjustly foreclosed on two properties the mortgages to which they did not actually hold verifiable title,...
View ArticleFreddie Mac Releases New Mortgage Refinance and Underwriting Requirements
Freddie Mac believes that its new seller/servicer guide for mortgage refinancing and underwriting clearly indicates the government-controlled GSE’s new commitment to responsible lending[1]. The new...
View ArticleReal Estate Scam of the Day: Stolen Mortgage Payments in Nevada
If you receive a letter telling you that your mortgage servicer has changed and instructing you to send payments to a different address, check in with your old servicer before making the move. You...
View ArticleMERS Update: Conflict and More Conflict
Earlier this week, we covered a recent ruling by a New York judge indicating that MERS (Mortgage Electronic Registration Systems) did not have the right to bundle, buy and sell mortgages nor to...
View ArticleRepublican AGs Protest Mandatory Principal Reductions in Bank Foreclosure...
While many attorneys general involved in the negotiations around the “bank settlement” that lenders, politicians and homeowners alike hope will resolve much of the fallout from last fall’s robo-signer...
View ArticleCongress Takes Aim at Faulty Servicing Practices
Fourteen mortgage servicers and two service providers were issued cease and desist orders last week by the Office of the Comptroller of Currency (OCC), to be lifted upon signing consent orders with...
View ArticleCalifornia Rep Proposes Bill Containing Mandatory Loss Mitigation
Unsatisfied with last week’s cease and desist orders issued to major lenders last week by the Office of the Comptroller of Currency (OCC), congresswoman Maxine Waters (D-CA) has created a bill that she...
View ArticleJustice Department Extends Deadline for Bank Settlement
Banks required to submit a plan of action for handling loan modifications and foreclosures are going to get an extension on crafting that plan, thanks to the federal Justice Department[1]. Mortgage...
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