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July 2011 Article Archive

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Family on Verge of Homelessness After Bank of America Denies Loan in 11th Hour
mlive.com | July 29, 2011
Instead of moving into her dream house this weekend, Jane VanOstenberg-Smith might be homeless after Bank of America denied her nearly $70,000 loan in the eleventh hour.
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Phoenix Second Worst in Foreclosures but Sees Drop
bizjournals.com | July 29, 2011
Phoenix ranks second worst for foreclosures through the midyear point but like many other markets the Valley is seeing a year-over-year decrease in foreclosures notices. Las Vegas still holds the dubious worst foreclosure market in the U.S. but is also seeing less notices compared to 2010.
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Bank to Return Woman's Home Sold Without Notice
kdvr.com | July 28, 2011
The Wheat Ridge woman who had the Bank of America sell her house out from under her could be getting her home back.
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Community, Government Leaders to Discuss Foreclosure Crisis
chicago.cbslocal.com | July 28, 2011
Community and government leaders and others are holding a summit meeting today on the foreclosure crisis in the Chicago area.
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BofA Donates Then Demolishes Houses to Cut Foreclosures
businessweek.com | July 27, 2011
Bank of America Corp., faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.
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Foreclosures Lead to Long-Term Vacancies
bizjournals.com | July 27, 2011
The rise in foreclosures could lead to a long-term increase in vacancies, according to Federal Reserve Bank of Cleveland researcher Stephan Whitaker.
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Bank Releases in Any Foreclosure Deal Opposed by Massachusetts Official
bloomberg.com | July 26, 2011
Massachusetts Attorney General Martha Coakley said the state won’t sign on to any settlement of a nationwide foreclosure probe that includes certain liability releases for banks, joining officials in at least two other states who have raised concerns over terms of a possible deal.
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Coakley Steps up Probe into Foreclosure Fraud
boston.com | July 26, 2011
Massachusetts Attorney General Martha Coakley is beefing up her investigation into foreclosure fraud, targeting a powerful lender-created company in Virginia that claims to be the official owner of tens of millions of mortgages nationwide.
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TV Home Shows Flip Scripts
online.wsj.com | July 25, 2011
Where are the hundreds of thousands of foreclosed homes in the U.S. ending up? On reality television.
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Some Fear Mediation an Ineffective Tool to Fight Foreclosure
credit.com | July 24, 2011
While there are 25 foreclosure mediation programs in 14 states across the country, some now believe they may not be as helpful to troubled homeowners as they were planned to be, according to a report from MSNBC.
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Homeowner Demands Lender to Produce the Note
consumerwarningnetwork.com | July 21, 2011
The battles continue between homeowners in foreclosure and their lenders. A California homeowner litigates over the rightful owner of his home with his current lender Wells Fargo. He is not alone when it comes to homeowners asking their lenders to “Produce the Note“.
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U.S. Banks Push for Broad Liability Releases as Part of Mortgage Settlement
therealdeal.com | July 21, 2011
A push by U.S. banks to win broad liability releases has become the most contentious issue in talks to resolve a nationwide investigation of mortgage servicing and foreclosure practices, Bloomberg News reported.
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Regulators Balk at Demands for Foreclosure Reports
seattletimes.nwsource.com | July 21, 2011
Banking regulators refused to commit to releasing details of their investigations into illegal foreclosure practices by the nation's largest banks.
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Wells Fargo Fined $85M for Subprime Shenanigans
thestreet.com | July 20, 2011
The Federal Reserve fined Wells Fargo(WFC) $85 million in its first formal consumer-protection enforcement action to address the alleged "steering of borrowers into high-cost, sub-prime loans."
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New Effort to Prevent a Million Foreclosures Takes Shape
theatlantic.com | July 20, 2011
Last week, we learned that the Obama administration is considering other alternatives to stop foreclosures. Today, we have some color on what one of these efforts might look like. It would encourage servicers to reduce struggling borrowers' mortgage balance. Although banks have fought such efforts in the past, it seems that the program could benefit everyone involved. And the best part: it wouldn't take any taxpayer dollars.
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FTC Paying Nearly $108M to Countrywide Borrowers
nytimes.com | July 20, 2011
Hundreds of thousands of homeowners who took out mortgages with Countrywide Financial Corp. will soon receive their slice of a $108 million settlement over claims that the lender charged outsized fees to borrowers facing foreclosure.
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Western States, Hit Hard By Housing Crisis, Lag Behind During Recovery
huffingtonpost.com | July 20, 2011
Western states hit hardest by the housing crisis are feeling the greatest economic stress two years after the recession ended, according to The Associated Press's monthly analysis.
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Housing and Foreclosure Stats Paint Improving Picture
seekingalpha.com | July 20, 2011
We had a host of housing/credit data come out on Tuesday. They all pointed to the same thing. Housing is bouncing along a bottom, the consumer’s balance sheet continues to improve and the rate at which they are defaulting on loans continues to fall. All those metrics clash with the “double dip recession” or “housing won’t recover for a decade” crowd’s group think. Now, by no means am I calling for 4% GDP or a bull market in housing for the rest of the year. What I am saying is that the statistics we see coming out point to continued improvement, not deterioration.
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Life on MERS: Archive is at Center of Mortgage Mess
reuters.com | July 19, 2011
A little-known institution in Reston, Virginia, has done much to help loan servicers produce foreclosure documents of questionable legitimacy, according to multiple recent court rulings and deposition testimony.
Read More.

Special Report: Banks Continue Robo-Signing
wtaq.com | July 19, 2011
America's leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year.
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Builders Push ‘Green’ to Stand Out in Foreclosure-Filled Market
bloomberg.com | July 18, 2011
In the 20 years Ron Betenbough’s company has been building homes in west Texas, he’s always been willing to compete on price. Now, in a market crowded with cheap properties, he’s also touting environmentally friendly construction and energy-saving features.
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Fraudclosure Fail | D.C. Council Alters Foreclosure Law, Removes Clause Which Said That Any Violation of the Law Would Void a Foreclosure
zerohedge.com | July 18, 2011
The D.C. Council enacted emergency legislation Tuesday to amend a controversial clause in its foreclosure mediation law that threatened to stall the sale of foreclosed affected homes across the city.
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Foreclosures Plunge in First Half of 2011
wfmz.com | July 15, 2011
Foreclosure filings fell dramatically during the first half of the year as processing delays at the banks, which are strapped with excess inventory of repossessed homes, continued to skew the numbers -- and falsely raise hopes that the housing market is staging a recovery.
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Homeowners Facing Foreclosure May Qualify for Help
wboy.com | July 15, 2011
If you're in danger of losing your home because you're unemployed or under-employed as a result of the recession, there's a federal program that may offer some relief.
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Foreclosure Filings High in California
pasadenastarnews.com | July 14, 2011
California had the nation's highest number of foreclosure filings in the first half of 2011 but the numbers have fallen dramatically from last year, according to RealtyTrac.
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Questions Raised About Bank of America's Capital Cushion
nytimes.com | July 14, 2011
Bank of America could be relying on a thin capital cushion, says The Wall Street Watch's David Reilly.
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Biggest Stock of Foreclosed Homes: Right Here
nytimes.com | July 13, 2011
Although it never shared the notoriety of Miami, Los Angeles and Phoenix during America’s foreclosure crisis, the Chicago area now has the nation’s largest inventory of foreclosed homes because it is harder to unload troubled properties here than in most other metropolitan areas.
Read More.

R. Kelly Hasn't Made Payments on His Multimillion Dollar Mansion in Over a Year
nytimes.com | July 13, 2011
Does the name Robert Sylvester Kelly ring a bell? Unless you are well-versed in the musical industry, chances are that the name is unrecognizable. However, what about the name R. Kelly? Surely, this name resounds in your head as you instantly start singing the lyrics to one of his singles that resided at the top of the charts for weeks to months.
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Bank’s Deal Means More Will Lose Their Homes
nytimes.com | July 11, 2011
Tens of thousands of Bank of America’s most distressed borrowers could be evicted and lose their homes more quickly as a result of a proposed settlement between the bank, which is the country’s largest mortgage servicer, and investors in its troubled mortgage securities.
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As Government Nears Accord with Banks, Questions Swirl over Scope of Investigation
huffingtonpost.com | July 11, 2011
State and federal prosecutors are pressing to complete a proposed settlement with the nation's five largest home loan companies over alleged mortgage abuses, even though they've only initiated a limited investigation that hasn't examined the full extent of the alleged wrongdoing, according to interviews with more than two dozen officials and others familiar with the state and federal probes.
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stopforeclosurefraud.com | July 11, 2011
This case presents a classic example of the longstanding rule that “in passing upon the question of the sufficiency or insufficiency of a complaint to state a cause of action, it is wholly beyond the scope of the inquiry to ascertain whether the facts stated are true or untrue” as “[t]hat is always the ultimate question to be determined by the evidence upon a trial of the questions of fact.” (Colm v. Francis (1916) 30 Cal.App. 742, 752.)
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Risk of Foreclosure Dips, but Remains Elevated
kval.com | July 11, 2011
Fewer Americans fell behind on their mortgage payments in the final three months of last year, but foreclosures are still rising.
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Some Homeowners Get Mortgage Relief
thenewstribune.com | July 8, 2011
The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its troubled foreclosure-prevention program.
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The Foreclosure That Never Was
tribtoday.com | July 8, 2011
A Warren couple is finding themselves in possession of a damaged house they believe they were forced out of three years ago during a foreclosure action.
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Banks Said to be Near Foreclosure Settlement
bizjournals.com | July 7, 2011
Sources say Wells Fargo & Co and Bank of America Corp are among five banks nearing a deal to resolve state and federal claims over faulty foreclosures, with a settlement that could exceed $20 billion, Bloomberg reports.
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Backing Off the $60 Billion Mortgage
blogs.wsj.com | July 7, 2011
Yesterday’s panic inducing data point was a New York Post story that said banks could be shelling out $60 billion to settle state and federal claims over mortgage-servicing and foreclosure problems. That would be about three times larger than the expected size for such a the settlement.
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Borrowers Sue Over Apparent Loan Mod Mishaps
onlinesentinel.com | July 5, 2011
It seemed Maria Campusano's financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month.
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EHLP to Extend Mortgage Help to Consumers
credit.com | July 6, 2011
The U.S. Department of Housing and Urban Development recently launched a new foreclosure assistance initiative known as the Emergency Homeowners’ Loan Program, which will give more than $1 billion to consumers nationwide who fell behind on their mortgage payments due to job loss or unforeseen medical bills. Approved homeowners will receive a maximum of $50,000 in interest-free loans over two years to help them catch up on their home loan payments.
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3 Out of 5 Mortgages in Region Underwater
rgj.com | July 6, 2011
Six years after area home prices started their precipitous drop, nearly three in five homes with a mortgage in the Reno-Sparks market are either suffering from negative equity or are at risk of being underwater.
Read More.

Foreclosure Abuses Continue
dailykos.com | July 4, 2011
After investigations found that abusive practices were widespread in the mortgage industry, regulators clamped down on some of the worst practices. But Paul Kiel at ProPublica finds that serious problems continue.
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Foreclosure Overhaul Leading to HI Housing Glut
kitv.com | July 3, 2011
Hawaii's new foreclosure law has some of the nation's strongest protections for homeowners, but many in the industry are warning that the law may have gone too far.
Read More.

Banks Commence Wholesale, Unsolicited Mortgage-Debt Forgiveness
zerohedge.com | July 3, 2011
It was just a matter of time before wholesale debt-forgiveness became the primary source of wealth in the US. The time is now.
Read More.

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