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March 2011 Article Archive

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Foreclosure Negotiations Held at Justice Dept
businessweek.com | Mar 30, 2011
State attorneys general and federal officials held an all-day negotiating session Wednesday on the nation's foreclosure crisis with five of the nation's largest banks, seeking to resolve allegations of wrongdoing that law enforcement officials say have impacted millions of Americans facing foreclosure.
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Judge to Oversee NJ Mortgage Foreclosure Process
businessweek.com | Mar 30, 2011
A judge appointed a special overseer Tuesday to ensure that foreclosure proceedings in the state of New Jersey conform to the law.
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Proposed Settlement would Force Banks to Allow Short Sales for Delinquent Homeowners
latimes.com | Mar 30, 2011
The proposed deal among banks and government officials is aimed at stabilizing the real estate market and helping underwater borrowers who are months behind on mortgage payments avoid foreclosure.
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Judge Approves Settlement in Mortgage 'Robo-Signing' Case
northjersey.com | Mar 29, 2011
Six large mortgage lenders will have to show a retired judge that they're playing by the legal rules in foreclosures, under an agreement approved Tuesday in Superior Court in Trenton.
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Judge Approves Settlement to Review Mortgage Foreclosure Process
nj.com | Mar 29, 2011
A settlement that will require six of the country’s biggest mortgage lenders to disclose the specifics of how they foreclose on homeowners has been approved by a Superior Court judge in Mercer County.
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Shareholders Sue BofA Over Foreclosure Practices
bizjournals.com | Mar 29, 2011
A group of Bank of America Corp. shareholders filed suit Monday against the bank over its foreclosure paperwork practices. The suit was filed in the N.Y. Supreme Court in Manhattan.
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BofA Board Sued by Shareholders
bizjournals.com | Mar 29, 2011
Another chapter to this growing mortgage paperwork fiasco. On Monday, the Bank of America board was sued by the bank shareholders over its foreclosure paperwork practices.The suit was filed in the New York state Supreme Court in Manhattan.
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LPS: 8.8% Loan-Delinquency Rate In February
mortgageorb.com | Mar 29, 2011
The February Mortgage Monitor report released by Lender Processing Services Inc. (LPS) determined that an enormous backlog of foreclosures still exists with overhang at every level, even though home loan delinquencies are declining.
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BofA Board Sued by Holders Over Mortgage Recording Paperwork
bloomberg.com | Mar 28, 2011
Bank of America Corp. (BAC)’s board and some officers were sued by shareholders claiming they were hurt by false and misleading statements that hid defects in mortgage recording and foreclosure paperwork.
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Mortgage Faceoff Looms for Lenders
online.wsj.com | Mar 28, 2011
U.S. banks are resisting efforts by state attorneys general to force them to cut the amounts owed by some borrowers facing foreclosure. Yet mortgage companies already have reduced home-loan balances for more than 100,000 borrowers.
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RBA Warns Australian Banks Lowering Mortgage Lending Standards
money-au.com.au | Mar 28, 2011
The central bank is warning that Australian lenders have begun to lower their mortgage lending standards as they seek to achieve the turbo charged pre financial crisis growth rates, an objective the RBA says is unrealistic.
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Mortgage Servicers Resist But Cut Debts
online.wsj.com | Mar 28, 2011
U.S. banks are resisting efforts by state attorneys general to force them to cut the amounts owed by some borrowers facing foreclosure. Yet mortgage companies already have reduced home-loan balances for more than 100,000 borrowers.
Read more.

The New Mortgage Foreclosure Settlement and What it Will Mean for You
newjerseynewsroom.com | Mar 23, 2011
Late last week, large banks and a special counsel appointed by the Presiding Judge of the Mercer County Court supervising foreclosures, Judge Mary Jacobson, announced a proposed settlement of issues with mortgage foreclosure procedures used by banks.
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Foreclosure Terms May Pose 'Moral Hazard,' State Attorneys General Say
bloomberg.com | Mar 22, 2011
A plan to resolve a nationwide probe of foreclosure and mortgage-servicing practices is being opposed by four more Republican state attorneys general, who say the terms of a deal may foster a “moral hazard.”
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Four GOP State Attorneys General Object to Loan Assistance in Foreclosure Settlement
online.wsj.com | Mar 22, 2011
Four Republican state attorneys general said Tuesday they oppose forcing banks to reduce the value of loans for troubled homeowners as part of a state-led mortgage-servicing settlement proposal.
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State Attorney Generals Seek Way To Slow Down Bank Foreclosures
dailynewspulse.com | Mar 21, 2011
The centerpiece of the agreement between a state-designated attorney and six of the country’s biggest mortgage lenders, is the appointment of retired Superior Court Judge Richard Williams, who will determine whether banks have in place a process to ensure their foreclosure proceedings are based on personal knowledge and accurate business records of the loans they are servicing, state-designated attorney Edward Dauber said.
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Obama Mortgage Borrower Bailout Prevents Foreclosures, Slows Recovery
nlpc.org | Mar 21, 2011
The mortgage foreclosure crisis in this country may have been superseded by events in Japan, Libya and elsewhere for now, but in its own way it's taking a heavy toll. And it's likely to get worse, given the context of evidence that an Obama-initiated homeowner subsidy program to stem the tide isn't working and of a new federal agency poised to extract $20 billion from lenders on behalf of heavily delinquent borrowers.
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State Attorneys General Tackle Mortgage Servicing
washingtonpost.com | Mar 17, 2011
State attorneys general, who soon will enter settlement talks with the nation’s largest mortgage servicers after revelations of flawed foreclosure paperwork and other shoddy practices, will accept nothing less than wholesale changes to the way those companies treat troubled homeowners, the group’s leader said Wednesday.
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California Politico Wants Mortgage Servicers to Pay $20k per Foreclosure
housingwire.com | Mar 17, 2011
A California state representative has filed a bill that would require mortgage servicers to pay $20,000 to local communities for each foreclosure proceeding it files.
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Bank of America Unit Tried to Hide Foreclosure Information, Hackers Say
dealbook.nytimes.com | Mar 14, 2011
A hacker organization known as Anonymous released a series of e-mails on Monday provided by a former Bank of America employee who claims they show how a division of the bank sought to hide information on foreclosures.
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No Deal! States Reject Obama Mo-mods
wnd.com | Mar 13, 2011
At least a dozen states are rejecting the Obama administration's most recent mortgage modification scheme, largely because the plan involves reductions of mortgage principal for troubled homeowners to prevent foreclosures, Jerome Corsi's Red Alert reports.
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What Do HSBC's Foreclosure Moratorium and Robo-Signing Claims Really Mean?
dailyfinance.com | Mar 4, 2011
Again, the assignment is from Wells to HSBC via MERS, but that doesn't insulate HSBC from the robo-signing. First, MERS assignments of mortgage are often done by employees or agents of the company receiving the assignment. In this case, that's HSBC.
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Investigation Finds More Illegal Bank Foreclosure
dailynewspulse.com | Mar 3, 2011
Earnings at Bank of America, the largest U.S. lender, may suffer materially if using Mortgage Electronic Registration Systems or MERS is found to be invalid, according to a regulatory filing last week. Citigroup and PNC said fines or other penalties may result from investigations into MERS and allegations of faulty foreclosure practices.
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Free From Foreclosure? Oregon Senator Sponsors 'Anti-MERS' Bill to Protect Homeowners
wweek.com | Mar 2, 2011
See the article in this link and download the PDF on the proposed Oregon "anti-MERS" bill. It may act as a model for your state. Read it. Consider asking your state senator and house member to consider the same for your state. At the same time, tell them what you know about this debacle. You might be surprised. Your legislator may actually listen to you.

Allstate Sues Credit Suisse Over Mortgage Debt
westlawnews.thomson.com | Mar 1, 2011
Allstate Corp on Monday sued Credit Suisse Group AG, accusing the Swiss bank of causing losses by hiding the risks on $232 million of mortgage securities it bought.
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Allstate Sues Merrill Lynch for Fraud Over Mortgage-Backed Securities
Bloomberg.com | Mar 1, 2011
Allstate Corp., the largest publicly traded U.S. home and auto insurer, sued Bank of America Corp.’s Merrill Lynch unit over claims it fraudulently sold the insurer about $167 million of residential mortgage-backed securities.
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