$1 Error Leads Bank Of America To Threaten Foreclosure On House That Was Already Sold

$1 Error Leads Bank Of America To Threaten Foreclosure On House That Was Already Sold

A family in Utah sold their home earlier this year and thought they had rid themselves of their Bank of America mortgage. That is, until they received a foreclosure notice several months later for a house they no longer owned — all over a $1 coding error. [More]

Report: Fannie Mae Knew About Widespread Foreclosure Abuse In 2003

Report: Fannie Mae Knew About Widespread Foreclosure Abuse In 2003

According to a government report, Fannie Mae knew in 2003 that law firms it hired to foreclose on homes were abusing their authority. That’s seven years before knowledge about the problems became widespread. The Federal Housing Finance Agency inspector general released a report that leveled the allegations, also blaming the agency he works for, which is tasked to oversee government-controlled Fannie Mae and Freddie Mac. [More]