Remember that massive $25 billion settlement between the nation’s largest mortgage servicers — Bank of America, Wells Fargo, Chase, Citi, Ally — and attorneys general from around the nation? Well, it comes with a lot of rules for these institutions to follow. But the person in charge of monitoring the settlement says most of the banks are failing to comply fully. [More]
Big Banks Failing To Comply With All The Rules For National Mortgage Settlement
By June 19, 2013
Former Staffers: Bank Of America Rewarded Us For Lying To Homeowners, Losing Paperwork, Denying Modifications
By June 17, 2013
In sworn statements provided for a lawsuit by homeowners against Bank of America, a half-dozen people who reviewed loan modification applications for BofA say the company encouraged staffers to lose applicants paperwork so that it could later be denied, putting homeowners at further risk of losing their homes. And if these people are to be believed, some folks out there may have lost their homes so that a BofA employee could get a Target gift card. [More]
Fannie Mae Fires Head Of Office At Center Of Kickback Scandal
By June 14, 2013
A few weeks back, we told you about the Fannie Mae office in Irvine, CA, where some employees have been accused of taking kickbacks from real estate brokers in exchange for priority access to the bailed-out mortgage-backer’s lists of repossessed properties. Now comes news that the head of that office has been given the boot “for performance issues.” [More]
Wells Fargo To Pay $38.5 Million In Response To Claims It Neglected Bank-Owned Homes In Minority Neighborhoods
By June 6, 2013
Add another stack of zeros to the running total of mortgage-meltdown-related cash laid out by banks, as Wells Fargo has agreed to pay a total of $38.5 million to advocacy groups and regulators to resolve complaints that the bank neglected foreclosure properties in predominantly non-white areas. [More]
Fannie Mae Staffer Accused Of Taking Kickbacks Says He’s Not The Only One
By May 28, 2013
Since 2009, bailed-out mortgage-backer Fannie Mae has sold nearly three quarters of a million repossessed properties. And considering that there are plenty of investors and speculators looking to snap up bottom-dollar homes with the hopes of eventually reselling at a profit, someone with inside information could be tempted to put a premium on that data, even if doing so is against the law. [More]
Wells Fargo Forecloses On Homeowner Who Made Payments Too Early
By May 16, 2013
A homeowner in Orlando is confused, and with good reason. He says he not only made his mortgage payments on time to Wells Fargo, but that he sometimes paid early and sometimes paid more than he was supposed to. And yet, the bank decided to foreclose on his home. [More]
New York AG To Sue Bank Of America, Wells Fargo Over Alleged Violations Of National Mortgage Settlement
By May 6, 2013
If the big mortgage servicers thought they’d put a pile of legal troubles behind them when they reached the $25 billion dollar National Mortgage Settlement with almost every state in 2012, they were wrong. Today, New York Attorney General Eric Schneiderman announced his intention to sue Bank of America and Wells Fargo for what he alleges is a ” persistent pattern of non-compliance” by the two banks. [More]
Goldman Sachs, Morgan Stanley Ready To Drop $247 Million In Mail To Victims Of Foreclosure Abuses
By April 29, 2013
Back in January, Goldman Sachs and Morgan Stanley announced a $557 million settlement “for deficient practices in mortgage loan servicing and foreclosure processing.” Later this week, the chunk of that money earmarked for payouts to affected consumers will be going out in the mail. [More]
Some Victims Of Shady Foreclosure Practices Report Trouble Cashing Settlement Checks
By April 17, 2013
As if going through the nightmare of foreclosure proceedings wasn’t bad enough, some of the victims who have been compensated as a result of a settlement between big banks and U.S. regulators can’t even get their darn checks to cash. Most of those borrowers only received between $300 and $500, and have been told their checks were rejected when trying to get their money. [More]
GAO Calls Out Bank Regulators For Mucking Up Foreclosure Reviews
By April 4, 2013
Back in April 2011, in the wake of the robosigning scandal and in light of numerous instances of erroneous seizures, the Office of the Comptroller of the Currency and the Federal Reserve System ordered independent reviews of the foreclosure process at the country’s 14 largest mortgage servicers. Now, two years on, the Govt. Accountability Office is saying these regulators allowed the review process to become inconsistent and overly complex. [More]
Man Buying Foreclosed Homes To Fix Them, Then Sell Or Rent Them Cheap To Save Town
By April 2, 2013
There is no magic solution to the housing crisis that has hit many towns across America, but one man in Carpentersville, Ill. has come up with a very unique way of addressing the situation. In an effort to save his town from becoming a ghost land of empty, foreclosed homes, he’s bought 193 forecolosed home, fixed them up, and either sells or rents them at a discount to locals. [More]
Bank Of America Explains Why It Never Assumed Title To Squatter-Filled Foreclosure
By February 26, 2013
Yesterday, we told you about the California man who said he lost his house to foreclosure but who is being held responsible for the squatters who have moved into his former house because Bank of America has yet to assume the title to the property. Today, we bring you the bank’s side of the story. [More]
Foreclosed-Upon Homeowner On The Hook For Squatters Because BofA Won’t Assume Title To House
By February 25, 2013
Feds Now Letting Big Banks Review Their Own Foreclosures For Errors
By February 13, 2013
Pre-recession banks turned a blind eye to problems with the mortgages they handed out, bundled, sold and securitized. When that bubble burst, these same banks put the foreclosure process on auto-pilot, allowing anyone with a pulse to sign legal documents. So who better to review all those foreclosures for errors than the institutions that didn’t care in the first place? [More]
Eviction Papers Served To Squatter In $2.5 Million Mansion, But He’s Sticking Around For Now
By February 1, 2013
The sheriff finally served an eviction notice to the man who’s been squatting in a Florida mansion worth around $2.5 million. But it looks like the squatter will at least be able to enjoy the Super Bowl and maybe Valentine’s Day in the bank-owned house. [More]
Fannie & Freddie To Let Some Underwater Homeowners Walk Away From Their Mortgages
By January 28, 2013
Since bailed-out mortgage servicers began dealing with the toxic loans made during the housing bubble, the focus has been on people who couldn’t pay their mortgages. Now Fannie Mae and Freddie Mac have an out for people who have continued to pay while their houses have lost value. [More]
Is A Guarantee Really A Guarantee If It’s A “Gurantee”?
By January 25, 2013
The operators of a company that claims, for an up-front fee of $395 and monthly payments of $395, it can keep foreclosed-upon folks in their homes for several more months may be confused about the meaning, and spelling, of the word “guarantee.” [More]
Squatter Takes Over $2.5 Million Bank-Owned Home, Bank Of America Doesn’t Seem To Care
By January 24, 2013
If you’re going to squat, you might as well squat like a rich dude. Just ask the man in Florida who has been enjoying the mortgage-free life in a $2.5 million, 7,200 sq-ft house, all while the owner — Bank of America — appears to be doing nothing to get him out. [More]
