JPMorgan became the second major lender after GMAC/Ally Bank to halt pending foreclosures, halting proceedings on 56,000 homes. This follows revelations that “robo-signer” “foreclosure mills” were filing paperwork that would be gracious to call “sloppy,” at the rate of 10,000 a day. [More]
NPR's Pet Toxic Asset, "Toxie," Dies
By September 24, 2010
To see what would happen, reporters for NPR’s Planet Money pooled their money and bought a toxic asset for $1,000. At 99% off, it seemed like a bargain. This week, “Toxie,” as they dubbed their pet, gave up the ghost. Contrary to expectation, she was killed not by foreclosures, but by loan modifications, which reduced the amount of cash flowing into the bond. Planet Money tells the whole story in this awesome and hilarious animation. [More]
Foreclosure Firm Allegedly Forged Bank Execs' Signatures On Affidavits
By September 23, 2010
A foreclosure firm listed “Bogus Assignee” as the mortgage owner on the documents they submitted to the court to process the foreclosure. That’s one of the many oddities surfacing in the investigation of a Florida foreclosure firm for allegedly using improper documentation to speed up foreclosures. Another is an employee “Linda Green” who signed of on thousands of foreclosure affidavits claiming to be executives from Bank of America, Wells Fargo, U.S. Bank and other lenders. [More]
Wells Fargo Says It Won't Foreclose For 30 Days, Then Does So Within A Week
By September 10, 2010
A week after Wells Fargo rejected a couple’s loan mod app and said it wouldn’t start foreclosure proceedings any sooner than 30 days later, a guy showed up on their steps. He said he was with an investment firm that had just bought the house at a real estate auction, and if they would leave within 2 weeks, he would give them $1,500. [More]
BofA Pays To Fedex You Multiple Loan Mod Opps You Don't Care About
By September 1, 2010
BofA has been Fedexing Eli a loan mod opportunity once every two months for the past eight months. He has no intention of doing a refi, he’s never been late on a payment and likes his 5/1 ARM and low interest late. Wonder how many other homeowners is BofA frittering away their bailout bucks on by FedExing junk mail. Meanwhile, the people who actually want loan mods are stuck in purgatory. [More]
New Trailer For "Inside Job" Financial Crisis Documentary
By August 31, 2010
Get ready to slake your thirst for populist rage. Inside Job is a new documentary coming out in October that aims to expose the truth about the true architects of the financial implosion of 2008. You can probably guess from the title whom they’re fingering. Matt Damon is the narrator and it’s released by Sony Pictures Classics. Here’s the trailer: [More]
Chase Foreclosing On 90-Year-Old Even Though Son Is Willing To Pay
By August 17, 2010
Chase is proceeding full steam ahead with foreclosing on a 90-year-old woman’s condo even though her son has offered to pay it off. Rather than get the full amount of the mortgage paid in full, they prefer to incur the expenses of a foreclosure and sell it at a loss. [More]
Self-Styled Robin Hood Banker Pleads Guilty
By August 16, 2010
An ex-vp at a bank plead guilty last week to modifying over 100 loans to make it look like the customers were still current on their loans instead of overdue. This was not a money-making scheme, he was trying to help them. Nevertheless, it was fraud, and he could face up to 30 years in prison and a $1 million fine. [More]
Oops, You Didn't Buy A House, You Bought Its Worthless 2nd Mortgage, And Now It's In Foreclosure
By August 2, 2010
A couple thought they were snagging a $97,606 foreclosure fixer upper at a courthouse sale, only to find out months later they had actually bought its worthless second mortgage. The original was in arrears, and now the house would be sold at another courthouse auction. [More]
Foreclosure Prevention Program Still Having Trouble Preventing Foreclosures
By July 21, 2010
The government program that is supposed to stop 4 million foreclosures continues to have trouble keeping homeowners in the program. [More]
So, What's In The Financial Reform Bill?
By June 25, 2010
Our leaders were up late hashing out a version of the new financial reform bill and yes, apparently they have come to some agreement. But what’s in there? [More]
New Home Sales Down 33%, A New Record
By June 23, 2010
The Commerce Department has released figures that show that new home sales have dropped to a record low — down 33% from April. The drop isn’t unexpected, but it does show to what extent the market was being propped up by the tax credit for new home buyers. [More]
VIDEO: Angry Homeowners Rally Outside BofA Exec's House
By May 24, 2010
Embittered homeowners and activists packed the yard of a Bank of America executive on a recent weekend, and they brought their bullhorn. [More]
265,000 Homeowners Stuck In "3 Month" Trial Loan Period For 6+ Months
By May 21, 2010
Newly released data shows 265,000 homeowners are trapped in loan mod limbo, stuck in “3 month” trial loan periods for over 6 months, reports ProPublica. [More]
Some Homeowners Worse After Getting Rushed Into Gov't Loan Mod Program
By May 14, 2010
Despite fulfilling every obligation under trial government-sponsored loan modification programs, some homeowners can end up far worse off than if they had never joined up at all, Propublica reports. That’s because if they’re denied a permanent modification, they have to pay the entire amount that was being discounted, often within a very short period of time. This pushes already strapped families past the breaking point. [More]
Cops Break Down Door To Foreclosure Protest House, Carry Away Homeowner
By May 7, 2010
The cops in Wood County, Ohio have broken down the door to the foreclosure protest house and arrested the homeowner and several protesters who had spent the week barricaded inside. As you can see here, the homeowner was literally carried off the property by the authorities. [More]
Senate Agrees To Ban Taxpayer-Funded Bailouts
By May 6, 2010
An amendment to the financial overhaul bill banning the use of taxpayer funds for bank bailouts has been agreed upon in the Senate, says the LA Times. [More]
Banks Gone Amok, Unlawfully Foreclosing
By May 5, 2010
“Darnit, where was that mortgage modification paper? I knew I put it somewhere. Oh well, let’s just foreclose on these people’s house. STAMP! Whoo, that was tough. Time to treat myself to a Diet Coke.” That’s an imaginative reenactment at what’s going on inside the mortgage departments of the biggest banks in America: total disorganization, the right hand not knowing what the left is doing, a bureaucratic and document-strewn nightmare that can swallow up people’s homes right from under them. [More]
