Mike Mozart

Former Wells Fargo Employee Claims Bank Defrauded Government Of $1.4B In Foreclosure Funding

There has been no shortage of lawsuits filed against Wells Fargo in recent years, from accusations the bank pushed mortgages on borrowers who couldn’t repay them to claims the company pressed employees to engage in fraudulent conduct with regard to customer accounts. Now, a recently unsealed whistleblower lawsuit melds together those issues, claiming the bank encouraged employees to withhold information from customers that could potentially lead to foreclosure proceedings.  [More]

HSBC Must Pay $470M For Alleged Abusive Loan Practices

HSBC Must Pay $470M For Alleged Abusive Loan Practices

Thousands of homeowners who lost their homes or had their loans modified will receive a portion of a $470 million federal-state settlement with mortgage lender and servicer HSBC to settle allegations the bank engaged in origination, servicing, and foreclosure abuses.  [More]

West Virginia Woman Sues Wells Fargo Over Alleged Home Loan Modification Misrepresentations

West Virginia Woman Sues Wells Fargo Over Alleged Home Loan Modification Misrepresentations

When you’re going through the often-tedious process of refinancing your mortgage, getting some bad information can only serve to make things worse. That’s why a West Virginia woman is suing Wells Fargo, alleging that the bank told her to stop making loan payments then put her into collections and foreclosure.
[More]

Mortgage Relief Scammers Ordered To Pay $5.4M

Mortgage Relief Scammers Ordered To Pay $5.4M

Eight months after federal regulators took action to stop a mortgage relief company from making hollow promises to homeowners facing foreclosure, the ringleaders behind the operation have agreed to pay more than $5.4 million in penalties and never work in the mortgage relief or telemarketing business again.  [More]

(jetsetpress)

Mortgage Servicer To Pay Back $1.5M To Screwed-Over Homeowners

Residential Credit Solutions is a mortgage servicer specializing in delinquent loans and “credit-sensitive” (read: high-risk for default) residential mortgages. But after allegedly screwing over homeowners by, among other things, not honoring loan modifications on mortgages transferred from other servicers, RCS is on the hook to pay $1.5 million in restitution and a $100,000 penalty to federal regulators. [More]

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations. [More]

(Jim Perry)

FTC Halts Mortgage Relief Operation Targeting Consumers In Foreclosure

Financially distressed consumers on the brink of foreclosure have enough to worry about without having to be on the lookout for shady mortgage relief companies making hollow promises to save their homes. Today, the Federal Trade Commission put an end to an operation that took advantage of homeowners’ vulnerabilities. [More]

Mike Mozart

Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide Homeowner Assistance

Some homeowners who were wrongly denied mortgage assistance from Wells Fargo will soon receive the help they needed years ago after a federal judge ruled this week that the bank’s denial of modifications were in breach of a 2010 settlement involving adjustable-payment mortgages. [More]

(frankieleon)

Woman Wants To Back Out Of Buying House Saddled With $400K Debt, Blaming Winning Bid On Diet Pills

Feeling like maybe you shouldn’t have splurged on that shirt when you’ve already got a bunch like it already in your closet is one thing, but deciding you’d rather not own a home you purchased is an entirely other category of buyer’s remorse. A Florida woman is blaming her winning bid on a home that comes with a $400,000 debt on it on diet pills, saying they caused her to become confused. [More]

(jetsetpress)

Citigroup Forgot To Compensate 23,000 Consumers For Abusive Foreclosure Practices, Sending Checks Now

Several years ago, Citigroup reached a deal with federal regulators that required the company to provide compensation for nearly 380,000 people affected by foreclosure abuse. Only the lender didn’t exactly follow through, failing to send checks to 23,000 consumers. [More]

(MEBiery)

N.C. Homeowners Wonder How Banks Could Disappear Charlotte’s NASCAR Debt While Taking Their Houses

The magical disappearance of debt sounds like a wonderful thing, doesn’t it? Unless of course, someone else is getting their debt canceled while you’re still stuck in the mud. When homeowners in foreclosure in Charlotte, N.C. heard that the city wouldn’t have to pay back millions of debt it owed Bank of America and Wells Fargo for a underperforming NASCAR Hall of Fame, they couldn’t help but ask why they’re still facing the loss of their homes. [More]

Happy Holidays from HSBC?

HSBC To Customers: Merry Christmas, Pay Your Mortgage Or We’ll Take Your House

Holiday greetings generally contain salutations of thanks and wishes for a happy season. A note from HSBC hits all of those points, but then tacks on a quick threat you’d expect from Scrooge: pay us, or we’ll take your home. [More]

(Nick Bastian)

CFPB: Michigan Bank Must Pay $37.5M For Failure To Provide Consumers With Relief From Foreclosure

Consumers facing the prospect of losing their homes have few avenues of recourse and when even one of those options is taken away, the results can be devastating. That’s just one reason why the Consumer Financial Protection Bureau announced action – to the tune of a $37.5 million – against a Michigan bank for its illegal conduct in blocking borrowers’ attempts to save their homes. [More]

Detroit Selling Foreclosed Homes For $1,000 In City’s Latest Attempt To Rebuild

Detroit Selling Foreclosed Homes For $1,000 In City’s Latest Attempt To Rebuild

Neighborhoods in Detroit are in for some extreme, and much needed, renovations. In an effort to rehabilitate neighborhoods and get occupants into previously foreclosed properties, the city is auctioning off properties for as little as $1,000 starting next month. [More]

How Did Woman Who Died in 2008 Vote In 2010 Election?

How Did Woman Who Died in 2008 Vote In 2010 Election?

We’ve been following the story out of Michigan of the woman who disappeared into her own house for more than five years, with no one noticing her absence because all of her bills were on auto-pay. As investigators try to figure out what happened to her, they’ve found another mystery: she appears to have voted in 2010, even though the evidence shows that she died in 2008. [More]

Couple Fought Wrongful Foreclosure In Court, Emerged Victorious

Couple Fought Wrongful Foreclosure In Court, Emerged Victorious

It’s nice to hear about a battle of consumer vs. bank that ends with a consumer victory. Better still when it means that the consumer gets to stay in their home, which they were in danger of losing to foreclosure. That’s the heartwarming story of one California couple who fought back in court. [More]

(James Callan)

Poor Credit Reports Start Vicious Economic Cycle; Can It Be Stopped?

For some people, bad credit is a result of being irresponsible. For others, it’s a matter of bad luck and overwhelming circumstance. Alas, the credit reporting agencies don’t make such distinctions, meaning someone whose house went into foreclosure because he lost his job and also had to be hospitalized is treated the same as the person who stopped making mortgage payments because they didn’t feel like it. [More]

(10TV.com)

Bank Repossesses Wrong House, Won’t Give Homeowner Back All The Stuff It Took

Having your house repossessed is surely an awful, terrible, no good, very bad feeling. Especially when it isn’t even the house that’s supposed to be foreclosed on, and then all your stuff is missing and the bank wont give it back. That’s what one woman Ohio woman is claiming happened, saying First National Bank foreclosed on her home, even though it isn’t her bank. She says not only was her home broken into, but some of her belongings were taken, sold, given away or thrown out. [More]