Christmas and New Years are over, and with them went the foreclosure holiday. Banks are back at it, and as the robosigning confusion continues to unwind, they are bound to ramp repossessions up again.
This Old House
The posse of state attorneys general that began investigating foreclosure practices at major banks in the fall of last year could be getting ready to settle with the top five U.S. mortgage lenders at the heart of the controversy, Iowa Attorney General Tom Miller told Bloomberg. Still, nothing is finalized, according to the foreclosure Read More
Corporate fireman and Bank of America CEO Brian Moynihan can give himself a little pat on the back over the putback deal he’s inked with mortgage giants Fannie Mae and Freddie Mac. In the wake his companies’s agreement to settle putback claims by the government-sponsored entities yesterday, Barry Ritholtz at The Big Picture Read More
The U.S. government may turn a profit on its equity investment in Ally Financial, one of the major mortgage lenders to suspend foreclosures earlier this year amid reports of illegal documentation practices, The New York Times reports. The Times‘ analysis stems from a recent conversion of government preferred shares into common stock.
This means Read More
Investors appear excited this morning over Bank of America, the bank that epitomizes the old adage, “More assets, more problems.” The Charlotte-based financial giant announced this morning that it has agreed to resolve repurchase claims by government-sponsored entities Fannie Mae and Freddie Mac over allegedly faulty mortgage loans assembled and sold to the GSEs Read More
The Observer hopes everyone is having a happy holidays, because the new year continues to look bleak for the American homeowner, and really the rest of the country as a result.
As the foreclosure crisis grinds on, home-repossession horror stories continue to multiply and in some cases sharpen to a fine point. For example, it’s may prove pretty tough for Bank of America to shake off a little anecdote from today’s New York Times. It starts with Mimi Ash, a woman who says BofA wrongly Read More
The Securities and Exchange Commission has begun to consider the possibility that the giant foreclosure mess sweeping the nation is not merely a matter of a couple isolated incidents of stupidity on the parts of banks and perhaps shady practices are widespread throughout the industry. Reuters reports on the latest round of subpoenas headed Read More
Bank of America appears to be renegging on its vows to engage in “day-to-day, hand-to-hand combat” with its clients over so-called putbacks of allegedly faulty mortgage securities. The Wall Street Journal reports that rather than engage in legal jiu jitsu with heavy hitters like BlackRock, Pimco and Freddie Mac, Bank of America is Read More
Foreclosures have fallen to their lowest level since the near-apocalyptic collapse of the housing market two years ago, both nationwide and in New York. The worst must surely be over right?