Bank of America, America’s biggest bank and by some estimates America’s biggest mortgage basket case, is kicking its foreclosure apparatus back into gear, The Wall Street Journal reports. On Monday, the bank got 16,000 foreclosure proceedings back underway, according to The Journal.
The bank instructed its foreclosure attorneys this week to prepare new affidavits Read More
Bond insurer MBIA has deployed its lawyers against Morgan Stanley in the latest case of potentially bogus mortgage securities coming back to bite big banks. MBIA is saying that Morgan fibbed about the quality of mortgage securities the company insured for $223 million, and that MBIA has already paid more than $71 million in claims. Read More
Ooh, another scary foreclosure-crisis story! Today’s meltdown prediction comes from reliable market mover Barron’s, which says the major banks could forfeit more than $100 billion on so-called “putbacks” of mortgage securities. If courts determine that banks fibbed about the quality of mortgages they packaged into the securities, the banks may be forced buy the deteriorated Read More
Today, the world’s greatest deliberative body — the U.S. Senate — is conducting an inquiry into the foreclosure crisis and the robo-signing scandal. And as with many congressional proceedings, the chamber was naturally afforded the respect it is due:
David Lowman, CEO of Chase Home Lending: What you’re seeing –
Random Yelling Guy: He Read More
Appearing today before a congressional inquiry panel into the foreclosure meltdown, JPMorgan Chase’s mortgage chief David Lowman said it’s possible that employees at his firm may have shuffled through some foreclosure work a shade too sloppily.
TheStreet.com reports:
“We do not engage in a foreclosure sale if the modification succeeds or until the modification Read More
Lace up your gloves, bond investors: Bank of America is embroiled in “day-to-day, hand-to-hand combat” with anybody who wants money back on poorly assembled mortgage securities, according to CEO Brian Moynihan.
Speaking at an investor conference, Moynihan vowed to get rough with Fannie Mae, bond insurers and others who’re irate with BofA for Read More
The Congressional Oversight Panel estimates that the risk to banks stemming from poorly assembled mortgage securities sold to investors runs in the $52 billion range, a cost that’s in the ballpark of previous estimates from the private sector, as Fortune points out.
But just because the government hasn’t raised any alarm about a Read More
Bank of America, the largest U.S. bank by assets and owner of catastrophic mortgage firm Countrywide Financial, is arguing that plaintiffs in a foreclosure lawsuit couldn’t demonstrate they’d been harmed by the bank’s alleged use of robo-signers.
BofA says that the Indiana couple didn’t suffer when the bank allegedly used fraudulent documentation to foreclose on Read More
JPMorgan Chase has been slapped with two foreclosure-related lawsuits “alleging common law fraud and misrepresentation, as well as violations of state consumer fraud statutes,” the company said in a regulatory filing today.
The company also said that it has joined a growing list of companies that are dealing with irate investors who Read More
The Observer just wrapped up a post about the institutional-investor scramble to get a piece of Bank of America over allegedly faulty mortgage securities when we ran across the news that Citigroup and Wells Fargo are targets in similar lawsuits.
Reuters reports:
The investors, which also include the Federal Home Loan Banks Read More
