Now that banks have taken a minute to sort through their legal filings to make sure the foreclosure proceedings they initiated have some legal basis, it’s taking a little longer than they expected to set the process in motion again. Although Bank of America said last week that it would be restarting foreclosure proceedings Read More
Behold this chart, assembled by the Washington Post, which depicts the heaviest concentration of American foreclosure activity.
The Las Vegas area is a gleaming red pockmark hanging from the southern tip of Nevada.
More frightening, the entire state of Florida has been transformed into a swollen, infected, blood orange appendage protruding into the Read More
GMAC Mortgage, a subsidiary of mainly government-owned Ally Financial, announced today that it has resumed foreclosure proceedings in 23 states, ending its nationwide moratorium on home repossessions. The Detroit News reports:
“As we review the affected files in the 23 judicial states and take any needed remediation, the foreclosure process continues,” said Gina Proia, Read More
Former hair stylists, factory workers and Wal-Mart greeters are among the bank-designated “foreclosure experts” at the heart of the current paperwork fiasco that’s wrapping the housing market in a legal stranglehold. If anyone still had confidence in major mortgage lenders’ ability to properly process foreclosures, today’s news reports ought to complete the crisis of faith. Read More
Partially government-owned megabank Citigroup has joined the growing list of big banks that are changing the way they handle the business of kicking people out of their homes.
Unlike its rivals, Citi is plowing ahead with foreclosures, but it has stopped initiating new business with a Florida law firm that is under investigation by Read More
Foreclosure moratoriums are apparently the hottest fad since hula hoops or slap bracelets. And as with all fads, the dominance of this new trend could only be truly known when the cool kids started doing it. Well, that moment is upon us: Goldman Sachs has now gotten in on the foreclosure-suspension madness.
Already honored Read More
An Oct. 9 editorial in The Wall Street Journal about the growing legal quagmire of shoddy foreclosure paperwork is raising hackles — and eyebrows — across the Internet. To give an idea of the level of fairness and intellectual rigor in the piece, here’s a choice line: “As far as we know, House Speaker Read More
The epidemic shoddy legal paperwork that threatens to bring the market for foreclosed homes to a screeching halt has claimed another victim, and the prognosis has worsened for one of the original patients. Pittsburgh-based PNC has called for a 30-day halt to foreclosures in 23 states, and Bank of America has suspended foreclosure Read More
Shoddy paperwork by our nation’s banks is forcing some people to shack up with their bosses or choose between losing their old house to sloppy foreclosures and losing their new houses to … sloppy foreclosures.
When ruining people’s lives through bureaucratic entanglements and general laziness doesn’t quite do the trick, some banks hire Read More
Today’s New York Times offers a wrist-slashingly depressing look at what people do when improper foreclosure documentation impacts their home purchases.
Twenty-eight-year-old Florida catering assistant Amanda Ducksworth is now couch-surfing at her boss’s house, her 7-year-old son in tow., She can’t move into the house she wants because it went off the market amid Read More
